ApyGuy: Maximize Your Savings & Earnings

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Simple High Yield Account – 0.60% APY!


image credit: simple.com

Simple is another app-based, FinTech company acting as a mobile bank such as Aspiration and Affirm; which we covered earlier this month.

Simple leverages BBVA USA for its banking services and FDIC insurance, but then layers on its budgeting tools and fee-free accounts.

It was founded in 2009 in Portland, Oregon, but was acquired by BBVA in 2014. Therefore all money in a Simple account is actually held at BBVA USA, the American subsidiary of Banco Bilbao Vizcaya Argentaria, S.A., and is FDIC-insured up to the applicable limits.

Simple has expanded its product suite since their inception and acquisition and now offers the following types of accounts:

  • Online checking
  • High yield checking
  • Shared checking
  • Certificates of Deposit
  • Personal Loans

For the purposes of this review we will stick to the high yield checking account and the certificates of deposit that Simple has to offer. These are the only Simple accounts that currently provide a return on your savings.

To see if these Simple products are right for you, continue reading our full review of their features, account details and potential drawbacks below.

What is the Simple Account?

Simply put, the Simple account is an app-based smart wallet that can be managed on your desktop, tablet or mobile phone. It comes with free checking and budgeting tools that keep your personal finances organized.

While the account primarily functions as a checking account – complete with a debit card – it also has an add-on “Protected Goals Account” that functions as a high yield savings account and safe-guards your funds against unwanted spending. This Protected Goals Account also pays a solid 0.60% APY.

Simple Account Features and Drawbacks

The Simple Account comes with many features that an ordinary checking account does not. It also has some limitations in which standard checking accounts at brick and mortar banks and credit unions do not.

Simple Account Features:

  • Safe-to-Spend. The first thing you see when you login is your account balance minus any upcoming bills, pending transactions, or Protected Savings Goals. Safe-to-Spend gives users a complete picture of what they can safely spend that day.
  • Automate savings with deposits into your Protected Goals Account.
  • 0.60% APY (for funds in protected goals account)
  • No monthly fees
  • No minimum balance or deposit requirements
  • Mobile check deposit functionality
  • Debit card
  • Check writing (It costs $5 for a book of checks.)
  • Budgeting and automatic savings tools
  • No overdraft fees (Simple will reject transactions that will overdraw your account)
  • 40,000 fee-free ATMs through the Allpoint network
  • No fees from Simple when using out-of-network ATMs
  • 1% international transaction charge when you use your debit card outside of the U.S.

Drawbacks:

  • No ATM reimbursements on out of network ATM surcharges
  • No physical branches
  • No online bill payment. Read more about why they pulled this functionality here.

Simple Protected Goals Account Features + APY

The Simple Protected Goals Account is separate from your Simple account but money can be transferred easily between the two. Simple keeps these accounts separate to protect the funds designated for savings against any unwanted, accidental spending.

When you open the Simple Protected Savings Goal account your first goal will be automatically created for you. You can add and delete others, but this initial one may not be deleted. It is also where your accrued interest will get credited to at the end of each month.

Once you set a goal for a specific expense or purchase, Simple will automatically put away money each day until the goal is achieved. There is also a “Save It Now” feature for one-off transfers to savings goals.

Simple Protected Goals Account

BalanceAPY
$0.010.60%

To put Simple’s APY in perspective the average yield on a traditional savings account sits at just 0.07% APY nationally.

On top of the great yield, there are some other noteworthy features of the Simple Protected Goals Account. These are:

  • Set specific goals with end dates
  • Automated savings via transfers from Simple Account
  • Only requires a penny to get started
  • No monthly service charge(s)

Simple No Penalty 12 Month CD

If you’re in the market for an FDIC-insured, fixed rate certificate of deposit then you may want to check out Simple’s 12 month No Penalty CD. It is currently their only CD available, but comes with an attractive yield and terms.

As the name implies, this CD does not penalize you for early withdrawals if you need your cash prior to the 12 month maturity. You will have full access to your funds after 7 days of opening the account.

Simple 12 month No Penalty CD

TermMin. DepositAPY
12 month$2500.50%

To put this offer in perspective, the current national average for a 12 month CD sits at roughly 0.22% APY.

