Chase certificate of deposit review

Are you interested in a comprehensive review of Chase’s Certificate of Deposit? Responsible Economy is here to provide you with all the information you need, including details on fees, interest rates, requirements, and more. In addition, we have a video and a comparison with the best certificates of deposit in 2023. Welcome to our review!

Explanatory video

We’ve created an informative video that simplifies and explains all the key features of the Chase Certificate of Deposit. Whether you’re a newcomer or an experienced investor, this video will provide you with valuable insights. If you find our content helpful, we encourage you to subscribe to our channel to stay updated with daily financial information.

Features

In this section, we will provide a comprehensive analysis of the Chase Certificate of Deposit. We will delve into each of its key characteristics, providing you with in-depth insights to help you make an informed decision. Let’s explore the details:

Chase certificate of deposit features

Interest Rate

Undoubtedly, the interest rate is a crucial factor to consider when evaluating certificate of deposit options. With Chase, the maximum interest rate you can obtain is 4% APY for a 6-month term. If you have a deposit amount exceeding $100,000 in the certificate of deposit, you will be eligible for a special interest rate of 4.25% APY.

However, it’s important to note that a 4% APY interest rate is not considered competitive, as there are other banks offering rates of up to 5% APY.

Fees

Chase’s certificate of deposit does not charge any setup fees or annual maintenance fees. Rest assured, you won’t have to worry about paying any commissions.

Terms

When opening a certificate of deposit with Chase, you have a range of terms to choose from. These terms can vary between 1 month and 120 months, allowing you to select the duration that aligns with your financial goals.

Penalties

As is typical with most certificates of deposit, early withdrawal of funds before the agreed-upon term will incur penalties. It’s important to note that the Chase certificate of deposit does have penalties for early withdrawals.

Minimum Deposit

To open a certificate of deposit with Chase, you must make a minimum deposit of $1000. This initial deposit ensures that you can take advantage of the benefits and features associated with the certificate of deposit.

Comparison with the best certificate of deposit in 2023

We have conducted a comprehensive comparison of the Chase Certificate of Deposit with the best certificates of deposit available for opening in the United States in 2023.

Logo capital One CDs
  • 5.25% APY
  • Minimum deposit: $0
  • Term: 18 months
  • Member FDIC
Marcus by Goldman Sachs
  • 5.10% APY
  • Minimum deposit: $500
  • Term: 12 months
  • Member FDIC
CIT Bank Logo
  • 5.00% APY
  • Minimum deposit: $1,000
  • Term: 6 months
  • Member FDIC
synchrony-bank-logo
  • 5.40% APY
  • Minimum deposit: $0
  • Term: 16 months
  • Member FDIC
Alliant Logo
  • 5.18% APY
  • Minimum deposit: $1,000
  • Term: 12 months
  • Member FDIC
Bask bank logo
  • 5.15% APY
  • Minimum deposit: $1,000
  • Term: 12 months
  • Member FDIC
Barclays Logo
  • 5.15% APY
  • Minimum deposit: $0
  • Term: 12 months
  • Member FDIC
BMO logo
  • 5.25% APY
  • Minimum deposit: $1,000
  • Term: 13 months
  • Member FDIC

Certificates of deposit calculator

We have developed a deposit calculator so that you can easily see how much money you can earn:

Chase certificate of deposit calculator

Chase certificate of deposit calculator

Your earnings:
Total Result:

Pros and cons

After reviewing the features of the Chase Certificate of Deposit and conducting a comparison with the best certificates of deposit available, we have compiled a table outlining the advantages and disadvantages of the Chase Certificate of Deposit:

ProsCons
No feesLow interest rates
$1000 minimum deposit
Pros and cons Chase certificate of deposit

Requirements

To open the Chase of deposit you must meet the following requirements:

  • Must be over 18 years old
  • Live in the United States
  • Have an American phone
  • Have a Social Security

Conclusions and opinions

After conducting a thorough review, we have reached the conclusion that the Chase certificate of deposit is not competitive due to its maximum interest rate of 4% APY. There are other banks in the market offering higher rates, such as 5.5% APY. Additionally, it is important to note that a minimum deposit of $1000 is required to open a Chase certificate of deposit.

Frequent questions

If you still have any questions about the Chase certificate of deposit, here we answer all your questions:

Anothers products of Chase

Here are more products that Chase offers:

More information about Chase

Here you have interest information about Chase:

InformationDescription
Websitehttps://www.chase.com/
YouTubehttps://www.youtube.com/chase
Twitterhttps://twitter.com/Chase
Phone1-800-432-3117
Interest information about Chase

Related content

Finally, you have related posts about certificate of deposit:

Updated the day 1 September, 2023 by Alfredo Barandiarán

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