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Credit Cards, Reviews

Chase Sapphire Preferred Review: What To Know Before You Apply

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 credit card issuer. This site may be compensated through a credit card issuer partnership.

travel train

The information related to Chase Sapphire Preferred® Card, Chase Sapphire Reserve® and the Citi® Double Cash Card – 18 month BT offer has been collected by MagnifyMoney and has not been reviewed or provided by the issuer of this card prior to publication.

If you want a rewards credit card, Chase Sapphire Preferred® Card is worth considering. However, the card is not right for everyone. Here are the highlights:

  • A great sign-up bonus – Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening..
  • Annual fee of $95.
  • Earn 2X points on travel and dining at restaurants & 1 point per dollar spent on all other purchases worldwide. If you spend a lot of money on travel and dining, this is a great way to boost your earnings. 1 point per dollar spent on all other purchases.
  • If you redeem your points for travel using the Chase Ultimate Rewards® portal, your points are worth 25% more. For example, that 60,000 point sign-up bonus could be worth $750 of travel purchases.
  • You can also transfer your points to leading airlines (like United and Southwest) or hotels (like Marriott or Hyatt) on a 1:1 basis.=

The most value goes to people who spend a lot of their money on travel or dining and want to redeem their points for travel. If you are a foodie and traveler looking to get free trips faster, this card is a great tool to earn free travel fast. Depending upon how much you spend on travel, you might even want to consider the Chase Sapphire Reserve® instead. The Chase Sapphire Reserve® is Chase’s most exclusive card yet. You Earn 50,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. — That’s $750 toward travel when you redeem through Chase Ultimate Rewards®. You earn 3X points on travel immediately after earning your $300 travel credit. 3X points on dining at restaurants & 1 point per $1 spent on all other purchases. $0 foreign transaction fees. But you have a $450 annual fee (instead of $95), and it is not waived during the first year. The least value goes to people who spend very little or no money on travel or dining and want to redeem for cash back or gift cards. Spending on all other categories (outside of travel and dining) only earns 1 point per $1 spent. And every 100 points is worth $1 of cash back. That means you would only be earning 1% cash back, which is a very low rate. Using our guide to the best cash back credit cards, you should be able to earn at least 2% on your spending.

How to Earn Points

You can earn 2 points on every dollar spent on travel (from cabs to airplane tickets) and dining. In order to get 2 points, the merchant needs to be classified as a “restaurant” or “travel.”

Dining is a relatively simple classification. All restaurants should classify as dining. Many bars (even those that don’t serve food) may be classified as “dining.” And even most popular food delivery services are categorized as dining (although there have been some reports of GrubHub not always earning 2x points). Here is the exact definition from the Chase website:

  • Merchants in the restaurants category are merchants whose primary business is sit-down or eat-in dining, including fast food restaurants as well as fine dining establishments. Please note that some merchants that sell food and drinks located within larger merchants such as sports stadiums, hotels and casinos, theme parks, grocery and department stores will not be included in this category unless the merchant has set up such purchases to be classified in a restaurant category.

The “travel” category is actually a lot broader than you might imagine. Paying for airplane tickets and hotel stays definitely counts as travel. But Airbnb, New York taxis, and even highway tolls will also count as travel. Here is the exact definition from Chase:

  • Merchants in the travel category include airlines, hotels, motels, timeshares, car rental agencies, cruise lines, travel agencies, discount travel sites, campgrounds and operators of passenger trains, buses, taxis, limousines, ferries, toll bridges and highways, and parking lots and garages. Please note that some merchants that provide transportation and travel-related services are not included in this category; for example, real estate agents, in-flight goods and services, on-board cruise line goods and services, sightseeing activities, excursions, tourist attractions, merchants within hotels and airports, and merchants that rent vehicles for the purpose of hauling. In addition, the purchasing of points or miles does not qualify in this category.

You will earn 1 point per $1 spent on all other spending with your Chase Sapphire Preferred® Card card.

There is no maximum to the number of points that you can earn.

How Much Are the Points Worth?

When you earn points with the Chase Sapphire Preferred® Card card, you are earning “Ultimate Rewards®” points. There are a number of ways that these points can be used. How valuable each point is depends on how you choose to use it.