Simple Mobile Apps

Simple’s primary user-base is younger, tech savvy individuals between the ages of 18 and 35.

The Simple app is available on iTunes and Google Play and scores a 4.6 and 4.4 star rating out of 5, respectively. This is better than the average mobile banking app rating of 4.05 out of 5 for a bank and 4.15 out of 5 for a credit union according to MagnifyMoney.

With their mobile apps you can:

  • Deposit checks remotely by taking a picture of it with your phone (maximum $5,000 per day). Please allow 1-9 business days before the funds are available. There is also a 10 check per week max with this feature.
  • Manage, budget and transfer funds on the go. You can set up new goals or instantly transfer money to existing goals. You can also monitor safe to spend amounts, daily transfers to savings goals and debit card spending.

Final Thoughts

If you’re looking for a simple, low-cost digital bank with modern money management tools then Simple is certainly worthy looking into.

This digital payment account works with a debit card and checks and provides a respectable APY on idle funds that you stash away into protected goals.

The main downside is the lack of any online bill pay feature(s) which may prevent you from keeping this as your primary account.

First Foundation Bank Online Savings Account: 0.75% APY!


First Foundation Bank is offering one of the best APYs for an online savings account anywhere in the country currently.

Now available nationwide, First Foundation Bank is offering up to 0.75% APY on new money placed in their online savings account.

Learn more about First Foundation Bank and their generous online savings account below.

Who is First Foundation Bank?

First Foundation Bank was founded in 1990 by Rick Keller and his team at the Keller Group to provide wealth management services to individuals and businesses around the Orange County area in California. They differentiated themselves by always taking a fiduciary standard approach to investing their clients’ wealth. Industry jargon refers to this as the “fee only” approach where wealth managers take only a flat fee regardless of how well they perform on their client’s behalf.

In 2008 they officially began operating under First Foundation Bank and expanded their product line to include traditional banking products as well as trust services, legacy planning, consulting, and insurance services.

Today, their FDIC-insured product suite consists of checking, money market, CDs, and the online savings account.

They offer most of these products on the business side as well, however the online savings product is only available for personal accounts.

0-.75% APY Online Savings Account Details

First Foundation Bank’s online savings account rate dropped from 1.00% APY to 0.70% APY on October 22, 2020.

First Foundation Bank’s online savings account yield of 0.75% APY makes it one of the most noteworthy FDIC-insured, variable-rate savings products on the market today. But before you open the account make sure you know exactly what you’re getting and what’s expected of you to earn the advertised APY.

Account Details Below:

What are the minimum deposit and balance requirements? There is a $1,000 minimum balance requirement to earn the advertised APY and a $1,000 “new money” minimum deposit requirement to open the account.

Are there any fees to worry about? There are no monthly monthly maintenance fees or minimum balance requirements. That said, if for whatever reason you need to withdraw your money and close this account within 90 days of opening it, a $20 fee will be assessed. Also, if you plan on making more than 6 transfers per month please note that a $20 fee will be imposed on the 7th transfer and on each subsequent transfer within the month.

Availability? Nationwide and can be opened online or branch if you live in one of the three states in which they are present. Currently 20 branches exist in California, Hawaii and Nevada. Locate one here. You can also give them a call at 1-888-405-4332.

How to fund your account? Depositing funds into the online savings account can be done in the following ways:

  • ACH transfer
  • Wire transfer
  • Mailed check
  • Mobile check deposit
  • Visiting a First Foundation Bank branch (available only in Northern California, Southern California, Hawaii and Nevada)

Credit Inquiry? None. Security questions will be generated from public databases though to confirm your identity.

How to access your funds? Once you’ve opened the account you’ll have access to your funds in the following ways:

  • ACH transfer
  • Wire transfer
  • Requesting a mailed check
  • Visiting a First Foundation Bank branch
  • ATM withdrawal (must first request an ATM card)

Variable Rate or Fixed? This is a variable interest rate and may change at any time.

Additional Account Features

You can expect all the standard bells and whistles in terms of account features.

