[📌 Update September 2022: Many of Chase Bank’s CD (certificate of deposit) rates became a lot more competitive this month following the FED’s third consecutive 0.75% rate hike of the summer – with some of their CDs jumping a whole 2.0% from August. Chase Bank’s most attractive CD is now a 12 month promotional CD yielding 2.53% APY (up from 1.51% APY to start the month). See all of Chase Bank’s CD rates below.

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, however, 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 except for their newly added 9 and 12 month term CDs.

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. Their yields are tiered based on 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.

Chase also requires you to enter 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.

CD Rates

CD Term	APY ($1k – $9,999.99)	APY ($10K +)
1 month	0.02%	0.02%
2 month	0.02%	0.02%
3 month	0.02%	0.02%
6 month	0.02%	0.05%
9 month	0.02%	0.05%
12 month	2.53%	2.53%
15 month	0.02%	0.05%
18 month	0.02%	0.05%
21 month	0.02%	0.05%
24 month	2.02%	2.02%
30 month	1.51%	1.51%
36 month	2.02%	2.02%
42 month	1.51%	1.51%
48 month	1.51%	1.51%
60 month	1.51%	1.51%
84 month	1.51%	1.51%
120 month	1.51%	1.51%

To give these yields some context, the current national average for a 12 month CD and a 60 month CD sit at 0.60% and 0.74% APY, respectively, according to FDIC data.

Calculating Interest

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

Fees That May Apply

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

Wire Fees:

Type	Fee
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.

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?

Although rates are on the rise and the FED has indicated that more rate hikes are coming in 2022, some big banks have yet to increase their CD and savings rates. That said, following the FED’s most recent rate hike on September 21, Chase has begun to lift their CD rates quite substantially.

Why is that?

Two main reasons.

1. The simple fact of the matter is that many banks don’t yet need your money. With key rates at historic lows for so long and the Fed’s past qualitative easing measures (among other programs), these large banks have not had the need to attract consumer capital with competitive savings rates on long-term CDs or other deposit accounts.
2. On top of that, as interest rates rise banks are generally quick to raise their mortgage and loan rates but slow to raise their CD and savings rates. The difference in the rates banks offer consumers on loans vs what they offer on savings is called the “spread.” This spread is where banks generate much of their profit.

Alternatives to Consider

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 are now paying above 3.50% APY on long-term CDs and ~2.0% APY on for many savings accounts.

If FDIC-insurance is less important to you, you can read our 12 alternatives to CDs and savings accounts for other conservative investment ideas.

Final Thoughts

Although Chase Bank has vast coverage across the country and abroad, many of their CD rates are still less competitive than what you can find from most FDIC-insured online banks and nationally available credit unions.

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