Here’s a summary:

  • When you redeem points for cash, a statement credit, or a gift card: every 100 points earned = $1
  • When you redeem points for travel using Chase’s Ultimate Rewards® travel portal: every 100 points = $1.25
  • When you transfer points to travel partners: It depends upon the award that you are able to get in the program. For example, you could get a round-trip ticket to Europe on United Airlines for as few as 115,000 miles round trip or as many as 300,000 miles. You just have to shop on the United Airlines website to see how many miles they are charging for the flight. Unfortunately, the number of miles is determined by the airline and is at their discretion.

Who the Chase Sapphire Preferred® Card Doesn’t Work For

If your objective is to earn cash back on all your purchases, Chase Sapphire Preferred® Card is not the best option for you.

Why? Every 100 points you earn is only worth $1. That means you will get a 2% return on restaurant and travel spending, and only 1% return on everything else. You can do a lot better with a cash back credit card like the Citi® Double Cash Card – 18 month BT offer, where you can Earn 2% cash back on purchases 1% when you buy and 1% as you make payments for those purchases.

Redeeming Points for Travel Rewards

As a Chase Sapphire Preferred® Card cardholder, you can book travel using the Chase Ultimate Rewards® travel portal. You can book flights, hotels, car rentals, and other activities using the portal. The travel portal is like your own online travel agency:

who-the-chase-sapphire-preferred-card-doesnt-work-for

To pay for the travel, you can use Chase Ultimate Reward® points, your Chase card, or both. Your Ultimate Rewards® points carry even more value when you book using the portal. You only need 80 points to cover $1 of travel expense. For example, if an airfare is $500, you would only need 40,000 points to pay for the ticket. If you only had 30,000 points, you could apply those toward the balance and use cash or your credit card to cover the rest. The 30,000 points would deduct $375 from the purchase price, and you could pay for the remaining $125 out of pocket.

Booking travel through the portal really boosts the value of your credit card. That means you are actually earning:

  • 2.5% on every $1 you spend on restaurants and travel
  • 1.25% on every $1 you spend on everything else — and you can boost this by using Chase Freedom Unlimited® (see below)

Transfer to Travel Partners You have the opportunity to earn the best possible return when you transfer your points to a travel partner. Chase Ultimate Rewards® has an amazing coalition of travel partners where you can transfer your points 1:1. These include: =

  • Airlines: United Airlines, Southwest Airlines, and a number of foreign carriers (including British Airways, Air France, JetBlue TrueBlue, Singapore Airlines, and Virgin Atlantic)
  • Hotels: Hyatt, IHG, Marriott, and Ritz-Carlton

The value of your points when transferred depends upon how you redeem them. You will get some of the best returns (and the most fun) when you can you nab a coveted “saver” travel award through one of Chase’s partner airlines. Most airlines have different tiers of fares that are reserved for people who are booking using miles or points. “Saver” awards are often the most deeply discounted and that’s when you get the most bang for your buck when it comes to redeeming points.

For example, we recently looked up a trip to London from Newark on the United Airlines website for a four-day weekend in April. Using our award points, we found a round-trip “saver” award fare for just 115,000 points for business class flight. That same flight cost nearly $5,000 in cash.

If you use those 115,000 points to book travel on the Chase Ultimate Rewards® portal, it is worth $1,725. And if you want to convert those points into cash deposited into your bank account, it would be worth $1,150.

With some advance planning, you can get the biggest returns on your Chase Ultimate Rewards® points by transferring your points to Chase airline partners and finding deals on international business class flights. But you have to plan in advance and have a flexible travel schedule if you want to get the best business class redemption opportunities.

Remember: You can transfer points from Chase Ultimate Rewards® to your existing frequent flier accounts. If you have 40,000 miles in your United Airlines account already and need more miles for an award, you can easily (and instantly) top up your existing account by transferring at a 1:1 ratio.

Boost Your Earning with the  Chase Freedom Unlimited®

One of the weaknesses of the Chase Sapphire Preferred® Card is that you only earn 1 point on all of your spending outside of the restaurant and travel categories. Fortunately, there is a way to boost your earnings.

Chase recently introduced the Chase Freedom Unlimited® credit card. With this credit card, you can earn 1.5% cash back offer.. The good news is that you can combine those Chase Ultimate Rewards® points with your Chase Sapphire Reserve® Ultimate Reward® points. Even better: There is no annual fee on the Chase Freedom Unlimited® credit card.