If this will be one of your primary accounts you’ll want to familiarize yourself with their mobile banking app. You can download this for free on the App Store or through Google Play.

Once you’ve opened the account and downloaded the app you can do the following:

  • Track your account activity. Access all your account information in one central location. See your transactions, balances, statements and check images.
  • Pay bills online. Transfer funds (6 external transfers per month), send person to person payments, pay your bills, deposit checks and more.
  • Send money to friends and family. Unlimited transfers to other First Foundation Bank accounts, plus the ability to send externally (6 free external transfers per month).
  • Stress free banking with multiple layers of security. First Foundation Bank utilizes multiple levels of authentication security so you can bank with confidence.

Final Thoughts

If you can maintain a $1,000 balance or more and are looking for a high yield online savings account, then the 0.75% APY from First Foundation Bank is going to be hard to beat.

A major plus is that an ATM card can be requested with the online savings account. Online savings accounts in general don’t usually come with ATM cards or access.

Also, if you live in California, Hawaii or Nevada you’ll have the added benefit of being able to visit one of their 20 branch locations.

CFG Bank Money Market: 0.80% APY + 0.88% CDs


CGF Bank APY Updates:
October 23, 2020: CFG Bank lowered the APY on their money market account from 0.86% to the current 0.80%.
October 8, 2020: CFG Bank lowered their money market rate from 0.90% APY to 0.86% APY. They also lowered the APY on a few CDs. See below.
September 3, 2020: CFG Bank lowered the APY on their money market account to the current 0.90% APY, down from 1.00% APY last month.
August 28 2020: CFG Bank lowered the APY on their money market account to 1.00% APY down from 1.04% APY.
August 13 2020: CFG Bank lowered the APY on their money market account to 1.04% APY down from 1.10% APY.
July 16 2020: CGF Bank lowered the APY on their money market account for the second time this month. CD rates remain unchanged.
July 9, 2020: CFG Bank lowered the APY on their money market account and all of their CDs.
June 23, 2020: CFG Bank lowered the APY on their high yield MMA and a handful of their online CDs.
June 15, 2020: CFG Bank lowered the APY on their high yield MMA and their online certificates of deposit following the FED move to keep rates near zero through 2022.
June 4, 2020: CFG Bank lowered the APY on their high yield MMA and several of their deposit terms.
May 11, 2020: CFG Bank lowered the APY on their high yield money market account from 1.73% to 1.60% on balances above $25k. The new APY on balances below $25k is 1.52%.

CFG Bank, a quaint bank based out of Maryland, currently has one of the top APYs for money market accounts anywhere in the country.

Available nationwide, CFG Bank is offering 0.80% APY on sums greater than $25,000 placed in their high yield money market account. They also offer a very respectable 0.70% APY on sums between $1,000 and $24,999.99.

The account can be opened online. To start the application process click on the “apply for an account link” in the top right. From there you will be prompted to complete a series of steps to open the account. CFG Bank utilizes Fiserv technologies so while it will appear you’re completing the application on CFG Bank’s website, you’re actually on Fiserv servers for enhanced security and protection.

Learn more about CFG Bank and their generous high yield money market account and CD offers below.

Who is CFG Bank?

CFG Bank is a medium sized bank based out of Lutherville, Maryland that was originally established in 1997. It controls assets of just under $700 million and has roughly $500 million in consumer deposits making it the 11th largest bank in Maryland and the 743rd largest bank in the country according to Deposit Accounts. It is a brick and mortar bank with just two locations – Lutherville and Baltimore. They offer online banking, bill pay and have mobile apps available for download, however, they lack some standard online features you’d expect from a more modern bank – most notably real time customer service via a live chat on their website or mobile apps.

Despite being behind the times perhaps on the technology side, CFG Bank gets an outstanding rating from the IDC of 300/300. This is quite significant as the IDC is the standard in rating financial institutions. You can read more about them here.

0.80% APY High Yield Money Market Account Details

CFG Bank lowered the rate on their high yield MMA from 0.86% APY to 0.80% APY on or around October 23. This is the second rate drop on their MMA in October.

