Chase offers a wide selection of certificates of deposit (CDs), ranging from one month to 10 years. Though Chase is a reliable and convenient banking option for many customers—it’s the largest bank in the country—its CD rates are low. You can find much higher rates elsewhere.
What You Need To Know About Chase CDs
To open a Chase CD, you need to make a minimum deposit of $1,000.
Chase offers two tiers of interest rates on its CDs: standard and relationship rates. Chase’s standard rate tends to be low and is currently just 0.01% APY for all CD term lengths. Chase’s relationship rates apply to customers who have a linked Chase checking account. These rates, which can vary based on how much you deposit, are significantly higher—though not as competitive as rates you can find at other banks and fintech companies.
Chase Bank CD Relationship Rates
| CD TERM | CHASE CD RELATIONSHIP RATE ($1,000-$9,999 APY)* | CHASE CD RELATIONSHIP RATE ($10,000-$99,999 APY)* | CHASE CD RELATIONSHIP RATE ($100,000+ APY)* |
|---|---|---|---|
| 1 month | 0.02% | 0.02% | 0.02% |
| 2 months | 3.50% | 3.50% | 4.00% |
| 3 months | 2.25% | 2.25% | 2.25% |
| 6 months | 1.01% | 1.01% | 1.01% |
| 9 months | 1.01% | 1.01% | 1.01% |
| 1 year | 3.00% | 3.00% | 3.25% |
| 15 months | 2.00% | 2.00% | 2.00% |
| 18 months | 2.00% | 2.00% | 2.00% |
| 21 months | 2.00% | 2.00% | 2.00% |
| 2 years | 2.00% | 2.00% | 2.00% |
| 30 months | 2.00% | 2.00% | 2.00% |
| 3 years | 2.00% | 2.00% | 2.00% |
| 42 months | 2.00% | 2.00% | 2.00% |
| 4 years | 2.00% | 2.00% | 2.00% |
| 5 years | 2.00% | 2.00% | 2.00% |
| 7 years | 2.00% | 2.00% | 2.00% |
| 10 years | 2.00% | 2.00% | 2.00% |
Remember: If you don’t have a linked Chase checking account, you won’t qualify for a relationship rate. In that case, you’ll get the standard rate of 0.01% APY on your CD.
Chase CD Withdrawal Penalties
Because CDs are designed to put away money for a specific length of time, banks usually charge a penalty for withdrawing money before the end of a CD term. How much you pay will depend on the length of your CD:
| CD TERM | WITHDRAWAL PENALTY |
|---|---|
| Less than 6 months | 90 days of interest on the amount withdrawn* |
| 6 months to less than 2 years | 180 days of interest on the amount withdrawn* |
| 2 years or more | 365 days of interest on the amount withdrawn* |
What Happens When Your Chase CD Matures?
When your Chase CD matures, or reaches the end of its term, you’ll have a 10-day grace period to decide what you want to do. Here are your options:
- Change the term of your CD. For example, when your two-year CD matures, you might decide you want to continue saving that money in a CD for another year. You can set up this one-year CD during the grace period.
- Deposit more money. You can add funds to your CD during this period and renew the CD for another term, or choose a different term.
- Withdraw your money. This is your chance to withdraw some or all of the money in your CD without paying a penalty.
Keep in mind: If you don’t do anything when your CD matures—or if you leave any funds in a CD past the grace period—the CD will automatically renew for the same term length as the original CD. The APY on offer at the time this happens will be applied to the new CD, and if you later decide to withdraw money, you’ll have to pay a penalty.
Standard CD Rates: Chase vs. Other Big Banks
Chase CD rates are lower than rates you can find at other big banks, some of which also have lower minimum deposit requirements.
| CD TERM | CHASE ($1,000) | BANK OF AMERICA ($1,000) | CITI ($500) | WELLS FARGO ($2,500) |
|---|---|---|---|---|
| 6 Months | 0.01% APY | 0.03% APY | 3.25% APY | 1.50% APY |
| 1 Year | 0.01% APY | 0.03% APY (3.25% for flexible CD) | 3.00% APY | 2.00% APY |
| 3 Years | 0.01% APY | 0.03% APY | 2.00% APY | Not available online |
| 5 Years | 0.01% APY | 0.03% APY | 2.00% APY | Not available online |
High-Yield CD Rates
Many banks and fintechs offer high-yield CDs, and some of them have low or no minimum deposit requirements. Though they might not have the same name recognition as Chase, these CDs are FDIC-insured and safe to use.