To get the best value, use:

  • Chase Freedom Unlimited® for all purchases except dining and travel, and
  • Chase Sapphire Preferred® Card for all dining and travel purchases, and
  • Use your points to redeem for travel on the Chase Ultimate Rewards® portal or get a great deal redeeming frequent flier miles with one of the travel partners

The returns could be even higher if you transferred your points to a travel partner and snagged a great reward ticket.

The information related to the Chase Freedom Unlimited® card has been collected by MagnifyMoney and has not been reviewed or provided by the issuer of this card prior to publication.

What Are the Fees and Charges Associated with the Card?

Here are some of the key fees and charges that come with the Chase Sapphire Preferred® Card:

  • Annual Fee: $95
  • Foreign Transaction Fee: $0
  • Late Fee: Up to $15 if the balance is less than $100; up to $27 if the balance is $100 to less than $250; up to $37 if the balance is $250 or more

Having no foreign transaction fee is an excellent benefit, especially if you are a frequent traveler. There are still cards out there charging a hefty 3% on all foreign purchases.

Figuring out whether or not to pay the annual fee does take a little extra work. Remember that you can easily Earn 2% cash back on purchases 1% when you buy and 1% as you make payments for those purchases with the Citi® Double Cash Card – 18 month BT offer credit card, which has a $0* annual fee. That is the baseline return. If you spend $2,000 a month, you could earn $480 a year in cash back. Can you beat that return?

If you are a foodie and world traveler, and you spend all $2,000 a month in the dining and travel categories, you can be much better off with Chase. If you use your card to redeem for travel or transfer to partners, you should be able to earn at least a 2.5% return. That means $20,000 of spend in the dining and travel categories would get you $600 of value before the annual fee. After the annual fee of $95 (waived the first year), you would get $505 of value during the ongoing years — which is a better deal than the flat 2% card. And there is a reason the Chase Sapphire Preferred® Card is such a great option for travelers: you can get even better returns when you use your miles strategically, and the more you spend in dining and travel categories (above $20,000 a year), the better the card.

This card is not ideal for people who:

  • Do not spend a lot of money in travel and dining categories
  • Do not want to redeem their points for travel (would rather have the cash)

Other Card Benefits

In addition to earning points, there are a number of other benefits that come associated with the Chase Sapphire Preferred® Card. You can tell that this card is targeted toward the traveler because some of the richest (and, in our opinion, best) benefits are travel related. Make sure you understand them because if you are a regular traveler, you will likely have the opportunity to take advantage of them.

Car Rental Insurance

With this card, you get a primary auto rental collision damage waiver benefit. If you decline the auto rental company’s collision insurance and charge the entire rental cost to your card, you can receive coverage that provides reimbursement for up to the actual cash value of the vehicle for theft and collision damage for most rental cars in the U.S. and abroad. Having primary coverage is a big deal — it means you don’t have to submit a claim to your own auto insurance company first (which could result in higher insurance rates after a claim).

The insurance provided on the credit card only deals with collision. You need to have a strategy in place for other risks. Auto insurers typically sell four types of policies. They are:

  • Collision (Loss Damage Waiver): Your Sapphire card can replace this.
  • Liability: If you damage someone else’s property or person, you could be held liable (and the amount of the liability could be significant). You should check to see if your existing auto insurance provides liability coverage on your rental. If it doesn’t, or if you don’t have an auto insurance policy, consider buying that protection at the counter.
  • Personal Effects: This policy protects any items that are damaged while in the rental car. Depending upon your situation, you might not need this coverage.
  • Personal Accident Insurance: This is typically a health care policy that is not necessary if you have sufficient coverage from your existing health insurance.

If you are renting a car overseas, be sure to check with your credit card before traveling to make sure you are covered in that country.

Trip Delay

Remember when airlines used to provide you with a free hotel room if you got stuck somewhere overnight? Not any longer. Thankfully, Chase Sapphire Preferred® Card steps in to the rescue.

If your common carrier travel is delayed more than 12 hours or requires an overnight stay, you and your family are covered for unreimbursed expenses, such as meals and lodging, up to $500 per ticket.