CFG Bank’s money market account yield of 0.86% APY is still one of the highest in the country for accounts like these. But before you open the account make sure you know exactly what you’re getting and what’s expected of you to earn the advertised APY.

BalanceAPY
$1,000 – $24,9990.70%
$25,000 +0.80%

Account Details Below:

Minimum Balance Requirements? $25,000 to earn the advertised APY. You will earn a slightly lower APY on balances between $1,000 and $24,999.99. See above for current rates.

Any fees to worry about? There are no monthly monthly maintenance fees or early withdrawal fees associated with the high yield money market account.

Availability? Nationwide and can be opened online through their Fiserv application process.

Credit Inquiry? None have been noted.

Variable Rate or Fixed? This is a variable interest rate and may change at any time.

Check Writing? No, there is no check writing allowed from this account.

Transfer, Withdrawal and Account Activity Limitations? You are allowed just 6 transfers per month, but can make an unlimited number of withdrawals if you’re willing and able to show up in person at one of their two branches in Maryland. Other restrictions include a daily transfer limit of $5,000 and a monthly transfer cap at $30,000 in a 30-day rolling period.

High Yield Money Market Account Features

Outside of the outstanding rates, you’ll be hard pressed to find many exciting features with this account. They have very basic online banking and bill pay features as well as native apps for both the App Store and Google Play.

Once you’ve opened the account, transferred funds and enrolled in online banking you may download their mobile app to do the following:

  • Pay bills online. Transfer money between accounts and pay your bills online.
  • Monitor activity. Check your account balances and review recent transactions.
  • Be stress free banking with multiple layers of security. Security is a priority at CFG Bank as you’ll quickly learn by speaking with any representative. The mobile apps use 128-bit Secure Socket Layer (SSL).

CFG Bank’s Online CD Rates

Along with a high yielding money market account, CFB offers some respectable online CDs as well.

They have five online deposit products with terms of 12 months, 13 months, 18 months, 33 months and 60 months. The 33 month CD is a brand new product they began offering in May of 2020. The 13 month CD is also a newer product that was added to their suite of online CD’s on or around March 30, 2020.

CFG Bank’s CD rates were showcasing an inverted yield curve in early 2020. You may be familiar with this term as an ominous predictor of a forthcoming recession, but in simple terms it means that long term rates are lower than short term rates. Today, their rates show a fairly flat yield curve with little incremental gain for longer terms.

CFG Bank’s CD Rates:

CD TermAPY
12 months0.73%
13 months0.68%
18 months0.68%
33 months0.78%
60 months0.88%

Final Thoughts

If you are looking to plop more than $25,000 into a high interest, FDIC-insured product, and don’t want to lock the funds down for an extended period of time, then the high yield money market account by CFG Bank is one of the best deals around for you.

Keep in mind though, that the online banking and mobile app features are relatively lackluster. You’ll also have other notable restrictions such as the inability to write checks, so we’d suggest not using this money market account as a primary account for everyday expenses.

Their certificates of deposit are also yielding substantial returns compared to the current national average, however, you can likely get a similar APY with banks that don’t require so much effort in opening an account.

Barclays Bank CD Rates – Up to 0.30% APY


image credit: barclaysus.com

The online-only, US division of Barclays Bank has a simple set of bank deposit accounts that feature some noteworthy yields.

Their current product suite consists of an online savings account and 9 regular term CDs ranging from 3 months to 5 years. The current yields on their certificates of deposit, while higher than the national average(s) for terms of 1 year or greater, do not vary all that much at this time. For example, all Barclays CDs with terms between 12 and 60 months come with an APY of 0.30% at the moment.

Barclays CDs can be opened online in minutes and their products are available to US citizens and residents over the age of 18 in all 50 states.

Barclays Bank CD Rates + Account Details

Barclays Bank is federally insured by the FDIC. All deposits are insured up to $250,000 per depositor or $500,000 for joint accounts.

Barclays Bank CD Rates

TermAPY
3 months0.10%
6 months0.10%
9 months0.10%
12 months0.30%
18 months0.30%
24 months0.30%
36 months0.30%
48 months0.30%
60 months0.30%

To put these offers in perspective the current national average on a 12 month CD and a 60 month CD sit at just 0.22% and 0.47% APY, respectively.

