Chase pays low rates on CDs, but it offers more term options than many other banks

News
Chase Checking Review 4x3

Chase CD rates are relatively low, but you’ll earn a slightly higher APY if you also have a Chase checking account.
The bank’s early withdrawal penalties and minimum opening deposit of $1,000 are fairly standard for banks.
Chase does offer a wider variety of term lengths than most banks, with terms ranging from one month to 10 years.
A Chase CD is probably the best fit for people who already bank with Chase and want to keep all their bank accounts with the same institution.
See Business Insider’s picks for the best CD rates »

Chase Bank (Member FDIC) offers more options for CD terms than most banks, with terms ranging from one month to 10 years. However, the bank pays a low APY regardless of your term length. Everyone earns just 0.01% APY, unless you have also have a Chase checking account — then you’ll earn up to 0.10% APY.

Table of ContentsShould you open a Chase CD?

You may want to open a Chase CD if you:

Want to open a CD with a term of under 3 months or over 5 years
Already bank with Chase and want to do all your banking with the same institution
Prefer face-to-face banking and live near a Chase branch

You might not want to open a Chase CD if you:

Value earning a high APY on your CD balance — if you care about a high rate, look at other banks for a CD or even for a high-yield savings account
Don’t already bank with Chase
Don’t have at least $1,000 to open an account
Are looking for a no-penalty CD
Chase CD rates

If you don’t have a Chase checking account, you’ll earn a standard rate of 0.01% APY on CDs of all balance tiers and term lengths. If you have a Chase checking account, you’ll earn a relationship rate as follows:

  Smash Mouth Performed For Thousands of Maskless Bikers at Sturgis, And The Internet's Got Jokes

Term
Relationship rate
1- 3 months
0.02% APY
6 months – 10 years

0.02% APY on balances under $10,000
0.10% on balances over $10,000

Chase CD features
Chase Certificates of Deposit (CDs)

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.

See Business Insider’s picks for the best high-yield savings accounts »

You’ll earn 0.01% APY 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 as high as 0.10%.

Chase Chase Certificate of Deposit (CD) 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 …read more

Source:: Business Insider

      

(Visited 1 times, 1 visits today)

Leave a Reply

Your email address will not be published. Required fields are marked *