Chase CD Rates for August 2024
Chase Bank is one of the largest banks in the U.S., with more than 4,700 branches and a wide range of banking services. However, we keep a close eye on top CD rates here at CNET, and Chase’s deposit rates fall short unless you already have an established relationship with Chase.
Chase offers CD terms ranging from one month to 10 years, but standard CD rates are well below Federal Deposit Insurance Corporation rates. national average. If you already bank with Chase and would rather keep all your money in one place, you may want to forgo better interest rates for convenience. But you can find more competitive rates at other banks.
Chase CDs: At a Glance
| Minimum deposit | $1,000 |
|---|---|
| Term lengths | One month to 120 months (10 years) |
| Composite diagram | Daily |
| Early withdrawal penalties | Terms shorter than 6 months: 90 days interest Terms 6 to 24 months: 180 days interest Terms longer than 24 months: 365 days interest |
| Grace period | 10 days |
What is the current status of CD rates?
A certificate of deposit is considered a safe investment, making it a great place to put your money in an unpredictable economic environment. When you lock in an interest rate with a CD, your rate is guaranteed, even if rates take a hit.
However, according to the Federal Reserve, banks are slowly lowering CD rates over multiple terms in anticipation of the Federal Reserve’s rate cut, which many experts expect in September. Stephen Katesa certified financial planner.
“Rates today are higher than they’ve been in decades, so now is a good time to lock in a medium- to long-term CD for a guaranteed return,” Kates said. If the Fed decides to cut rates, CD rates will likely fall faster, so locking in a high rate now is a smart financial move, Kates added.
What are the CD interest rates at Chase Bank?
There are two main categories of Chase CDs: Standard and Relationship. If you don’t have a checking account with Chase, you have access to the Standard CD. If you do have a current Chase checking account and link it to your CD account, you’ll get access to slightly higher APYs with Relationship CDs.
Each CD requires a minimum deposit of $1,000 and there is an early withdrawal penalty if you withdraw funds before the CD matures or reaches the end of its term.
Chase Standard CD Rates
| Terms and Conditions | 1 month to 120 months (10 years) |
|---|---|
| Interest | 0.01% |
| APY | 0.01% |
| Minimum deposit | $1,000 |
Chase Relationship CD Rates
| Term duration | First Deposit APY ($1,000 – $9,999) | First Deposit APY ($10,000 – $99,999) | First Deposit APY ($100,000 and above) |
| 1 month | 0.02% | 0.02% | 0.02% |
| 2 months | 3.25% | 3.25% | 3.25% |
| 3 months | 4.25% | 4.25% | 4.25% |
| 6 months | 2.00% | 2.00% | 2.00% |
| 9 months | 3.50% | 3.50% | 3.50% |
| 12 months | 2.00% | 2.00% | 2.00% |
| 15 months | 2.50% | 2.50% | 2.50% |
| 18 months | 2.50% | 2.50% | 2.50% |
| 21 months | 2.50% | 2.50% | 2.50% |
| 24 months | 2.50% | 2.50% | 2.50% |
| 30 months | 2.50% | 2.50% | 2.50% |
| 36 months | 2.50% | 2.50% | 2.50% |
| 42 months | 2.50% | 2.50% | 2.50% |
| 48 months | 2.50% | 2.50% | 2.50% |
| 60 months | 2.50% | 2.50% | 2.50% |
| 84 months | 2.50% | 2.50% | 2.50% |
| 120 months | 2.50% | 2.50% | 2.50% |
Regardless of how much you deposit into a standard Chase CD, the interest rate and APY are the same — and they leave a lot to be desired. If you deposit $1,000 into Chase’s standard five-year CD with an APY of 0.01%, you’ll earn $0.50 in five years. But if you deposit $1,000 into Chase’s Relationship five-year CD with an APY of 2.50%, you’ll earn $131.41 in interest over five years. Still, it’s important to note that you must have an established relationship with the bank to open a Relationship CD.