Given the fact that Barclays Bank has static yields on terms ranging from 12 to 60 months, their 12 month CD is going to be more competitive when compared to the national average than the 5 year CD – although both beat it handily.

How is Interest Calculated and Paid

All Barclays CDs compound interest daily and credit it monthly to your account. You can choose to have these funds kept in your deposit to compound further, transferred to a Barclays online savings account or transferred to an external account.

Fo those that would like the interest transferred, here’s how to set that up:

  1. Select the Account detail tab,
  2. Go to the Additional Details section.
  3. Under CD interest disbursement, select the Edit option.

Please note that you’ll need the wiring information and bank account number to where the funds will be disbursed.

Early Withdrawal Penalties

Watch out for early withdrawal penalties. Barclays bank doesn’t offer any promotional, one-time early withdrawal option that some other online banks do.

If you need access to your funds prior to your CD’s maturity you can expect to pay the following:

  • For a CDs with terms less than 24 months, a penalty equaling 90 days simple interest on the dollar amount withdrawn subject to penalty will be imposed,
  • for CDs with a term of more than 24 months, a penalty equaling 180 days simple interest on the dollar amount withdrawn subject to penalty will be imposed.

What Happens When Your Barclays CD Matures

Barclays gives you ample time to decide what to do with your funds when your CD matures. They will send you an email alert notifying you of your upcoming CD maturity roughly 30 days prior to the maturation date. At this time you may login to your account and make your maturity selection. You can choose to do nothing and have the CD renew, withdraw some or all of the funds, or change the term of your CD.

Upon maturity you will be allotted a 14 day grace period in which you can withdraw funds (or add them) without any penalty. To withdraw funds, you’ll need to contact them in writing or by phone before the grace period is over. For more detailed instructions, call the Barclays Customer Care team at 888-710-8756, 7 days a week from 8:00 am to 8:00 pm ET.

If nothing is done during this 14 day grace period, your CD will automatically renew into the same term deposit with whatever yield is currently being offered at that time.

Important: Be sure to set up your own alerts as these emails can be accidentally sent to your junk mail.

Final Thoughts

Barclays Bank specializes in great online savings rates. Their deposit product selection, while limited, all feature above average yields.

That said, the flat yields across their longer term fixed-rate CDs is less than ideal for those looking to lock in 3 to 5 year CDs.

While Barclays CD rates certainly beat the national average(s) for their respective terms, higher yields can be found on longer terms through other online banks and nationally available credit unions.

Capital One CD Rates – Up to 0.40% APY


image credit: capitalone.com

Capital One offers a number of online certificates of deposit as part of their 360 product suite. The terms come with standard lengths ranging from 6 months to 60 months and above average annual percentage yields.

Their CDs also come with more flexibility than most certificates offered by large national banks. Right now, all Capital One 360 CDs have no minimum deposit and can be opened with any dollar amount that is right for you.

That said, these products must be opened and managed online. But don’t worry, they make it exceptionally easy with their web (and mobile web) interface as well their highly rated apps for IOS and Andriod.

Below is our full review of their CD offerings. If you have experience opening a CD with Capital One, please feel free to share your experience in the comment section below.

Capital One 360 CD Rates + Account Details

Capital One 360 CDs are federally insured by the FDIC up to $250,000 per depositor or $500,000 on joint accounts. As mentioned there are no minimum deposit requirements, but you will need to deposit something in the account to open it.

Capital One 360 CD Rates

TermAPY
6 months0.20%
9 months0.20%
12 months0.20%
18 months0.25%
24 months0.25%
30 months0.25%
36 months0.30%
48 months0.35%
60 months0.40%

To put these offers above in perspective the average yield on a 12 month CD and a 60 month CD sit at just 0.22% and 0.58% APY, respectively. That said, there are still a handful of credit unions and online banks offering slightly higher rates on the same terms.

Interest is compounded monthly on Capital One 360 CDs and credited to your account either monthly, yearly or upon maturity. You can have these funds deposited into a separate account or returned to the CD for further compounding.

