Review: Chase Bank CD  Interest Rates

Chase Bank is one of the nation’s most popular and largest banks. They offer a full suite of banking products, but if you want the highest interest rate for your certificate of deposit, look elsewhere.

Chase Bank offers one of the lower rates available at 0.05% APY. However, you can only get that rate with a deposit of $10,000 or more. Most of the time, people have to settle for a 0.01%.

This is so low, that our account recommendations below offer more than 100x this rate.

Open a CD with One of Our Partners Below & Earn 2x More Than Chase Bank

Western Alliance Bank® 6 Month CD Details

Best For: Shorter Term + High APY

Term: 6 Months

Western Alliance Bank offers 5.70% APY exclusively through the Raisin Platform on their 6 month CD.

Interest compounds daily and is posted to your account monthly.

This CD is a great fit if you're looking for a high APY but want access to your money sooner than other CD terms.

In addition to this high APY, Western Alliance offers $0 monthly maintenance fees and is insured by the FDIC for up to $250,000 per depositor.

Customer service is located in New York, they are available via phone or email. You'll also have 24/7 access to your account and funds.

Western Alliance Bank was founded in 1994 and is consistenly ranked among the top banks. They were ranked #1 top-performing large bank with assets greater than $50 billion in 2021 by both American Banker and Bank Director. Serving clients across the country wherever business happens.

See Raisin's Secure Site for Western Alliance Bank to Get More Details.

U.S. Bank® 7 Month CD Details

Best For: Shorter Term + Branch Access

Term: 7 Months

U.S. Bank offers a 7 month CD with up to 4.20% APY with no monthly fees and $1,000 initial deposit.

Rates vary by state & zip code.

U.S. Bank has over 2,000 branch locations in more than half of U.S. states.

Deposits are insured through the FDIC for up to $250,000 per depositor and if you have any questions U.S. Bank offers "24-Hour Banking" meaning a customer service representative is available 24/7.

Interest compounds daily so lock in your 7 Month CD rate today & start earning guaranteed interest now.

See U.S. Bank's Secure Site For More Details.

Discover® Bank 12 Month CD Details

Best For: Online Banking Experience + Customer Service

Term: 12 Months

Discover Bank offers 5.20% APY with no monthly fees and $2,500 initial deposit on their 12 Month CD.

Discover Bank is one of the first online focused banks to offer no monthly fees and what they call "No. Fees. Period."

Deposits are insured through the FDIC for up to $250,000 per depositor and if you have any questions Discover offers 100% U.S.-based Customer Service Available 24/7.

Interest compounds daily so lock in your 12 Month CD rate today & start earning guaranteed interest now.

See Discover Bank's Secure Site For More Details.

CIT Bank® 13 Month CD Details

Best For: High APY Interest Rates + Mobile App

Term: 13 Months

CIT Bank currently offers 4.65% APY on their 13 Month CD with no monthly fees.

CIT Bank’s mobile app give you 24/7 access to your CD account. The mobile app is available for both IOS & Andriod devices.

You can open a CIT Bank 13 Month CD with as little as $1,000 and it only takes about 5 minutes to complete the sign-up process.

Deposits are insured through the FDIC for up to $250,000 per depositor and interest compounds daily to maximize your earning potential.

See CIT Bank's Secure Site For More Details.

To recap our recommendations.

Best Certificate of Deposits According To CompareAccounts™

Western Alliance Bank® High Yield CD: 5.70% APY - 6 Month Term

U.S. Bank® Certificate of Deposit Account: up to 4.20% APY - 7 Month Term

Discover® Bank Certificate of Deposit Account: 5.20% APY - 12 Month Term

CIT Bank® Certificate of Deposit Account: 4.65% APY - 13 Month Term

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*National Savings Rate Average as published by FDIC

History of Chase Bank

Chase Bank has its roots dating back to 1799 when it was established as The Bank of the Manhattan Company in New York City. Throughout the 19th and 20th centuries, the bank underwent several mergers and acquisitions, allowing it to expand its presence and offerings. One of its most significant mergers was in 1955, when The Bank of the Manhattan Company merged with The Chase National Bank, which was established in 1877. This merger resulted in the creation of The Chase Manhattan Bank, which went on to become one of the largest banks in the country.

In 2000, The Chase Manhattan Bank merged with J.P. Morgan & Co., resulting in the creation of JPMorgan Chase, which is now one of the largest investment banks in the world. The bank has continued to expand through mergers and acquisitions, including the acquisition of Washington Mutual during the 2008 financial crisis. This acquisition further solidified JPMorgan Chase’s position as one of the largest banking institutions in the country.

Today, Chase Bank is a multinational investment bank and financial services company that offers a wide range of products and services, including checking and savings accounts, mortgages, personal loans, credit cards, and investment options. The bank operates in several countries around the world, including the United States, Europe, and Asia, and is known for its innovative and user-friendly approach to banking. Whether you’re a small business owner, a student, or a retiree, Chase Bank has something to offer for everyone. However, if you’re looking for a CD, you should open an account with a different bank.

Chase CD Rates Pros:

Pros:

• Lower minimum deposit of $1,000 available albeit at a lower APY of 0.02%
• Linked Chase personal checking account holders can access these rates

Chase CD Rates Cons:

Cons:

• The APY is significantly lower at 0.05% with a minimum deposit of $10,000
• Without a linked personal checking account, the APY falls to 0.01%
• Rates are much lower compared to other options, as the reviewed account recommendations offer over 100 times the rate provided by Chase

Chase Bank Publicly Traded Company:

JPMorgan Chase & Co., the parent company of Chase Bank, is a publicly traded company, with its shares listed on the New York Stock Exchange (NYSE) under the ticker symbol “JPM”. As a public company, JPMorgan Chase is subject to the regulations and requirements of the Securities and Exchange Commission (SEC), and it must disclose financial and other information to the public on a regular basis.

