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The Top 6 Month CD Rates for November 2019

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

The top 6-month CD rates

Short-term certificate of deposit (CD) accounts offer investors a safe opportunity to squirrel away money for a future expense. If you’re looking for a brief solution for storing your cash and want to earn more interest than a typical savings account will offer, a 6 month CD can make a lot of sense. (It’s also a good place to start if you’re building a CD ladder.)

Using information from DepositAccounts.com, another LendingTree company and a database of offerings at more than 17,100 banks and credit unions, we found the five banks and five credit unions with the top 6 month CD rates. If there was a tie, we chose the institution with the smaller minimum deposit requirement. We excluded promotional offerings. The national average APY on 6 month CDs (among banks and credit unions) is 0.89%, according to the DepositAccounts.com database. These options outperform that average by a long shot. (You may also want to view our picks for the overall best CD rates.)

Banks with the best 6-month CD rates

BankAPYMinimum deposit amount
BrioDirect2.00%$500
CIBC USA1.85%$25,000
My eBanc2.00%$5,000
ConnectOne Bank2.05%$500
MutualOne Bank1.92%$500

BrioDirect — 2.00% APY, $500 minimum deposit

High-Rate 9 Month CD from BrioDirect If you’re willing to wait a little longer for your CD to mature, you can open BrioDirect’s High-Rate 9-Month CD with at least $500. You’ll still snag one of the best short-term CD rates out there. BrioDirect will assess a penalty of 90 days interest whether earned or not on any early withdrawals.

BrioDirect is the online brand of Sterling National Bank, which was founded in 1888.

LEARN MORE Secured

on BrioDirect’s secure website

FDIC Insured

CIBC USA — 1.85% APY, $25,000 minimum deposit

9 Month Agility CD - Online Only from CIBC USACIBC USA’s online-only Agility CDs offer more competitive rates than the bank’s typical accounts. For a slightly longer CD term, consider the 9 Month CD, where accounts with $25,000 or more earn the 1.85% APY, but balances under that (starting at $1,000) still earn 1.80% APY. For early withdrawals, CIBC USA may charge a 30 day penalty.

Based in Chicago, CIBC Bank USA is a division of CIBC, a Toronto-based financial institution founded in 1867.

LEARN MORE Secured

on CIBC USA’s secure website

Member FDIC

My eBanc — 2.00% APY, $5,000 minimum deposit

6 Month Online Time Deposit from My eBancA high-yield 6-month Online Time Deposit at My eBanc requires an opening deposit of at least $5,000. You can easily open the account online. The account doesn’t charge any maintenance fees. However, making an early withdrawal from the 6-month CD will trigger a penalty equal to 90 days’ worth of interest.

My eBanc is a division of BAC Florida Bank of Coral Gables, Fla., which is part of The Pellas Group. The CD program, open to all foreign and domestic customers, is designated as a “BAC Internet Time Deposit.” Overseas CDs based on the euro are not insured by the FDIC.

LEARN MORE 

Member FDIC

ConnectOne Bank — 2.05% APY, $500 minimum deposit

5 Month CD from ConnectOne BankOpen a ConnectOne Bank 5 Month Time Deposit with at least $500 to start earning interest at its APY. interest compounds daily and posts to the account monthly. The early withdrawal penalty imposed will equal 90 days of interest on your account, deducted from the interest earned.

Founded in 2005, ConnectOne Bank is based in Englewood Cliffs, N.J. and serves the New Jersey and New York community with its physical branches

LEARN MORE Secured

on ConnectOne Bank’s secure website

Member FDIC

MutualOne Bank — 1.92% APY, $500 minimum deposit

7 Month CD from MutualOne BankWith an extra waiting period of just one month, the 7-Month MutualOne Bank CD provides a much better return than its 6-month account. You’ll need just $500 to open an account. Making an early withdrawal from this account will incur a penalty of 90 days interest.

Originally known as Framingham Co-operative Bank, MutualOne Bank was formed in 1889 and is a Massachusetts state-chartered mutual bank.