Capital One 360 CDs come with a standard 10 day grace period. You’ll also want to note that Capital One CDs automatically renew, so if you plan on adding or withdrawing funds to your CD this 10-day period is the only time you can do so penalty free.

Early Withdrawal Penalties

If you withdraw funds from a CD you opened with a term of 12 months or less, you’ll have to pay three months’ interest as a penalty.

If you withdraw funds from a CD you opened with a term of greater than 12 months, you’ll have to pay six months’ interest.

Please note that it is possible to incur a penalty that dips into your principal if the withdraw happens early enough.

How to Open a Capital One 360 CD?

If you decide you want to open a Capital One 360 CD, first navigate to their online CDs page here.

On this page you can take another look at any of the terms, conditions, or features one last time before you open the account.

Once you’re ready to open a deposit, click on the green “Open Account” button at the top of the page. This button remains static at the top of this page as you scroll.

It will look something like this (below):

Look for the green “Open Account” button that sticks to the top of your browser as you scroll the page.

Once you click on that green button, the process takes about 5 minutes to complete. They’ll first ask you whether or not you already have a Capital One login. If you’ve opened a checking, savings or even credit card with them (either online or in a branch) then you likely have a login already. If you do, this should expedite the process.

If you do not, and this is your first account with Capital One, then you’ll need the following:

  • Full legal name
  • Current address
  • telephone number
  • employment status (and job title)
  • social security number
  • date of birth

Capital One will then use your personal data to confirm your identity. If you are looking to open a joint account, you must first go through this process individually then you can add another account holder online.

Once your identity is confirmed and the account is opened, you will be provided with your account number and the routing number. You then have the option to add funds immediately to your CD. Your rates are locked in the moment you open the deposit until maturity.

Capital One 360 CD Reviews and Customer Sentiment

The Capital One 360 product suite receives high marks across the board from third party review sites. Their savings products in particular – both the variable rate online savings account and the fixed rate online CDs – receive above average marks for consistently higher than average yields and flexible terms. Most notably the lack of minimum deposit or balance requirements to earn the advertised interest.

You can manage your money easily either online or through one of their native apps. Their IOS and Android apps both receive high marks (especially as far as banking apps go). Their IOS app currently has 4.8 stars out of 5, while their Android app has 4.6 stars out of 5.

Final Thoughts

If you’re looking for a solid bank with good rates and a great reputation then Capital One, and more specifically Capital One 360, deserves your consideration.

Their rates consistently beat the national average by considerable margins and come with user-friendly technology that make your accounts both secure and easy to manage/navigate.

Chase Bank CD Rates – Are they Worth Opening?


image credit: chase.com

Chase, or Chase bank, headquartered in downtown Manhattan (New York City) is the consumer and commercial subsidiary of the multinational JPMorgan Chase which holds nearly $2.63 trillion in assets.

Chase Bank has 5,100 branches and 16,000 ATMs nationwide. They offer a full range of financial services that reach nearly every age group and demographic. For the purposes of this review we will focus on the certificate of deposit suite offered by Chase Bank.

Despite the bank’s eye-popping asset size, their current CD rates are quite poor and underperforming the national average.

Chase Bank CDs come with terms ranging from 1 months to 10 years and can be opened online or in a local branch. If you wish to open a CD online; however, you will need to be an existing Chase Bank customer.

Chase Bank CD Rates + Account Details

Chase Bank is member FDIC and all consumer deposits are federally insured up to $250,000 per depositor or $500,000 for joint accounts.

All Chase Bank CDs require a minimum deposit of $1,000 to open. In normal interest rate environments the interest rates paid on Chase Bank CDs are tiered by deposit amount.

The tiers are $1,000 to $9,999.99, $10k to $24,999.99, $25k to $49,999.99, $50k – $99,999.99, $100k to $249,999.99 and $250k plus.

Today; however, the increase in APY by deposit size is negligible, with the yield increasing from 0.02% APY to 0.05% APY at the $10,000 mark.

Chase also requires you to enter in your location by zip code before viewing rates online. Presumably this means location may affect your interest rate; however, we ran multiple scenarios in different locations throughout the country and found the same rates everywhere.

