Chase CD Rates for May 2024

Chase Bank is one of the biggest banks in the US, with more than 4,700 branches and a wide range of banking services. But its deposit rates fall short unless you already have an established relationship with Chase.

Chase offers CD terms ranging from one month to 10 years, but its standard CD rates are well below the Federal Deposit Insurance Corporation’s national average. If you already bank with Chase and prefer to keep all your money in one place, you might be comfortable forfeiting better interest rates for convenience. But you’ll find more competitive rates at other banks.

Chase CDs: At a glance

Chase’s CD rates

There are two main categories for Chase’s CDs: Standard and Relationship. If you don’t have a checking account with Chase, you’ll have access to its Standard CD. If you do have a current Chase checking account and link it to your CD account, you’ll get access to slightly higher APYs with Relationship CDs. 

Each CD requires a $1,000 minimum deposit and is subject to an early withdrawal penalty if you withdraw funds before the CD matures, or reaches the end of its term.

Chase Standard CDs

No matter how much you deposit in a Standard Chase CD, the interest rate and APY are identical -- and leave a lot to be desired. For example, if you deposit $10,000 in a standard five-year CD with a 2.00% APY, you’ll earn $1,040.81 in interest in five years. Comparatively, Synchrony Bank, an online-only bank, offers 4.00% on its five-year CD. If you deposit the same $10,000, you’ll earn $2,166.53 at that rate.

Chase Relationship CD rates

Example: How much can you earn with a Chase CD?

Here’s how much you can earn if you deposit $1,000, based on Chase’s current Relationship CD rates.

Is Chase a good choice for a savings or CD account?

Chase’s savings and CD options won’t earn you as much money in interest as online-only banks and credit unions.

For example, Chase’s six-month Standard CD rate is 0.01%, much lower than the national average rate of 1.43%. It’s also much lower than some of the best CD rates available, which offer between 4% and 5% (or higher). 

But if you already have an account with Chase and prefer convenience instead of chasing yield, this account may work in your favor. You’ll be able to manage your account online and in person. 

If you’re looking for the best bank to earn interest on your savings, compare rates and other factors that affect your financial goals. For example, you may consider the bank’s customer service and minimum deposit. Most importantly, make sure the financial institution you choose is insured by the FDIC or National Credit Union Administration, which protects your savings for up to $250,000 per person, per account from bank failure.

How to open a Chase CD account

You can open a CD online if you’re an existing Chase customer. If you aren’t, you’ll need to schedule a meeting with a Chase representative online before opening a CD.

When you’re ready to open the account, you’ll need your personal information, including your full name, address and Social Security number or Individual Taxpayer Identification Number. You’ll need to select your CD term and fund the account with a minimum of $1,000. You won’t be able to add more money to your CD account after the initial deposit, so make sure you’re prepared to deposit the full amount. 

What other savings options does Chase offer?

Chase offers two main savings account options: Chase Savings and Chase Premier Savings. These savings accounts have a monthly service fee of $5 and $25, respectively. But these fees can be waived if you maintain a minimum daily balance, set up automatic transfers or link a Chase Premier Plus Checking or Chase Sapphire Checking account (see here for more details). 

The Chase Savings account earns a 0.01% APY, which is well below the FDIC’s national average. The Premier Savings account pays a slightly higher yield of 0.2% APY, but it’s also well below the national average. And to qualify for the Premier relationship rate, you have to link your account to a Chase Premier Plus Checking or Chase Sapphire Checking account and make at least five transactions each statement period using your linked checking account. 

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This article includes some material that was previously published on NextAdvisor, a CNET Money sister site that was also owned by Red Ventures and which has merged with CNET Money. It has been edited and updated by CNET Money editors.