LEARN MORE Secured

on MutualOne Bank’s secure website

Member FDIC

Credit unions with the best 6-month CD rates

Credit UnionAPYMinimum deposit amount
NASA Federal Credit Union2.35%$10,000
Communitywide Federal Credit Union2.20%$2,000
Elements Financial 2.10%$1,000
Consumers Credit Union2.05%$250
Andrews Federal Credit Union2.05%$1,000

NASA Federal Credit Union — 2.35% APY, $10,000 minimum deposit

9 Month Share Certificate Special - New Money from NASA Federal Credit UnionIf you have $10,000 in new money to deposit and are willing to wait a bit longer for your CD to mature, open a 9 Month Share Certificate Special from NASA Federal Credit Union. Withdrawal of funds before maturity will result in the loss of 182 days of dividends on the amount withdrawn. When this Special matures, it will renew into a 6 Month Share Certificate.
You don’t need to be a NASA employee to join the credit union. You can also join if you’re an employee or member of partner companies or associations or relative or household member of a current member. Even if these don’t apply to you, NASA Federal will provide a complimentary one-year affiliated membership to the National Space Society (NSS), which gains you credit union membership as well.

LEARN MORE Secured

on NASA Federal Credit Union’s secure website

NCUA Insured

Communitywide Federal Credit Union — 2.20% APY, $2,000 minimum deposit

6 Month Share Certificate from Communitywide Federal Credit UnionWith at least $2,000, you can open a high-yield 6-month CW Certificate Account online. The early withdrawal penalty from this account is equal to the amount withdrawn multiplied by the remaining days left in the term.

Founded as a credit union to provide quality financial services to individuals in South Bend, Ind., Communitywide Federal Credit Union has grown to offer their services to various communities within Indiana as well as the digital world.

Anyone can become a member by donating to a list of organizations including the Y.M.C.A. If you’re a member of the Michiana Goodwill Boosters or Marine Corps. League of St. Joseph Valley, you’re also eligible to become a member.

LEARN MORE Secured

on Communitywide Federal Credit Union’s secure website

NCUA Insured

Elements Financial — 2.10% APY, $1,000 minimum deposit

8 Month CD Special from Elements FinancialElements Financial offers this more competitive rate on its 8 Month Term Certificate Special. Like its regular certificates, it requires $1,000 to open. Upon maturity, this certificate will renew as a 6 Month Term Certificate. Careful to not make an early withdrawal from this account as you’ll lose 60 days’ dividends.
Headquartered in Indianapolis, Ind., Elements Financial was established in 1930 by the management of Eli Lilly and Company. Today, membership is open to employees of over 135 partner organizations in the country.

LEARN MORE Secured

on Elements Financial’s secure website

NCUA Insured

Consumers Credit Union — 2.05% APY, $250 minimum deposit

8 Month CD from Consumers Credit Union (IL)To get a little extra boost on a short-term CD, consider the 8 Months CD from Consumers Credit Union instead of its 6 Months account. You’ll earn more interest, still with the low starting amount of $250. Just don’t make an early withdrawal from the account, as it will result in a loss of 60 days of dividends.

Founded in 1930 and headquartered in Lake County, Ill., Consumers Credit Union is easy to join. You have to become a Member of the Consumers Cooperative Association, which merely requires a one-time payment of the $5 Membership fee.

LEARN MORE Secured

on Consumers Credit Union (IL)’s secure website

NCUA Insured

Andrews Federal Credit Union — 2.05% APY, $1,000 minimum deposit

8 Month Certificate Special from Andrews Federal Credit Union To earn the top credit union rate, head to Andrews Federal Credit Union for its slightly longer 8-Month Share Certificate. It earns at a rate comparable to longer-term CDs and higher than the top 6-month CD rate from a bank/ You’ll need at least $1,000 to open the account either online or at an Andrews FCU branch. The early withdrawal penalty equals 90 days of dividends.

Andrews Federal Credit Union was founded in 1948 and is headquartered in Suitland, Md. It currently serves over 120,000 members worldwide. Andrews FCU membership includes residents of Washington, DC, Maryland, Virginia and New Jersey, including Joint Base Andrews and Joint Base McGuire/Dix/Lakehurst. It serves military installations abroad in central Germany, Belgium and The Netherlands. Andrews FCU also extends membership to Select Employee Groups throughout Maryland, Virginia and New Jersey.

LEARN MORE Secured

on Andrews Federal Credit Union’s secure website

NCUA Insured

Pros and cons of using 6 month CDs

Pros:

  • The CD rates offered by banks and credit unions are generally higher than those on savings accounts.
  • The rates are fixed and guaranteed for the length of their term.
  • The discipline of keeping the funds in the CD means the money will be available upon maturity. (Note: Most banks offer a seven-day grace period to reinvest or withdraw the investment, after which the funds will roll over into a new CD. However, you are not guaranteed the same rate.)

