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Chase CDs Review

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A subsidiary of JPMorgan Chase, New York-based Chase Bank is a consumer and commercial bank and one of the largest financial institutions in the United States. Chase has financial operations worldwide. In addition to CDs, Chase offers personal banking, credit card, investment, and lending services.
 
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How is Chase rated?

Breakdown

0.0/5
Types of CDs
4.0/5
Term Lengths and Features
4.0/5
Minimum Deposits, Fees, and Penalties
4.8/5
Customer Experience

Overall Rating: 3.9 / 5 (Very good)

Chase's rates for CDs are only competitive with comparable banks if customers get the "relationship rates" by opening and linking a Chase checking account to their CD. Earned interest can be withdrawn without penalty and paid to any linked account on a monthly, quarterly, or annual basis. The $1,000 minimum to open an account is lower than usual, so Chase can cater to those customers who may not be able to afford other banks of online lenders. Finally, at 1 month to 10 years, Chase does have some of the most flexible term options for providers of CDs.

Chase Account Features

Term Lengths and Features - 4 / 5

Chase offers a rather standard CD product with a very flexible term length, and the minimum to open an account is $1,000. It's important to note that the rates quoted online are called "relationship rates." These higher rates (which really aren't that high compared to other, fully online banks on our list) are only available if customers also open a linked Chase checking account. A good feature Chase offers is the ability for the customer to choose what happens when the CD matures. While many banks automatically set customers up for auto renewal unless they contact the bank at a certain point before maturity, chase allows account holders to choose the single maturity option up front. Finally, although Chase quotes rates on its website, it only offer a "find a branch" option to move forward. It does not appear to allow customers to open their CD account fully online.
Type of Rate (Traditional)
Fixed
Types of CDs
Traditional CD
IRA CD
Interest Compounded
Daily
Term Range
Chase offers multiple term lengths for CDs. Starting at as brief as 1 month, and going up to 10 years.
Minimum Deposit Amount
$1,000
Maximum Balance Limit
Not stated
Best Rate Guarantee
No
CD Calculator
No

Chase Fees and Penalties

Minimum Deposits, Fees, and Penalties - 4 / 5

In line with most other CD offerings by similar banks, Chase charges an early withdrawal penalty if you take money from the principal before maturity. This will amount to 1% of the amount withdrawn for CDs with terms under 2 years, and 2% of the amount withdrawn for CDs with terms over 2 years. Earned interest is not subject to early withdrawal penalties and can be paid monthly, quarterly, semi-annually, or annually depending on the term.
Early Withdrawal Penalty
1 percent of the amount withdrawn if term is less than 24 months/2 percent for terms of 24 months +
Other Fees
Outgoing Wire Transfer
Incoming Wire Transfer

Chase Financial Strength and Reputation

Customer Experience - 4.8 / 5

As a subsidiary of JP Morgan Chase, Chase Bank is a part of one of the largest financial institutions in the world. Additionally, the organization has top financial ratings from two of the top bond rating agencies. This should be seen as strong evidence of a good credit outlook and likely ability to meet future financial obligations. Chase is rated F by the Better Business Bureau. However, it appears this rating is due to the company's failure to respond to the customer complaints posted on the site. Also, given the size and reach of the organization a large number of complaints is to be expected. Most complaints, however, have to do with Chase's credit cards and not with deposit accounts like checking, savings, and CDs. These metrics should be interpreted as such.
Year Founded
2000
Standard & Poor's Financial Rating
A+
Moody's Financial Rating
Aa2
Live Help 24/7
Yes
Contact Methods
Phone
Email
Social Media
BBB Rating
F
BBB Resolved Complaints
2,492 complaints closed in last 3 years
Trust Pilot Rating
4.1 out of 10
Consumer Financial Protection Board (CFPB) Complaints
54,751
Date Collected
2018-09-17

Company Profile

Full Name
Chase CDs
Company Website
https://www.chase.com
Headquarters
270 Park Avenue, New York, NY, 10017

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Top Rated
Our Partner
  • 1.21% high-yield CD, 7.1X higher than national average.
  • Bank with purpose: your deposit helps us keep investing in underserved communities hard hit by the Covid crisis.
  • No fees.
  • FDIC insured.
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