JPMorgan Chase is one of the largest financial institutions in the world and is considered a bellwether for the financial industry. The company’s stock price and performance are closely watched by investors, analysts, and the financial media. In recent years, JPMorgan Chase has been consistently profitable, and its stock has performed well, reflecting the company’s strong business model and its position as a leading player in the financial industry.

Investing in JPMorgan Chase and other publicly traded companies can be an effective way for individuals to grow their wealth over time, as the stock prices of these companies have historically increased over the long term. However, it’s important to keep in mind that investing in the stock market involves risk, and past performance is not a guarantee of future results. Before making any investment decisions, it’s important to do your research and consult with a financial advisor.

General Process of Opening a Certificate of Deposit with Chase:

The process of opening a certificate of deposit (CD) account with Chase Bank is fairly straightforward and can typically be completed in a few steps:

1. Research: Before opening a CD account, you may want to research the different CD options offered by Chase Bank, including terms, interest rates, and minimum deposit requirements.

2. Apply: You can apply for a CD account online, by phone, or in person at a Chase Bank branch. You’ll need to provide personal information, such as your name, address, and Social Security number, and may be required to complete additional forms or provide documentation to open the account.

3. Fund the account: To open a CD account, you’ll need to make an initial deposit, which is typically a minimum of $1,000. You can make this deposit by transferring funds from an existing Chase account, or by using a debit or credit card, wire transfer, or ACH transfer.

4. Account activation: Once you’ve made your initial deposit, your CD account will be activated and you’ll start earning interest on your deposit. You can access your account information online, through the Chase mobile app, or by visiting a Chase Bank branch.

5. Maturity: At the end of the term of your CD, your deposit will mature and your funds will be available for withdrawal, subject to any penalties for early withdrawal. You can either withdraw your funds or roll over the balance into a new CD account.

It’s important to keep in mind that CD interest rates and terms can vary based on the type of account you choose and the amount of your deposit. It’s a good idea to compare different CD options offered by Chase Bank and other financial institutions to find the best option for your needs.

Chase Bank Controversies:

JPMorgan Chase & Co., the parent company of Chase Bank, has been involved in several controversies and scandals over the years. Some of the most notable include:

1. 2008 financial crisis: JPMorgan Chase was one of the largest banks to receive a government bailout during the 2008 financial crisis. The bank was also criticized for its role in the crisis, including its involvement in the sale of mortgage-backed securities that contributed to the housing market collapse.

2. Foreclosure practices: In 2011, JPMorgan Chase reached a $25 billion settlement with the U.S. government over allegations of illegal foreclosure practices, including the use of “robo-signing” to process foreclosures without proper review.

3. Credit card practices: In 2013, JPMorgan Chase agreed to pay $309 million to settle allegations that it engaged in illegal credit card practices, including charging customers for services they didn’t receive and making false promises about debt reduction services.

4. Libor manipulation: In 2013, JPMorgan Chase agreed to pay $920 million to settle allegations that it manipulated the London Interbank Offered Rate (Libor), a benchmark interest rate used to set the prices of trillions of dollars in loans and financial contracts.

5. Data breaches: In 2014, JPMorgan Chase announced that the personal information of 76 million households and 7 million small businesses had been compromised in a data breach, one of the largest in history.

These are some of the most significant controversies and scandals involving JPMorgan Chase and Chase Bank. It’s important to keep in mind that financial institutions can be subject to regulatory actions and fines, and that these actions do not necessarily reflect the overall quality or reputation of the institution. Before making any financial decisions, it’s important to do your research and consider all the relevant information.

Were CDs Part of Any Chase Controversies?

No, CD (certificate of deposit) accounts were not directly involved in any of the above listed controversies.

What has Chase Bank Done to Improve Its Relations with Its Customers?

In response to the various controversies and scandals that it has faced over the years, JPMorgan Chase & Co., the parent company of Chase Bank, has taken several steps to regain customer trust and improve its reputation:

1. Improving risk management and compliance: JPMorgan Chase has invested in technology and processes to improve its risk management and compliance systems, including enhanced data security and fraud detection measures.

2. Enhancing transparency: The bank has worked to improve its transparency by providing clearer and more comprehensive disclosures to customers, including information on fees, interest rates, and other terms and conditions.

3. Focusing on customer satisfaction: JPMorgan Chase has made customer satisfaction a priority, with initiatives aimed at improving the customer experience, such as offering mobile banking and investment services, and enhancing its digital platform.

4. Supporting communities: The bank has also made a commitment to supporting communities through charitable giving, volunteering, and economic development initiatives, with the aim of building stronger relationships with customers and communities.

5. Paying fines and settlements: JPMorgan Chase has paid significant fines and settlements in connection with various scandals, which can help to restore confidence in the bank’s ability to comply with regulations and address any misdeeds.

These are some of the key steps that JPMorgan Chase and Chase Bank have taken to regain customer trust and improve their reputation. While it can take time to rebuild trust after controversies and scandals, it’s important for financial institutions to be proactive in addressing concerns and demonstrating their commitment to their customers.

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Conclusion of Chase Bank CD Interest Rates:

Chase Bank stands as a reputable pillar in the financial sector, with a broad spectrum of banking solutions to cater to a diverse clientele. However, when it comes to Certificate of Deposit (CD) interest rates, Chase falls noticeably short of expectations with an APY of merely 0.05% for a substantial minimum deposit of $10,000. This starkly contrasts with the competitive rates offered by other banking institutions. Consequently, for customers whose primary aim is to garner higher returns from their CDs, the road may lead them to explore alternative banks where their financial aspirations can find more fertile ground.