Cons:

  • Six-month CD rates are lower than those offered on longer CD investment terms.
  • To tap into the CD funds — even for emergencies — consumers must accept a loss through penalties, which can include a percentage of the funds, a percentage of the earned interest, or a combination of both. A typical penalty on a short-term CD is between 30 and 90 days’ worth of interest earnings.
  • If you’re not confident you can do without access to the funds for six months, you may be better off putting your money in a traditional savings account, which is likely to earn less interest than a CD.
  • Since CD rollovers may reset at a different percentage rate, consumers must speak with the bank before the grace period ends to ensure they are getting the best deal.

Using a 6 month CD for laddering

A CD ladder comprises small-amount CDs with varying terms and respective interest rates that contribute to a long-term investment strategy. After the 6 month CD matures, investors can withdraw the funds for a predetermined expense. Or, they can reinvest the money into a longer-term CD with a better rate. By staggering the maturity dates on short-term CDs, consumers have access to their cash on a regular, predictable basis.

Where can you open a CD account?

Consumers can open 6 month CD accounts (or longer) from banks and credit unions. Bank and credit union CD rates are based on Federal Reserve rates, and there may be strategic times to pursue these short-term instruments following a rate increase.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Gabby Hyman
Gabby Hyman |

Gabby Hyman is a writer at MagnifyMoney. You can email Gabby here

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Best of

The Best Business Savings Account Rates in 2019

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

Are you looking to start or grow a business? Opening a business savings account can offer federal protection for the funds you deposit (up to $250,000) and provide a source of liquidity should inevitable expenses arise. You can earn interest while setting aside money for capital improvement or income taxes. A commercial savings account can add credibility to your business, arm you with a business debit card and help your cash flow.

The best way to choose an account that fits your needs is to start by comparing the annual percentage yield offered by banks and credit unions. Then look for benefits that might make the account attractive based on your needs. Is there a monthly maintenance fee or a minimum deposit to open? Does the bank provide ample access to ATM and online account services?

Deciding which business savings account is best for your needs can be a difficult process, but hopefully this roundup of our picks for best savings accounts will help give you a head-start.

The best business savings account rates — November 2019

Institution

APY

Minimum balance amount

First Internet Bank

1.92%

None

Live Oak Bank

1.10%

None

Digital Federal Credit Union (DCU)

6.17%

Up to $1,000

Capital One

2.00%

None

Goldwater Bank

1.65%

$0.01

Community Bank of Pleasant Hill

1.40%

None

Axos Bank

1.06%

$25,000

Presidential Bank (Maryland)

0.50%

$5,000

Northpointe Bank

0.40%

$25,000

Andrews Federal Credit Union

0.10%

$100

Source: Deposit Accounts, November 4, 2019

1. First Internet Bank, 1.92% APY, No minimum balance, ATM services

First Internet Bank offers an FDIC-insured savings option for businesses with a good 1.92% APY on any balance amount. You only need $100 to open the account. There is no minimum balance to deposit or maintain the account to earn the APY.

While it only costs $100 to open your business savings account and you must maintain an average daily balance of $4,000 to avoid a $5 monthly maintenance fee.

Unlimited deposits can be made each month and six transfers or withdrawals are allowed without charge. Keep in mind that the FDIC only insures up to $250,000. So, if you deposit more than $250,000 into the business savings account, the excess deposit amount will not be insured by the FDIC.

The First IB ATM cards are offered to sole proprietors only. There is no charge for ATM transactions or electronic statements. Founded in 1999 by the First Internet Bancorp, First IB offers remote banking in all 50 states.

Fine print: Only six preauthorized, automatic, PC, or telephonic transfers are allowed each month. This restriction is common among most of these institutions, however, First Internet Bank will charge you $5 per item if you go beyond the allotted six.

Restrictions on joining: none.

LEARN MORE Secured

on First Internet Bank’s secure website

Member FDIC

2. Dedicated to Businesses: Live Oak Bank, 1.10% APY, No minimum balance

Live Oak Bank awards a 1.10% APY on its business savings account, which is eight times the national average. There is no minimum opening balance or deposit required to open a business savings account.

