CHASE 9 Month CD Rates Rate is for a deposit for 9 month with a $1,000 Minimum Opening Deposit from 90210 postcode but 250k+ for this APY. The rate of 0.10% is 0.34% lower than the average 0.44%. CD ladders can be opened by a banker at any branch, but cannot be opened online at this time. All 4 CDs in a ladder are opened at the same time, for the same amount, with a minimum of $1,000 in each CD. CD ladders can be opened only for qualifying Chase. Chase online; credit cards, mortgages, commercial banking, auto loans, investing & retirement planning, checking and business banking. Open a savings account or open a Certificate of Deposit (see interest rates) and start saving your money. Prepaid Card The Starbucks ® Rewards Visa ® Prepaid Card is the only reloadable prepaid card that. Chase Bank provides money-saving products including competitive CD rates, checking accounts, and savings accounts. In this guide, we’ll compare Chase Bank’s rates to CD, checking, and savings account rates.
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 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
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 looking for FDIC-insured alternatives that don’t require you to lock up your money for a predetermined period of time, there are still a handful of online savings accounts providing yields above 0.50% APY. For example, the Axos High Yield Savings account still holds an APY of 0.61% 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:
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.
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.
Chase Cd Rates Promotion
Alternatives to Consider
Chase Bank Rates
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 above 1.0% APY on long-term CDs and close to 0.50% 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.
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.
Chase Cd Rates 9 Months
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.