Baggage Delay

You can get reimbursed for essential purchases like toiletries and clothing for baggage delays over six hours by passenger carrier up to $100 a day for five days.

Trip Cancellation

If your trip is canceled or cut short by sickness, severe weather, and other covered situations, you can be reimbursed up to $10,000 per trip for your prepaid, nonrefundable travel expenses, including passenger fares, tours, and hotels.

Other Benefits

The Chase Sapphire Preferred® Card also offers purchase protection, price protection, return protection, and extended warranty protection benefits.

How to Get Approved

As you can tell from the details of the Chase Sapphire Preferred® Card, it comes rich with rewards and benefits. And it targets people with excellent or good credit.

If you have a a credit score in the fair/average range or you have missed a lot of payments historically, you will likely be rejected.

People with the best chance of being approved have Excellent credit.

If you have a bad credit score and are looking for a credit card, you can review our guide here.

An Example of Who Gets the Most from the Chase Sapphire Preferred® Card

Here is a profile of an ideal Chase Sapphire Preferred® Card customer:

Mary lives in New York City. She doesn’t have a car (because she uses the subway), and she spends a ton of money eating out and traveling. She has a good job and a good credit score but would love to travel even more.

This card is ideal for Mary because:

  • So much of her spending is on dining and travel, which earns at the highest level.
  • She wants to earn free travel, and the redemption opportunities are richest when redeemed for travel.
  • She doesn’t have primary auto insurance (because she doesn’t have a car) so the primary auto rental benefit is ideal.
  • She has excellent credit.

If that sounds like you, the Chase Sapphire Preferred® Card is a great addition to your wallet or purse.

An Example of Who Gets the Least from the Chase Sapphire Preferred® Card

Here is a profile of someone who might be better off with a different card:

John is a father of three. He spends a lot of money on groceries (to feed his growing family) and gas (to drive to all of his children’s events). He just doesn’t have the money to eat out, and hopes to do some traveling later in life — once he funds three college educations.

There are other options that would be much better for John. Because none of his spending would be in dining or travel, he would only be earning 1 point for every $1 spent. Because he would not be redeeming his points for travel, he would likely be earning only 1% on his spending. John would be better with a cash back credit card that better rewarded his spending patterns.

Should I Consider the Chase Sapphire Reserve® Instead?

In the last year, Chase also introduced the incredibly popular Chase Sapphire Reserve® card. Here are the key differences between the Chase Sapphire Preferred® Card and Chase Sapphire Reserve®?:

  • There is an annual fee of $450. It is not waived during the first year. However, you can receive up to $300 in statement credits annually as reimbursement for travel purchases such as airfare and hotels charged to your card.
  • You earn 3X points on travel immediately after earning your $300 travel credit. 3X points on dining at restaurants & 1 point per $1 spent on all other purchases. $0 foreign transaction fees.
  • When you redeem for travel on the Chase travel portal, you get 50% more value (compared to only 25% more value for the Chase Sapphire Preferred® Card).
  • Just like the Chase Sapphire Preferred® Card, you earn 1 point for every $1 spent in all other categories (excluding dining and travel).

For spending in travel and dining that is redeemed on the Chase travel portal, you get incredible value. Every $1 spent on travel and dining is worth 3 points. And 3 points redeemed for travel on the Chase travel portal would be worth 4.5 cents. That means you could get an incredible 4.5% of value on the Chase Sapphire Reserve® compared to 2.5% on Chase Sapphire Preferred® Card.

When you decide between the two cards ask yourself the following question:

  1. Do you spend at least $300 a year on travel? If yes, answer the next question. If no, the Reserve card might not be for you.
  2. If you spend at least $300 on travel and more than $3,750 a year in travel and dining combined — you will be better off with the Chase Sapphire Reserve® card.

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.

Nick Clements
Nick Clements |

Nick Clements is a writer at MagnifyMoney. You can email Nick at [email protected]

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How to Request a Credit Limit Increase With Chase

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.

If you’re interested in requesting a credit limit increase with Chase, the good news is that it’s fairly simple to do. Before you pick up the phone, however, be sure you’re requesting a credit limit increase for the right reasons. Are you looking to get a higher limit so you can make a large purchase and pay it off over time? Are you constantly finding yourself maxing out your cards? A higher limit might help you in the short-term by giving you more breathing room, but it won’t solve the larger issue that is driving you to charge purchases you can’t afford to pay off each month.

