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Annual Percentage Yield (APY)
0.01% to 5.00% (vary by location)
Minimum Deposit Amount
$1,000
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Check mark icon
A check mark. It indicates a confirmation of your intended interaction.CD terms up to 10 years
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A check mark. It indicates a confirmation of your intended interaction.Compounds interest daily
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Two crossed lines that form an ‘X’.Low APY
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Two crossed lines that form an ‘X’.$1,000 opening deposit
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Two crossed lines that form an ‘X’.You must have a checking or savings account to open a CD online
Product Details
- Terms ranging from 1 month to 10 years
- Early withdrawal penalties ranging from 90 to 365 days interest
- All balances and terms earn a standard rate of 0.01% APY
- You can only open a CD online if you already have a Chase checking or savings account, otherwise visit a branch
- FDIC insured
How Chase CD rates compare
| Chase CD | Wells Fargo Standard Fixed Rate CD | ||
| Term lengths | 1 month – 10 years | 3 months – 1 year | 28 days – 10 years |
| APY (Annual Percentage Yield) | 0.01% to 5.00% (vary by location) | 1.50% to 2.51% | 0.03% – 0.05% |
| Opening deposit | $1,000 | $2,500 | $1,000 – $10,000 |
| Early withdrawal penalties | 90 – 365 days interest | 1 – 12 months interest | 7 – 365 days interest |
| Branches | 4,900 | 5,300 | 4,300 |
Chase CD rates vs. Wells Fargo CD rates
Wells Fargo’s term lengths are limited, so if you want a term under three months or over two years, Chase is the clear choice. Chase also requires a smaller opening deposit, so it’s the better option for anyone who can’t afford an initial deposit with Wells Fargo.
Chase CD rates vs. Bank of America CD rates
Chase CDs and Bank of America CDs have similar rates and term length options, so your choice between the two will likely come down to which bank has a branch closer to your home.
Should you open a Chase CD?
| You may want to open a Chase CD if you: | You might not want to open a Chase CD if you: |
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Chase CD features
You’ll need at least $1,000 to open a CD with Chase, which is a fairly standard opening deposit requirement; you can find banks that require less, but some ask for more.
Chase’s rates are comparable with other brick-and-mortar banks, but you can find online banks that pay significantly higher rates. If you want to find the highest rate for your savings, it’s worth looking at high-yield savings account rates along with CD rates to see which are offering more competitive benefits.
You’ll earn a low rate on all terms and balance tiers, unless you also have a Chase chase checking account — then you’ll earn a “relationship rate,” which can be significantly higher.
Chase CDs do have one main advantage: There are more term options than what you’ll find with many institutions. Many banks offer terms ranging from three or six months to five years, but Chase offers terms between one month and 10 years.
This makes Chase a worthwhile option for anyone wanting to stash money for under three months or more than five years. However, if you’re open to banking online, there are a few online banks that offer terms over five years and pay higher rates than Chase does.
UFB High Yield Savings
Earn 5.25% APY on your savings. No monthly maintenance fees. No minimum deposit is required to open an account.
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Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any card issuer. Read our editorial standards.
Please note: While the offers mentioned above are accurate at the time of publication, they’re subject to change at any time and may have changed, or may no longer be available.
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This post was originally published on Business Insider
