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Talk with a Private Client Banker to take advantage of a CD ladder strategy that allows you to earn interest over time, while also providing you flexible access to your money.
Learn more about CDs for Chase Private Client
Certificate of Deposit FAQ
A certificate of deposit, or CD, is a deposit account with us for a specified period of time.
$1,000
We use the daily balance method to calculate interest on your CD. This method applies a periodic rate each day to your balance. Interest begins to accrue on the business day of your deposit. Interest for CDs is calculated on a 365-day basis, although some business CDs may calculate interest on a 360-day basis. The Annual Percentage Yield (APY) disclosed on your deposit receipt or on the maturity notice assumes interest will remain on deposit until maturity. On maturities of more than one year, interest will be paid at least annually. Please see the Deposit Account Agreement and rate sheet for further details.
There is a penalty for withdrawing principal prior to the maturity date. For Personal CDs:
If the term of the CD is less than 6 months, the early withdrawal penalty is 90 days of interest on the amount withdrawn, but not more than the total amount of interest earned during the current term of the CD.
If the term of the CD is 6 months to less than 24 months, then the early withdrawal penalty is 180 days of interest on the amount withdrawn, but not more than the total amount of interest earned during the current term of the CD.
For terms 24 months or more, the early withdrawal penalty is 365 days of interest on the amount withdrawn, but not more than the total amount of interest earned during the current term of the CD.
If the withdrawal occurs less than seven days after opening the CD or making another withdrawal of principal, the early withdrawal penalty will be calculated as described above, but it cannot be less than seven days' interest. We may not permit withdrawals if funds have not been credited to the account.
The amount of your penalty will be deducted from principal.
See the Deposit Account Agreement and rate sheet for further details
The maturity date is the last day of your CD’s term. The grace period begins the following day and lasts for 10 days – this is when you can make changes to your CD. Go tochase.com/cdmaturity to learn more about what options you have when your CD matures.
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Existing Chase checking customers can open a CD online.
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Not a Chase checking customer? Schedule a meeting with a banker to open an account and enjoy relationship rates.
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Want to learn more about CDs? Visit our Banking Education Center.
Some of our products and features might be different depending on your location. By using your ZIP code, we can make sure the information you see is accurate.
All standard rate CDs currently earn 0.01% interest, regardless of term length or CD balance. Chase CDs have a $1,000 minimum opening deposit. Interest earned on Chase CDs compounds daily, with the option to receive interest payments monthly, quarterly, semiannually, annually or at maturity.
It depends on the rate and your own financial security. If a 10-year CD offers a relatively high interest rate, you may feel compelled to lock in that yield for a long period of time to maximize your earnings. But you should only use money designated for long-term savings goals.
The interest rate is determined ahead of time and your deposit may be insured up to $250,000, similar to a regular checking or savings account. Minimum amounts to open an account vary based on the CD duration, and are as low as $100. Interest rates for CD accounts are higher than money market and checking accounts.
The minimum deposit to open a CD may range from $100 to $500, though other CDs might require $10,000 or more to open. CD rates can vary by the financial institution as well, with online banks typically offering higher rates than brick-and-mortar banks.
Interest is compounded daily and you may choose to have interest paid on your CD, depending on the term, either monthly, quarterly, semiannually or annually and at maturity. The APY is based upon the maximum term of deposit for each maturity range. There is a penalty for early withdrawal.
One major drawback of a CD is that account holders can't easily access their money if an unanticipated need arises. They typically have to pay a penalty for early withdrawals, which can eat up interest and can even result in the loss of principal.
Key takeaways. Interest earned on CDs is considered taxable income by the IRS, regardless of whether the money is received in cash or reinvested. Interest earned on CDs with terms longer than one year must be reported and taxed every year, even if the CD cannot be cashed in until maturity.
5% APY: With a 5% CD or high-yield savings account, your $50,000 will accumulate $2,500 in interest in one year. 5.25% APY: A 5.25% CD or high-yield savings account will bring you $2,625 in interest within a year.
Chase's best certificate of deposit (CD) rates are for featured CDs with relationship rates, which have an annual percentage yield (APY) ranging from 3.00% to 5.00% APY. You can earn higher relationship rates with a linked Chase checking account, otherwise you'll get the same low 0.01% APY for every CD term.
While longer-term CDs may tie up your funds for years, a 6-month CD allows you to access your money relatively quickly. If you suddenly need your $5,000 for an emergency or a more lucrative investment opportunity arises, you won't have to wait years to access your funds without incurring hefty penalties.
The specific amount you put into a CD depends on your personal finances. The best way to decide how much money to put into a CD is to figure out how much cash you can afford to part with for an extended amount of time. While that amount will be different for everyone, you should keep a few things in mind.
You can expect a minimum CD opening deposit of at least $500 at most banks, though that could rise to $2,500 or more for certain accounts. For example, CIT's Jumbo CDs require a minimum balance of $100,000.
Minimum deposits vary from bank to bank; some institutions don't require an opening deposit while others may require a standard $1,000 (sometimes even more, as is the case for most jumbo CDs.) Likewise, early withdrawal penalties differ from bank to bank.
Certificates of deposit require the account holder to deposit the funds for a specific period until a set maturity date. This type of account pays a fixed or variable interest rate for a set period of time depending on the type of CD you choose.
Interest is compounded daily and you may choose to have interest paid on your CD, depending on the term, either monthly, quarterly, semiannually or annually and at maturity. The APY is based upon the maximum term of deposit for each maturity range.
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