But a credit limit increase can also be a strategic move to decrease your credit utilization rate and, as a result, possibly boost your credit score.

In this post, we’ll provide instructions for requesting a credit limit increase with Chase.

Option 1: Over the phone

The only way to request a credit limit increase is to speak with a representative over the phone. Simply call the number on the back of your card and someone can assist you in requesting a higher credit limit. Have your account and financial information ready.

A Chase representative tells MagnifyMoney there is no limit to how many times you can request a credit limit increase. However, be aware that a request will result in a hard pull on your credit report, which can ding your credit score.

Option 2: Automatic credit limit increases

On occasion, you may receive a notice from Chase in the mail saying your credit limit has been increased automatically. If you receive an increased credit limit, there is no action required on your part and your new credit limit is available for use. Your odds of receiving an automatic credit limit increase may be amplified if you follow some of the tips below.

  • Pay on time and more than the minimum. Having good payment history shows issuers you’re responsible with your credit card and may lead to an increase in your credit limit. That means don’t be late on payments and avoid carrying a balance whenever possible.
  • Keep your income up to date. For example, if you get a raise, record your new salary on your account profile so your financial information will be current. If issuers see you’re making more money, they may raise your credit limit.

Currently, you can’t request a credit limit increase with Chase online.

Understanding credit limit increases

Hard or soft pull on your credit? If you receive an automatic credit limit increase, there will be no harm to your credit score since you didn’t initiate anything. However, if you request an increase by phone, Chase will request a credit bureau report, resulting in a hard pull.

A higher credit limit has the potential to improve your credit score. Increasing your credit limit has the potential to boost your credit score by allowing you to maintain a low utilization rate more easily. Your utilization rate is the amount of credit you’re using divided by the total credit you have. An increase in the limit while maintaining the same spending will lower your utilization rate, and may raise your credit score.

For example, if you spend $1,000 a month on a card with a $4,000 credit limit, your utilization rate is 25%. But, if you request a credit limit increase and receive a new line of credit at $5,000, your utilization rate will drop to 20% as long as you still spend $1,000 a month.

Increased buying power. Your current credit limit may not be enough to cover the cost of large purchases, and that’s where a credit limit increase can come in handy. An increase in your credit limit can provide you with the buying power necessary for large purchases. However, take your increased credit limit with a grain of salt. While it can be tempting to spend more, keep new purchases to a minimum and pay them off as soon as possible so you avoid interest charges.

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.

Alexandria White
Alexandria White |

Alexandria White is a writer at MagnifyMoney. You can email Alexandria at [email protected]

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Review of Edward Jones 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.

What are brokered CDs?

Edward Jones offers brokered CDs, which are a bit different from the standard bank-issued CDs that most investors are familiar with. Bank-issued CDs, as the name implies, are issued by individual banks for their customers. Since Edward Jones is a broker and not a bank, it cannot issue its own CDs. Instead, the firm offers a range of CDs issued by other banks and thrifts but sold via Edward Jones.

For the casual investor, it can be hard at first glance to tell the difference between bank-issued and brokered CDs. However, there are some important distinctions:

  • No early withdrawal penalties: Brokered CDs don’t have early withdrawal penalties. If you need to get out of your CD, you can usually sell it back to another investor through a brokerage firm. This means that brokered CDs carry some additional risk, as the price of these CDs may fluctuate on the open market.
  • Higher APYs: You can often get higher yields on a brokered CD than with a bank-issued CD. Brokers are able to negotiate higher CD rates since they can guarantee a large pool of buyers to CD issuers. In the era of online banking, however, even brokered CDs do not always garner the absolute highest rates.
  • Longer-term options: Brokered CDs often have longer-term options than are available with traditional bank-issued CDs, which are generally short-term investments only.