The business savings account is open to deposits of up to $5 million and is free of monthly maintenance fees. You may make up to 6 withdrawals from your Live Oak Bank Savings account per statement cycle, including preauthorized, automatic and telephone transfers. After that there’s a $10 fee per withdrawal. Live Oak Bank, established in 2008, holds assets of $2.12 billion.

The bank is in Wilmington, N.C., and is a member of the FDIC. Learn more about business savings at Live Oak Bank.

Small Print: The bank may verify credit and employment history at its discretion, meaning you may receive a pull against your credit report.

Restrictions on joining: none.

LEARN MORE Secured

on Live Oak Bank’s secure website

Member FDIC

3. Digital Federal Credit Union (DCU), 6.17% APY (up to $1,000), $5 minimum balance

Digital Federal Credit Union offers an outstanding 6.17% APY on the first $1,000 with the Primary Savings account. Amazingly, even if your balance exceeds $1,000, DCU will still honor the 0.25% APY on the first thousand and then add an additional 0.25% APY on the amount exceeding $1,000. For instance, if your account holds $1,500, you’ll earn a blended APY of 3.50%. You’ll have to keep this account open and active for one year to get the blended APY.

This credit union also offers a solid 1.92% APY rate through its Business DCU Ltd Savings Account with a minimum $25,000 balance.

Businesses participating in the DCU Ltd Savings Account receive 24/7 online banking, mobile banking through the DCU Mobile Banking App, access to DCU ATMs, deposits, transfers or balance verification. Watch out for their ATM fees, though. They charge $0.75 per withdrawal from a non-DCU ATM, which will surely add up if you make regular withdrawals. Created by the Digital Equipment Corporation in 1979, DCU is the largest credit union in Massachusetts by assets. Federally insured by NCUA, DCU is based in Marlborough, Mass.

Restrictions on joining: To join, you must meet eligibility requirements within the field of membership for employers, organizations, participating communities or condominium associations.

LEARN MORE Secured

on Digital Federal Credit Union (DCU)’s secure website

NCUA Insured

4. Capital One, 2.00% APY, No minimum balance

Capital One is currently offering a business savings account with a 2.00% APY. This account doesn’t have a minimum balance requirement and doesn’t come with any monthly fees.

While this account doesn’t come with ATM access, Capital One makes it easy to transfer funds to either another one of their accounts or a linked account of your choosing. You can easily set this up through their online banking platform or mobile app. Their mobile app also allows you to deposit checks. Keep in mind, however, that you’ll be limited to depositing $5,000 per month into the business savings account. You’ll also be limited to making six withdrawals per month due to Federal regulations.

Fine Print: The APY on the Spark Business Savings account is a promotional rate and will drop to 2.00% APY 365 days after opening the account.

Restrictions on joining: none.

LEARN MORE Secured

on Capital One’s secure website

Member FDIC

5. Goldwater Bank, 1.65% APY, $100 minimum amount to open

Goldwater Bank is an online institution with a highly competitive rate on their business savings account. With a minimum deposit of $100, you can open their Savings Plus Business account and start earning an APY of 1.65%. Once you open the account you only need a balance of $0.01 to continue earning the APY.

Restrictions on joining: none.

LEARN MORE Secured

on Gold Water Bank’s secure website

6. Community Bank of Pleasant Hill, 1.40% APY, No minimum balance

With its 1.40% APY, the Business Premier Money Management Account at Community Bank of Pleasant Hill offers highly competitive rates to explore. You need only put down $25 to open the account and maintain a minimum balance of $10,000 to avoid a $10 monthly service charge and $4 paper statement fee.

ATM access is offered surcharge-free when using ATMs in the MoneyPass® network. Community Bank began operations on Dec. 6, 2006, and is a member of the FDIC. Members can search for partner ATMs online or through mobile access.

Fine print: Just watch out for hefty withdrawal fees. You can make free withdrawals on the second and fourth Wednesdays of the month; on other days, there’s a $25 withdrawal fee. If you plan to make regular in-person withdrawals, this probably isn’t the best account for your needs.

Restrictions on joining: none.

LEARN MORE Secured

on Community Bank Of Pleasant Hill’s secure website

7. Axos Bank: 1.06% APY, $25,000 minimum balance, ATM access

Axos Bank, formerly known as BofI Federal Bank offers one of the top APY rates in our nationwide survey of business savings accounts. The bank’s Business Premium Savings Account with a high-yield 1.06% APY can be opened with a $25,000 minimum deposit.

