What Chase CDs Pay Right Now
Chase offers several certificate of deposit products, each with different interest rates depending on how long you lock your money away. The rates change weekly based on market conditions, so the exact number you see today will not be the same next week. You can check current rates on Chase's website or by calling 1-800-935-9935, but the rates listed here show you what to expect and how to compare.
Chase typically offers CDs with terms ranging from 3 months to 5 years. Longer terms generally pay higher rates — a 5-year CD will pay more than a 3-month CD. The trade-off is that your money is locked in for that full period. If you withdraw before the term ends, Chase charges an early withdrawal penalty that reduces your earnings or eats into your principal.
As of early 2024, Chase CD rates have been competitive but not the highest available in the market. Online banks and credit unions often pay more because they have lower overhead costs. If you already bank with Chase and value the convenience of managing everything in one place, the rate difference may be worth it to you. If you are purely chasing the highest rate, you may find better terms elsewhere.
Key Takeaways
- Chase CD rates vary by term length and change weekly, so you must check the current rate before you commit your money.
- Early withdrawal penalties can wipe out your interest earnings or cost you principal, so only deposit money you will not need until the CD matures.
- Chase rates are typically lower than online banks and credit unions offer, but may be worth it if you want to keep everything with one bank.
- You can open a Chase CD online, by phone, or in person at a branch, and the minimum deposit is usually $1,000.
- Chase CDs are FDIC-insured up to $250,000, so your principal is protected even if the bank fails.
How Chase CD Terms and Penalties Work
When you open a Chase CD, you agree to leave your money untouched for a set period — 3 months, 6 months, 1 year, 2 years, 3 years, or 5 years. At the end of that term, the CD matures. Chase then pays you the interest you earned, and you can withdraw the money, renew the CD at the current rate, or move it elsewhere.
If you need the money before the term ends, Chase charges an early withdrawal penalty. The penalty amount depends on the CD term. Shorter-term CDs (3 to 6 months) typically have smaller penalties — often a few months of interest. Longer-term CDs (3 to 5 years) have larger penalties — sometimes 6 to 12 months of interest. Chase lists the exact penalty for each product on its website, and you should read it before you open the account.
The penalty is deducted from your interest earnings first. If you have earned enough interest to cover it, you lose some or all of your earnings but keep your principal. If you withdraw very early and have not earned much interest yet, the penalty can eat into your original deposit. This is why CDs work best for money you genuinely will not need.
Minimum Deposit and Account Requirements
Chase requires a minimum deposit of $1,000 to open most CDs. Some promotional CDs or special offers may have different minimums, so check the specific product terms. You must also have a valid Social Security number and be at least 18 years old.
If you already have a Chase checking or savings account, opening a CD is straightforward — you can do it online or by phone. If you are not yet a Chase customer, you will need to open a checking account first or visit a branch in person. Chase does not charge a monthly fee to hold a CD, and you do not need to maintain a separate balance in a checking account to keep the CD open.
FDIC Insurance and Safety
Chase is a member of the Federal Deposit Insurance Corporation (FDIC), which means your CD is insured up to $250,000. This protection covers your principal and any interest earned. If Chase were to fail, the FDIC would pay you back up to that limit.
The $250,000 limit applies per depositor, per bank, per account category. If you have $200,000 in a Chase CD and $100,000 in a Chase savings account, only $250,000 total is covered — the CD is fully protected and $50,000 of the savings account is not. If you have a spouse with a joint CD, the joint account is insured separately up to $250,000, so together you could have up to $500,000 protected at Chase.
How to Open a Chase CD
You can open a Chase CD online through Chase.com, by phone at 1-800-935-9935, or in person at any Chase branch. Online is usually the fastest — you can complete the application in 10 minutes and fund the account immediately from an existing Chase account or by transfer from another bank.
By phone, a Chase representative will walk you through the options, answer questions about rates and terms, and help you choose the right product. In person, a banker can do the same and can also help you open a checking account at the same time if you need one.
Once you open the CD, your money is locked in. Chase will send you a confirmation statement showing the rate, term, maturity date, and early withdrawal penalty. Mark the maturity date on your calendar so you know when the CD is set to mature and you can decide what to do with the money.
Comparing Chase CDs to Other Banks
Chase rates are typically 0.25% to 0.75% lower than online banks and credit unions, depending on the term. On a $10,000 CD, that difference amounts to $25 to $75 per year. Over a 5-year term, it adds up. However, if you value having all your accounts in one place and prefer to manage everything through Chase's app and website, the convenience may outweigh the lower rate.
Credit unions often pay higher rates than Chase because they are member-owned and have lower costs. Online banks like Marcus, Ally, and American Express also typically offer higher rates because they have no physical branches. If you are shopping for the best rate, get quotes from at least three sources before you decide.
One advantage Chase does offer is availability. With over 4,600 branches nationwide, you can walk into a Chase bank if you have questions or need to make changes to your account. Online banks have no branches, so all support is by phone or email. For some people, that accessibility is worth paying a slightly lower rate.
What Happens When Your CD Matures
On the maturity date, Chase automatically renews your CD at the current rate for the same term unless you tell them otherwise. If rates have risen, you will earn more on the renewal. If rates have fallen, you will earn less. You have a grace period — usually 10 days — to withdraw the money or move it to a different product without penalty.
If you do nothing during the grace period, the CD renews automatically. If you want to withdraw the money or move it to a savings account or different CD, contact Chase before the grace period ends. You can do this online, by phone, or in person at a branch.
Frequently Asked Questions
Can I withdraw money from a Chase CD before it matures?
Yes, but Chase charges an early withdrawal penalty. The penalty amount depends on the CD term — shorter terms have smaller penalties, longer terms have larger ones. The penalty is deducted from your interest first, and if it is large enough, it can reduce your principal. Only withdraw early if you truly need the money.
What is the difference between a Chase CD and a savings account?
A CD locks your money in for a set term and pays a fixed rate. A savings account lets you withdraw anytime without penalty but pays a lower rate. CDs are for money you will not need for months or years. Savings accounts are for emergency funds or money you might need sooner.
Do I have to renew my CD when it matures?
No. Chase will renew it automatically unless you tell them to stop during the grace period. You can withdraw the money, move it to a savings account, or open a new CD at a different term. Contact Chase before the grace period ends to make your choice.
Are Chase CDs taxed?
Yes. The interest you earn on a CD is taxable income. Chase will send you a 1099-INT form at the end of the year showing how much interest you earned. You report this on your tax return. The tax is owed whether you withdraw the money or let it renew.
Can I open multiple CDs at Chase?
Yes. You can open as many CDs as you want, and each one is insured separately up to $250,000 by the FDIC. Some people open multiple CDs with different maturity dates so money becomes available at different times — this is called a CD ladder.