For comparison: Synchrony Bankan online-only bank, offers 4.00% APY on its five-year CD. If you deposit that same $1,000 into that account, you would earn $216.65 at that rate.
Here’s how much you could earn if you deposit $1,000, based on Chase’s current Relationship CD rates.
| Term | APY | Total interest earned |
| 1 month | 0.02% | $0.02 |
| 3 months | 4.25% | €10.46 |
| 6 months | 3.00% | €14.89 |
| 9 months | 3.50% | €26.14 |
| 12 months | 2.00% | $20.00 |
| 15 months | 2.50% | €31.35 |
| 18 months | 2.50% | €37.73 |
| 21 months | 2.50% | €44.16 |
| 24 months | 2.50% | €50.63 |
| 30 months | 2.50% | €63.68 |
| 36 months | 2.50% | €76.89 |
| 42 months | 2.50% | €90.27 |
| 48 months | 2.50% | $103.81 |
| 84 months | 2.50% | €188.69 |
| 120 months | 2.50% | €280.08 |
APYs as of August 16, 2024.
Is Chase a Good Choice for a Savings or CD Account?
Chase’s savings and deposit options don’t earn as much interest as online banks and credit unions.
For example, Chase’s standard six-month CD rate is 0.01%, much lower than the national average rate of 1.81%. It is also much lower than some of the best CD rates available, which offer between 4% and 5% (or higher).
But if you already have an account with Chase and prefer convenience over chasing returns, this account could work to your advantage. You can manage your account online and in person.
When looking for the best bank to earn interest on your savings, compare rates and other factors that affect your financial goals. For example, you may want to consider the bank’s customer service and minimum deposit requirements. Most importantly, make sure the financial institution you choose is insured by the FDIC, or National Credit Union Administration, which protects your savings up to $250,000 per person, per account, from bank failures.
How to Open a Chase CD Account
You can open a CD online if you are an existing Chase customer. If you are not, you must schedule an appointment online with a Chase representative before opening a CD.
When you are ready to open the account, you will need your personal information, including your full name, address, and Social Security number or Individual Taxpayer Identification Number. You will need to select your CD term and fund the account with at least $1,000. You will not be able to add money to your CD account after the initial deposit, so make sure you are prepared to deposit the full amount.
Chase offers two main savings account options: Chase Savings and Chase Premier Savings. These savings accounts have a monthly service fee of $5 and $25, respectively. But these fees can be waived if you maintain a minimum daily balance, set up automatic deposits, or link a Chase Premier Plus Checking or Chase Sapphire Checking account.
The Chase Savings account earns 0.01% APY, which is well below the FDIC national average. The Premier Savings account pays a slightly higher yield of 0.2% APY, but it’s also well below the national average. And to qualify for the Premier relationship rate, you must link your account to a Chase Premier Plus Checking or Chase Sapphire Checking account and make at least five transactions per statement period with your linked checking account.
Frequently Asked Questions
The minimum deposit to open a Chase CD account is $1,000.
If your CD term is less than six months, you will lose 90 days of interest. If your CD term is between six and 24 months, you will lose 180 days of interest. And if your CD term is 24 months or longer, you will lose 365 days of interest.
Once your Chase CD matures, you have a 10-day grace period to make changes to your CD, including changing the term, making withdrawals or deposits, or closing the account. If you do not make changes to your CD during the 10-day grace period, your CD will automatically renew for the same term with a new maturity date.
CommunityWide Federal Credit Union currently has the highest CD rate available at 5.30% APY, based on the banks we track at CNET. This rate is accurate as of August 16, 2024.
To get started, you’ll need to deposit a minimum of $1,000, but we like that CommunityWide Federal Credit Union doesn’t charge monthly fees.
This article contains material that was previously published on NextAdvisor, a sister site of CNET Money that was also owned by Red Ventures and which merged with CNET Money. It has been edited and updated by CNET Money editors.