There is no monthly maintenance fee for the account and no average daily balance requirement.

Axos Bank also makes it easy to access your funds when you need it. Customers have ATM access to their accounts along with free online banking. However, ATM withdrawal limits are $1,010 per day and there’s a daily purchase limit of $5,000. BofI is an FDIC-insured bank based in San Diego and publicly traded online. Other products include Business Interest Checking and Business Money Market accounts.

LEARN MORE Secured

on Axos Bank’s secure website

Member FDIC

8. Presidential Bank (Maryland), up to 0.50% APY, $5,000 to open, ATM services

Presidential Bank’s Commercial Premier Savings account offers 0.50% APY for balances up to $35,000, making it a decent — if not extraordinary — bet for business owners.

Business customers are not required to maintain a minimum balance on the account in order to receive all ATM privileges. So long as you use one of their ATMs you won’t incur fees, but there is a $0.75 ATM fee for non-network ATMs. Free online banking, mobile banking and ATM card come with the account.

Established in 1985, Presidential Online Bank was one of the first lenders to offer online banking. Located in Bethesda, Md., it currently lists assets in excess of $550 million.

Restrictions on joining: none.

LEARN MORE Secured

on Presidential Bank’s secure website

9. Northpointe Bank, 0.40% APY, $25,000 minimum balance

The Business Savings account at Northpointe Bank currently pays out 0.40% APY if you deposit and maintain a balance of $25,000. However, you only need $1,000 to open the account and you can start earning 0.20% APY with that balance. If your balance increases anywhere between $2,500 and $24,999.99, the APY will increase to 0.25%. If your balance increases to $100,000, the APY will further increase to 0.50%. There are no monthly fees with this account.

Restrictions on joining: none.

LEARN MORE Secured

on Northpointe Bank’s secure website

Member FDIC

10. Andrews Federal Credit Union, 0.10% APY, $100 minimum balance, ATM banking

The Business Base Share Savings account at Andrews Federal Credit Union offers a 0.10% APY. You can open the account with as little as $5 and there is a $100 minimum balance requirement to earn the APY.

The account comes with free online banking, free eStatements and a debit card. Transactions are free at Andrews Federal & CO-OP ATMs. However, there is a $25 charge for withdrawals that result in overdrafts.

Founded in 1948 in Suitland, Md., Andrews Federal Credit Union has assets over $1.5 billion and offers a range of banking services to 120,000 members worldwide.

Restrictions on joining: $5 fee to join the credit union. Open to field of membership including nationwide membership eligibility through the American Consumer Council.

LEARN MORE Secured

on Andrews Federal Credit Union’s secure website

Learn more about business savings accounts

How we ranked the best business savings accounts

To come up with this list, we first used data from DepositAccounts.com, which tracks rates on a range of deposit accounts across thousands of banks in the U.S. Note: DepositAccounts is also owned by MagnifyMoney’s parent company LendingTree.com.

We eliminated any institutions that were given a health rating below a B by DepositAccounts. We also weeded out any credit unions that have very restrictive membership requirements. From there, we chose the top 10 business savings accounts with the highest APY. And lastly, all the banks on our list offer FDIC or NCUA insurance.

Business savings accounts vs personal savings accounts

Business and regular savings accounts may offer many of the same features ,such as 24/7 online banking, free electronic reporting, debit cards, fund transfers and ATM machines.

The trade-off in choosing a business account is that you’ll get services focused on business planning and spending in exchange for a less-desirable APY.

When you compare the interest earned on a business savings account with the best APY rates offered on savings accounts, it may not look like opening a business account is a wise strategy. The top business savings account APY right now is 1.40%. The top APY among personal savings accounts is 1.90% with no minimum deposit and ATM access. You can weigh the services, charges and minimum account fees between the top business and top personal savings accounts to decide which is best for you.

There are other benefits to offset any differences in earnings, particularly if your business is incorporated. It’s considered sound business practice to separate your personal saving and checking accounts from your business saving and checking accounts. A business account can help you manage cash flow, accounting, recordkeeping and working capital. At income tax time, separate accounts can help you differentiate business from personal expenses.

Paired with a business checking account, your business savings account can add professional branding, since all payments and correspondence with clients will bear your business name.

Or you can create savings in your business account to pay quarterly income taxes or purchase equipment.

