Opening a CD at Chase requires you to visit a branch or call their customer service line, choose your term length and deposit amount, and fund the account

A Certificate of Deposit (CD) at Chase is a savings account where you agree to leave money untouched for a set period — typically three months to five years — in exchange for a fixed interest rate. Chase pays you that rate regardless of whether market rates rise or fall during your term. When your term ends, you get your principal back plus the interest earned, and you can either withdraw the money or roll it into a new CD.

The process itself is straightforward: you decide how much to deposit and how long to lock it away, then complete the account opening through Chase's website, mobile app, or at a branch. The main decision is not the mechanics but the trade-off — your money is not accessible without penalty until the term ends, so you need to be certain you will not need it before then.

Key Takeaways

  • Chase CDs require a minimum deposit that varies by term length and account type, so check the current minimums before you commit.
  • You can open a CD online, through the Chase mobile app, or in person at a branch, and funding happens immediately from an existing Chase account or external transfer.
  • Early withdrawal from a CD triggers a penalty that Chase deducts from your interest or principal, so confirm the penalty amount before you open the account.
  • CD rates are fixed for your entire term, so a longer term locks in the current rate but leaves you unable to move to a higher rate if rates rise.
  • When your CD matures, you have a grace period (usually seven to ten days) to decide whether to withdraw the money or renew into a new CD.

Minimum deposit amounts and current rates

Chase requires a minimum opening deposit for CDs, but the amount depends on the term length you choose. Shorter terms (three months to one year) often have lower minimums than longer terms (three to five years). The exact minimums change based on market conditions and Chase's current offerings, so you should check Chase's website or call 1-800-935-9935 to confirm what applies to the term you want before you start the process.

Interest rates on Chase CDs also vary by term. Longer terms typically pay higher rates than shorter ones, but this is not always true — sometimes the market inverts and a one-year CD pays more than a three-year. Rates also change frequently, sometimes weekly. If you see a rate you like, opening the account the same day is usually wise, because rates can drop by the time you call back.

Opening a CD online or through the mobile app

If you already have a Chase checking or savings account, opening a CD online is the fastest route. Log into your Chase account on the website or mobile app, navigate to the savings or investments section, and select "Open a CD" or similar language. You will be asked to choose your term length, enter your deposit amount, and confirm which existing Chase account to fund it from.

The entire process takes about five to ten minutes. Once you submit, the CD opens immediately and the funds transfer from your linked account. You will receive a confirmation email with your CD details, including the rate, maturity date, and the penalty for early withdrawal. Keep this email — you will need the maturity date later to know when your term ends.

If you do not have a Chase account yet, you can still open a CD, but you will need to open a checking or savings account first. This requires a visit to a branch or a phone call to complete identity verification.

Opening a CD in person at a Chase branch

Walking into a Chase branch and opening a CD with a banker takes longer than online but gives you a chance to ask questions about rates, terms, and penalties in real time. Bring a government-issued ID and your Social Security number. If you are funding the CD from an account at another bank, bring that account number and routing number, or bring a check to deposit.

The banker will show you current rates for each term, explain the early withdrawal penalty for each, and help you decide which term fits your timeline. They will then complete the paperwork and fund the account. If you are transferring money from another bank, the transfer may take a few business days to clear, so the CD will not open until the funds arrive.

Understanding early withdrawal penalties

Chase charges a penalty if you withdraw money from your CD before the term ends. The penalty is usually expressed as a number of months of interest — for example, a "three-month penalty" means Chase deducts three months' worth of the interest you would have earned. On a small CD or a short term, this might be just a few dollars. On a large CD or a long term, it can be substantial.

The penalty amount is disclosed when you open the account and appears on your confirmation. Before you commit, calculate what the penalty would be in dollars, not just in months. If you think there is any chance you might need the money before the term ends, a shorter CD term or a regular savings account might be safer, even if the rate is lower.

What happens when your CD matures

On your maturity date, your CD stops earning interest and enters a grace period, usually seven to ten days. During this window, you can withdraw the full amount (principal plus interest) without penalty, or you can renew the CD into a new term at whatever rate Chase is offering at that time.

If you do nothing during the grace period, Chase will automatically renew your CD into a new term of the same length at the current rate. This is convenient if you want to keep the money locked away, but it also means you might miss a chance to move to a higher rate if rates have risen, or to withdraw the money if you need it. Mark your maturity date on your calendar and check your Chase account a week before it arrives so you can make an active choice.

CD laddering and other strategies

Some people open multiple CDs with different maturity dates — a strategy called CD laddering. For example, you might open a one-year CD, a two-year CD, and a three-year CD on the same day. Each year, one CD matures, giving you access to that portion of your money without having to break the entire ladder early. This lets you lock in longer-term rates while still having regular access to some of your cash.

Chase allows you to open as many CDs as you want, so laddering is straightforward to set up. The trade-off is that you have to manage multiple accounts and maturity dates. For most people, a single CD that matches their actual timeline is simpler and works just as well.

Frequently Asked Questions

Can I add money to a CD after I open it?

No. CDs are fixed-amount accounts. Once you open it, you cannot deposit additional money into that CD. If you want to invest more, you would need to open a separate CD. Some people open multiple CDs at different times to build up their CD holdings over time.

What if I need to withdraw money before the term ends?

You can withdraw early, but Chase will charge you the early withdrawal penalty stated in your account agreement. The penalty is deducted from your interest first, and if the penalty is larger than the interest earned, it comes from your principal. Before you withdraw, call Chase or log in to see the exact dollar amount of the penalty so you know what you will actually receive.

Do I have to renew my CD when it matures?

No. When your CD matures, you can withdraw all the money without penalty, even if you do nothing. Chase will automatically renew it if you do not act during the grace period, but you can stop that renewal by calling or logging in before the maturity date passes.

Are CD funds insured if Chase fails?

Yes. CDs at Chase are covered by FDIC insurance up to $250,000 per account holder per bank. If you have multiple CDs at Chase, the total coverage across all of them is $250,000. If you have more than that to invest, you would need to split the money across different banks to get full coverage on all of it.

Can I move my CD to a different bank before it matures?

Technically yes, but you would trigger Chase's early withdrawal penalty. It is usually not worth it unless you are moving to a significantly higher rate at another bank and the difference outweighs the penalty. Calculate the penalty in dollars, compare it to what you would earn at the new bank, and decide if the switch makes financial sense.