CD rates from Edward Jones

Edward Jones offers a fairly comprehensive range of CD maturities, ranging from three months to 10 years, although the firm doesn’t offer 6-year CDs, 8-year CDs or 9-year CDs. Rates and availability change frequently, oftentimes daily. The longer-duration CDs offered by the firm aren’t traditionally available at banks.
Edward Jones CD Rates
TermMinimum deposit to earn APYAPY
3 months$1,0001.95%
6 months$1,0002.00%
9 months$1,0002.00%
1 year$1,0001.95%
18 months$1,0001.90%
2 years$1,0002.05%
3 years$1,0002.15%
5 years$1,0002.20%
7 years$1,0002.45%
10 years$1,0002.60%

For all maturities, Edward Jones requires a $1,000 opening deposit, which is the same minimum required to earn the stated APY. As these are brokered CDs, there is no early withdrawal penalty. However, investors are subject to current market prices if they need to get out of a CD prematurely. If interest rates have risen since the date of purchase, you’re likely to get less money back than you originally invested in the CD.

One important difference between Edward Jones CDs and standard bank-issued CDs is that interest does not compound with Edward Jones CDs. All interest is paid directly into a money market or insured bank deposit at Edward Jones, unless you request it to be distributed. Either way, you can’t reinvest your distributions into your existing CD.

Unlike some banks, Edward Jones doesn’t offer any type of hybrid or alternative CD, such as a step-up CD or an adjustable-rate CD. There are also no bonus APR CDs available at the current time, just standard rates. Edward Jones also does not offer special rates for jumbo CDs, which traditionally require a $100,000 deposit. However, you can use the firm’s wide range of CD maturities for certain CD strategies, such as building a CD ladder. You can also buy their brokered CDs in an IRA.

Unlike bank-issued CDs, the brokered CDs offered by Edwards Jones do not automatically roll over into new CDs. At maturity, the banks that issued the CDs pay the proceeds to Edward Jones, which then forwards the money to your account. At that point, you can either select a new brokered CD to purchase, or keep the funds in your Edward Jones money market or insured bank deposit account.

How to get CDs from Edward Jones

You’ll need to open a brokerage account at Edward Jones to buy any CDs. The account minimum to open is $0, but as Edward Jones is a full-service brokerage, you’ll need to go into a branch and visit a financial advisor to open an account. There is no facility to open an account online.

You can open your Edward Jones account as rapidly as you can fill out the paperwork and fund the account. As soon as your deposit clears, you are free to buy a CD through your Edward Jones broker. If you change your mind, you can generally withdraw your funds within 4-6 business days after deposit, although this hold period may extend to 11 business days for new clients. Once you buy a CD, you can sell it at any time on the open market. As noted above, the amount you receive may be less than the amount you originally paid.

LEARN MORE Secured

on Edward Jones’s secure website

Member FDIC

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How do CD rates from Edward Jones compare?

Edward Jones CD rates are well above the national average, but they still fall considerably short when compared with the best available rates nationwide.

Unlike with many firms, Edward Jones doesn’t currently have any special-rate CDs, where certain maturities pay dramatically higher rates. Instead, rates at Edward Jones land along a traditional curve, gradually increasing in yield as maturities lengthen.

For example, as of July 3, 2019, the Edward Jones 2-year CD rate of 2.05% is far below the best available 2-year CD rates. Three-year CD rates top out nationally at 3.00%, but Edward Jones pays 2.15%. The pattern continues throughout the maturity curve, with the top 5-year CD rates nationally hitting 3.00% or more, while the 5-year at Edward Jones pays 2.20%.

As such, all rates at Edward Jones fall in the general area of being well-above national averages but still notably short of the best available rates.

Overall review of CDs from Edward Jones

You won’t be wasting your time investing in CDs from Edward Jones, as you’ll be earning rates far above the national averages. You’ll also benefit from the ability to construct a CD or overall investment strategy with the assistance of a full-service advisor. However, if you’re looking for the absolute best CD rates for your money, there are plenty of online banks that can pay you a higher rate.

CD investors who like a wide range of products may be disappointed at Edward Jones, as popular options such as step-up or no-penalty CDs are not currently available. However, Edward Jones CDs do benefit from offering brokered CDs. This provides a range of flexibility that standard bank-issued CDs cannot offer, as you can liquidate your CD position at any time without paying an early withdrawal penalty.

The bottom line is that yield-hungry investors that enjoy managing their own portfolios may be better suited at any number of online competitors. Those looking to incorporate decent-yielding CDs into their overall investment portfolio with the help of a full-service broker might prefer working with Edward Jones.

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.

John Csiszar
John Csiszar |

John Csiszar is a writer at MagnifyMoney. You can email John here