Finally, business savings accounts are secure when you open accounts with banks and credit unions that are insured up to $250,000 per account by the FDIC or the NCUA.

North Shore Bank of Brookfield, Wis., says that a business savings account can boost your credit ratings and make it easier to obtain a business loan, since the lender can see you have an account dedicated to your company.

Choosing the right business savings account

When evaluating a financial institution for your business, there’s more than just finding a good APY.

Many of the banks on our Top 10 list look great on the APY front but carry fees that can eat into any of the returns you might make. Particularly, watch out for fees for ATM or bank withdrawals, monthly service fees and ATM fees.

The Small Business Administration (SBA) has identified the key factors to consider when searching for the right bank or credit union. These include:

  • Customer service reputation
  • Access to branches or no-surcharge ATMs
  • Benchmarks to have fees waived
  • Automatic FDIC insurance

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Gabby Hyman
Gabby Hyman |

Gabby Hyman is a writer at MagnifyMoney. You can email Gabby here

Advertiser Disclosure

Reviews

Review of Chase Bank’s CD Rates

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

Chase Bank
Chase Bank is a consumer and commercial bank operated by JPMorgan Chase & Co., an international business firm dating back to 1799 that currently has $2.6 trillion in assets and operations worldwide. The bank, insured by the Federal Deposit Insurance Corporation (FDIC), has 5,100 branches and 16,000 ATMs across the United States. Its products include credit cards; checking, savings and CD accounts; and auto and home equity loans.But Chase’s CDs are the subject of this article; they can be opened at a branch or completely online at term lengths ranging from one to 120 months.

You Can Find Higher CD Rates at Online Banks

More people may be more familiar with Chase Bank due to their physical presence, but online banks tend to offer higher rates on their CDs. Here are some examples of some of the highest CD rates from online banks:

The Best CD Rates from Online Banks

APY

Minimum Deposit Amount

Term


Ally Bank

2.00%

$25,000

1 year

LEARN MORE Secured

on Ally Bank’s secure website

Member FDIC


Synchrony Bank

2.10%

$2,000

3 years

LEARN MORE Secured

on Synchrony Bank’s secure website

Member FDIC


Goldman Sachs Bank USA

2.25%

$500

5 years

LEARN MORE Secured

on Goldman Sachs Bank USA’s secure website

Member FDIC

Your deposits are FDIC-insured up to the maximum limit.

 

How Chase CD rates compare with those of other banks

We compared Chase’s CD offerings with some of the best CD rates currently available (you can see a sampling of those rates above). On the positive side, you’ll need less money to qualify for a Chase CD than you might at other banks. Chase allows customers to open their CDs with a minimum deposit of $1,000, which is slightly lower than qualifying amounts at some other institutions. Chase CDs are also open to applicants who do not bank with Chase, in contrast with the practices of some banks and credit unions that require member checking or savings accounts.

However, Chase CD rates are far from the most competitive rates out there. You can easily get find better APY rates at other institutions, particularly for one-year CDs. If you decide to go with Chase, look into so-called “relationship rates” with a higher APY. Relationship rates are offered to customers who link their CDs to a Chase personal checking account.

On a 12-month CD for under $10,000, for example, you’ll currently draw twice the percentage rate offered on the standard CD.

As mentioned, a minimum of $1,000 is required to open a Chase CD account, and interest is compounded daily. Depending on the term, your earned interest may be paid monthly, quarterly, semi-annually, annually — and at maturity.

Here’s an overview of the rates Chase currently offers on its CD products. All rates were reviewed at Depositaccounts.com, another LendingTree-owned company, and are current as of July 5, 2018.

CD term

APY

Min. deposit amount

1-Month

0.01%

$1,000

2-Month

0.01%

$1,000

3-Month

0.01%

$1,000

6-Month

0.01%

$1,000

9-Month

0.01%

$1,000

12-Month

0.01%

$1,000

15-Month

0.01%

$1,000

18-Month

0.01%

$1,000

21-Month

0.30%

$1,000

24-Month

0.30%

$1,000

30-Month

0.30%

$1,000

36-Month

0.30%

$1,000

42-Month

0.50%

$1,000

48-Month

0.30%

$1,000

60-Month

0.30%

$1,000

84-Month

0.30%

$1,000

120-Month

0.45%

$1,000

Chase CD relationship rates

Chase CD relationship APY rates are extended to customers who have a linked Chase checking account. You can apply online and if you use a transfer from your account to open the CD, the account can be opened the same day. The minimum deposit is, again, $1,000.

