📍 Update May 2022: Despite the FED’s latest rate hike on May 4 and their indication that more rate hikes are on their way, Chase Bank has yet to increase the yields on their CDs this year. This may change in the near future, however, as the FED seeks to unload their balance sheet with quantitative tightening. We’ve already seen some big banks like Capital One, and to a lesser degree Citibank, begin to increase their CD and savings rates. See more details 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.

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 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	0.02%	0.05%
15 month	0.02%	0.05%
18 month	0.02%	0.05%
21 month	0.02%	0.05%
24 month	0.02%	0.05%
30 month	0.02%	0.05%
36 month	0.02%	0.05%
42 month	0.02%	0.05%
48 month	0.02%	0.05%
60 month	0.02%	0.05%
84 month	0.02%	0.05%
120 month	0.02%	0.05%

To give these yields some context, the current national average for a 12 month CD sits at roughly 0.17% APY while the average on a 5 year CD sits at roughly 0.32% APY according to recent 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.

Why is that?

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.

This may change in the very near future, however, as the FED prepares for quantitative tightening To combat inflation.

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 around 2.50% APY on long-term CDs and close to 1.0% 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 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.