| CD TERM | MARCUS BY GOLDMAN SACHS ($500) | BREAD SAVINGS ($1,500) | BMO ALTO ($0) | SYNCHRONY ($0) | POPULAR DIRECT ($10,000) |
|---|---|---|---|---|---|
| 6 Months | 4.40% APY | 4.45% APY | 3.00% APY | 3.70% APY | 4.10% APY |
| 1 Year | 4.20% APY | 4.00% APY | 3.00% APY | 4.00% APY | 3.90% APY |
| 3 Years | 3.90% APY | 4.00% APY | 2.75% APY | 4.00% APY | 3.90% APY |
| 5 Years | 3.90% APY | 3.85% APY | 2.85% APY | 4.15% APY | 3.90% APY |
Who Are Chase CDs Good For?
If you’re already a Chase checking customer and need a place to stash some money (at least $1,000) for a fixed period, Chase CDs are a convenient option. Those who prefer in-person assistance and having all their accounts at the same bank could benefit from Chase CDs.
However, because Chase CD rates aren’t competitive, they aren’t a great choice for those looking to maximize earnings from interest.
What Other Savings Options Does Chase Have?
In addition to its CDs, Chase offers these savings accounts: Chase Savings and Chase Premier Savings. Like its standard CD rates, Chase’s savings accounts earn low interest rates. Unlike Chase CDs, these accounts don’t have a minimum deposit requirement, and interest is compounded monthly rather than daily.
Chase Savings℠
- Standard Rate: 0.01% APY
- Minimum Deposit: $0
- Monthly Fee: $5 (waivable)
Chase Premier Savings℠
- Standard Rate: 0.01% APY
- Relationship Rate: 0.02% APY*
- Minimum Deposit: $0
- Monthly Fee: $25 (waivable)
*You can qualify for the relationship rate when you link your Chase Premier Plus Checking or Chase Sapphire Checking account and make at least five checking transactions per month.
How To Open a Chase CD
If you already have a Chase account, opening a Chase CD is relatively easy. Here’s what you’ll need to do:
1. Choose your CD. Think carefully about the length of your CD since you won’t be able to withdraw money during that time without paying a penalty. Also, consider how much you plan to deposit since the interest rate may vary based on that amount.
2. Apply for the CD by providing your information. You can do this online or in person at a branch. Since you’re already a customer, Chase will have some of your information. You may still be asked to provide identification, proof of your address and your SSN.
3. Fund your account. Once your account is approved, you’ll have to deposit the money. This will be your only chance to fund your account until the CD matures, so make sure to deposit in time.
If you don’t already have a Chase checking account, you’ll need to schedule an appointment with a banker to open one so you can earn relationship rates on your CD.
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Frequently Asked Questions (FAQs)
What are CDs? How do they work?
A CD, or certificate of deposit, is a savings account that lets you stash away money for a predetermined time. You can open a CD for just a few weeks, a year or even a decade. CDs are designed to keep your money safe while earning steady interest. Because of this, banks usually charge a penalty if you decide to withdraw money from a CD before its term ends.
Does Chase have good CD rates?
Chase CD rates are low, so they’re not competitive with many other CDs on the market. For higher interest, you’re better off opening a CD at an online bank that offers high-yield CDs.
Are CDs at online banks safe?
Yes, the most popular online banks are just as safe as traditional banks. Before opening a CD—or any type of deposit account—at a bank, make sure the bank is FDIC-insured. If you’re considering a fintech company, make sure the bank it partners with is FDIC-insured.
What is the difference between CDs and savings accounts?
A CD is a type of savings account. Its main advantage is that the interest rate at the time you open the CD gets locked in for the term of the CD. So, even if interest rates fall during the term of your CD, you’ll still benefit from the original rate. On the other hand, traditional savings account rates fluctuate, so they can decrease (or increase) at any time.