CD term

$1,000 - $9,999

$10K - $99,999

$100k+

1-Month

0.02%

0.02%

0.02%

2-Month

0.02%

0.02%

0.02%

3-Month

0.02%

0.02%

0.02%

6-Month

1.01%

1.50%

1.50%

9-Month

0.75%

1.25%

1.25%

12-Month

0.02%

0.02%

0.05%

15-Month

0.05%

0.15%

0.20%

18-Month

1.00%

1.00%

0.01%

21-Month

0.75%

1.01%

1.01%

24-Month

0.75%

1.01%

1.01%

30-Month

0.75%

1.01%

1.01%

36-Month

0.75%

1.01%

1.01%

42-Month

1.49%

1.54%

0.50%

48-Month

0.75%

1.01%

1.01%

60-Month

0.75%

1.01%

1.01%

84-Month

0.75%

1.01%

1.01%

120-Month

1.39%

1.44%

0.45%

Here’s a sample comparison between the APY on standard and relationship CDs on new accounts. To calculate on earnings at maturity, we assumed an account balance of $5,000.

Chase standard CD APY

Earnings at maturity

Chase relationship CD

Earnings at maturity

12 months at 0.01%

$.50

12 months at 0.02%

$1.00

24 months at 0.30%

$5.00

24 months at 0.75%

$65.21

48 months at 0.30%

$20.03

48 months at 0.75%

$192.72

120 months at 0.45%

$361.23

120 months at 1.16%

$611.23

Important information about Chase CDs

Fees

There are no monthly service fees, however there are $15 fees for inbound domestic and international wire transfers (waived if from another Chase account) and outbound domestic wire transfer fees. Accounts can be opened online. Deposits of more than $100,000 must be opened at a Chase branch office.

Non-Chase customer access

You do not need to have a Chase checking or savings account to open a standard Chase CD account. You’ll need to provide a Social Security number, driver’s license and contact information. Deposits must be made from a checking or savings account through your existing bank.

Maturity date and grace period
Law requires banks to alert consumers before the maturation date on CDs. Chase considers the maturity date as the last day of the term. It offers a 10-day grace period on all CDs with terms 14 days or longer. During the grace period, you can withdraw the funds without penalty or roll over the account to another term.

Automatically renewable CDs versus single-maturity CDs

Account holders have the option of opening an automatically renewable or single-maturity CD account.

With an automatically renewable CD, the account renews on the maturity date for the same term as the original one, making the new maturity date the last day of the new term. The standard rate will apply unless the owner qualifies for a relationship CD.

The single-maturity CD does not automatically renew and earns no interest following the maturity date. You may want to see if Chase is offering any promotional rates during the 10-day grace period if you plan to invest in another Chase CD using a ladder strategy.

Earning interest on a Chase CD

Interest on Chase CDs begins to accrue on the first business day of deposit into your account and is calculated on a daily balance, 365 days a year. Paid or credited interest can be withdrawn during the term or at maturity without incurring penalties. For maturities of more than one year, interest will be paid at least annually, according to the bank. If the CD matures and automatically renews, the interest in the account is rolled over into the new principal.

Early-withdrawal penalties and fees
According to Chase, early-withdrawal penalties are deducted from your principal and do not exceed the total amount of earned interest. The penalty is 1 percent of the amount withdrawn if the term of the CD is less than 24 months. The early-withdrawal penalty is 2 percent for terms of 24 months or more.

Chase CD early-withdrawal penalties can be waived upon:

  • Death of a CD owner
  • Disability of a retirement CD owner
  • Retitling of a CD
  • A court ruling that the CD owner is incompetent

The bottom line:

Chase’s CD rates are likely best for customers who link the CD to their personal checking accounts because they can qualify for those juicier relationship rates. The rates improve for longer terms and larger deposit amounts. Chase’s online tools allow you to apply for relationship CDs and track your investments. The minimum amount to open a standard CD account ($1,000) is on par or slightly lower than those required by other institutions. Overall, the APY rates are not as good as you can get from some competing banks and credit unions.

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Gabby Hyman
Gabby Hyman |

Gabby Hyman is a writer at MagnifyMoney. You can email Gabby here