Chase Bank CD Rates

CD TermAPY ($1k – $9,999.99)APY ($10K +)
1 month0.02%0.02%
2 month0.02%0.02%
3 month0.02%0.02%
6 month0.02%0.05%
9 month0.02%0.05%
12 month0.02%0.05%
15 month0.02%0.05%
18 month0.02%0.05%
21 month0.02%0.05%
24 month0.02%0.05%
30 month0.02%0.05%
36 month0.02%0.05%
42 month0.02%0.05%
48 month0.02%0.05%
60 month0.02%0.05%
84 month0.02%0.05%
120 month0.02%0.05%

To give these yields some context, the current national average for a 12 month CD sits at roughly 0.22% APY while the average on a 5 year CD sits at roughly 0.47% APY.

If you’re strictly after a respectable APY and want a fixed-rate CD rather than a high yield savings account or money market account, then we would recommend checking out various nationally available credit unions. Some still provide yields above 1.00% APY.

How is Interest Calculated on a Chase CD?

Interest is compounded daily and you have some choice as to the frequency in which it is paid out. Depending on the term you may choose to have it paid monthly, quarterly, semi-annually or annually.

Early Withdrawal Penalties

Early withdrawal penalties for Chase Bank CDs are as follows:

  • CD terms less than 6 months pay 90 days of interest
  • CD terms 6 months to 24 months pay 180 days of interest
  • CD terms 24 months or more pay 365 days of interest

Additional Chase CD Fees

Chase Bank CD accounts do not come with any monthly maintenance fees like their other accounts, but depending on how you plan to move funds around, you may encounter some fees.

Below is Chase Bank’s wire fee schedule:

TypeFee
Domestic and international incoming wire$15 per transfer OR
$0 if the transfer was originally sent with the help of a Chase banker or using chase.com or Chase Mobile.
Domestic Outbound Wire (in-branch)$35 per transfer
Domestic Outbound Wire (online)$25 per transfer
Consumer USD/FX international wire (in-branch)$50 per transfer
Consumer USD international wire (online)$40 per transfer
Consumer FX international wire (online)$5 per transfer OR
$0 per transfer if the amount is equal to $5,000 USD or more

Transferring funds online is always going to be a cheaper option than having a banker help you in a physical branch.

If you plan on opening a CD with $1,000,000 or more; however, you must do this in a local branch.

Chase Bank CD Grace Period

A certificate of deposit’s grace period is the brief window of time in which the deposit holder may move funds into and out of their certificate of deposit without facing a penalty. During this time you may also roll your funds into another deposit with a different term.

All Chase Bank CDs come with a standard 10 day grace period for CDs with terms of 14 days.

Chase Bank will alert you via email prior to your CD maturity date, but you should set up your own reminders as well.

Why are Chase Bank CD Rates so Low?

Unfortunately for consumers looking to lock in good rates on certificates of deposit, the nation’s largest banks will all leave you hanging. Whether it’s Chase Bank, Wells Fargo or Bank of America, consumers simply can not expect anything in the way of decent savings rates.

Why is that?

The simple fact of the matter is that banks don’t need your money. With key rates at historic lows and the Fed printing money through qualitative easing (among other programs), these large banks have no need to attract consumer capital with competitive savings rates on long-term CDs or other deposit accounts.

Potential Solution(s) or Alternative?

If you’re looking for FDIC-insured CDs and/or savings accounts, then we would recommend online banks or nationally available credit unions. Some of these institutions still pay well above 1.0% APY on long-term CDs and close to 0.90% APY on savings accounts.

If FDIC-insurance is less important to you, you can read our 12 alternatives to CDs and savings accounts for ideas that don’t just consist of banking products.

Final Thoughts

Although Chase Bank has vast coverage across the country and abroad, their current CD rates are underperforming an already abysmal national average by a considerable margin.

If you value in-person banking and are looking for federal insurance on your savings, then you may want to consider a local credit union. They can likely beat Chase’s CD rates and your money will be insured by the NCUA (FDIC equivalent for credit unions) up to $250,000.

If you value high rates and prefer online banking to traditional banking, then check out Ally bank or Discover as potential options for parking your cash.