Chase Bank CD Rates for September 2023

Chase Bank CD Rates 2023

In 2023, Chase Bank provided a range of Certificate of Deposit (CD) options with terms from one to 120 months. While not leading in competitive rates, Chase has recently increased some APYs, requiring a $1,000 minimum deposit. Consider them for stable savings with the potential for higher yields if you have a Chase checking account.

Chase CD Interest Rates

Chase Bank offers a range of interest rates on its Certificates of Deposit (CDs) that are tied to the customer's relationship with the bank and the deposit amount. To qualify for competitive rates, customers must have a Chase checking account. Without this relationship, the standard CD rate stands at a meager 0.01% APY for all CD terms.

However, customers can earn significantly higher rates, such as 4.00% to 5.00% APY for a six-month CD, by making larger deposits, with the higher end of the range typically applying to deposits exceeding $100,000. It's important to note that Chase Bank also imposes penalties for early withdrawals from CDs and automatically renews them unless customers opt out within a 10-day window after renewal.

What is the Earning Potential of Chase Bank CDs?

The earning potential of Chase Bank CDs varies widely depending on the chosen term length and corresponding Annual Percentage Yield (APY). Chase offers a range of CD options, each with its own interest rate. For example, shorter-term CDs, such as the 1-month and 2-month options, offer very low APYs of 0.02%, resulting in minimal earnings, with just $0.17 and $0.33, respectively, on a $10,000 deposit.

On the other hand, longer-term CDs, like the 36-month, 48-month, and 60-month options, provide more attractive APYs of 2.00% and 1.50%, allowing for significantly higher earnings over time. For instance, a 36-month CD can yield $611.98 in interest on the same $10,000 deposit.Here is a table summarizing the CD term lengths, their respective APYs, and the total earnings achievable with a $10,000 contribution:

How Do Chase Bank CDs Stack Up Against Others?

When evaluating the competitiveness of Chase Bank's Certificates of Deposit (CDs) in comparison to those offered by other major banks, it becomes evident that Chase Bank's CD rates vary across different terms. Chase Bank CDs stack up against CDs from Capital One 360, Citibank, and Bank of America for various CD term lengths. The data showcases the Annual Percentage Yields (APYs), based on a specific zip code (07030) and includes a reference to Bank of America's CD rates for deposits of $10,000 or less.

How Can I Begin a CD Account With Chase?

To start a CD account with Chase, you'll need to have a Chase checking or savings account. Existing Chase customers can log in and apply with prefilled information, while new customers must sign up for a Chase account. Choose your CD term and interest payment frequency, with a minimum $1,000 deposit from your Chase checking account. Depending on your customer status, you may need to provide identification information during the application process.

Log in or Sign Up

• If you are already a Chase customer with an existing banking account, loan, credit card, or another financial product, log in to your Chase account.
• For non-Chase customers, you need to become one. Ensure you have a Chase checking or savings account before proceeding.

Open the CD Account

• Once you have a Chase checking or savings account, you can initiate the process of opening a CD account.
• You have two options: You can open a Chase CD account online through the Chase website, or if you prefer in-person assistance, schedule a meeting with a banker. The option to schedule an appointment with a banker is available on the Chase CD page.
• Note: In-person visits are necessary only if you want to open a joint CD account.

Select the CD Terms and Interest Payment Frequency

• When opening a Chase CD account, you will be asked to choose the CD term. This term determines how long your money will be invested in the CD. Select the term that aligns with your financial goals.
• Additionally, decide how often you want to receive interest payments on your CD. Chase typically offers options for monthly, quarterly, semi-annual, annual, or maturity interest payments, depending on the CD term.

Fund Your CD Account

• To fund your CD account, you'll need a minimum deposit of $1,000. This amount can be transferred from your Chase checking account. Ensure you have sufficient funds in your Chase checking account to cover the initial deposit.

Required Documents:

• If you already have a Chase Bank login because you are an existing customer, you'll likely only need to provide your username and password to proceed with the CD account application.
• If you are not currently a Chase customer, you may need to provide some personal information. Typically, no documents need to be submitted online. You will be asked for information such as your name, residential address, and a government identification number, which could be your Social Security number (SSN) or Taxpayer Identification Number (TIN).
• If you opt for an in-person visit to open the CD account, be prepared to show a document as proof of identity, such as a valid driver's license.

Is a Chase CD a Good Choice?

When considering whether a Chase CD is a good choice, it largely depends on your existing banking relationship and priorities. Chase CDs, particularly those with competitive yields, can be convenient for current Chase customers who prefer to consolidate their accounts within one institution. However, it's essential to recognize that better CD rates are often available at online banks and other financial institutions.

If you are willing to explore alternatives and open an account elsewhere, you may find that your deposits can earn higher interest rates, offering potentially greater returns on your investment. Ultimately, the suitability of a Chase CD as an investment choice hinges on your individual financial goals and whether you prioritize convenience or maximizing your CD returns.