bank rates

CD Rates At Chase Are Scrooge-Like

sign for chase bankIf Ebenezer Scrooge was a real person instead of a fictional curmudgeon, do you think he’d have his finger on the CD rates button at a big bank?

I do.

Although I admit to having a hard time figuring kind-hearted Bob Cratchit into the equation. Perhaps he’s represented by the poor tellers who have to take our abuse over these rates.

But back to the question about Scrooge. A compelling argument could be made that whoever sets rates at Chase Bank is the living embodiment of the miserly main character in A Christmas Carol.

We’ve watched CD rates at New York-based Chase go from bad to worse during 2012.

Just since October, its 36-month CD special dropped from 0.50% APY to 0.40% APY and its 60-month CD special from 0.75% APY to 0.60% APY.

In January, that same 60-month special paid 1.25% APY – more than twice what Chase offers today.

The most you can earn on any certificate of deposit is 1.01% APY, and that’s for 120-month CDs. (FYI: That’s a lot of months. Ten long years’ worth, to be exact.)

And, oh, all of Chase’s CD specials require a $10,000 minimum deposit and a checking account.

As you’ve probably guessed from the tone of this post, not a single one of Chase’s CD rates – special or otherwise – are above average.

The average annual yield offered by large banks and thrifts for 36-month CDs this week is a record-low 0.55% APY and 0.91% APY for 60-month CDs.

Even though those terms took a hit on our CD Rates Leaderboard in 2012, the top nationally available 36-month CD rate is a significantly higher 1.40% APY, and the top 60-month CD rate is 1.80% APY.

Chase’s standard offerings, which require a lower $1,000 minimum deposit and a checking account, are certainly Scrooge-worthy:

6-month CD rate is 0.10% APY versus an average rate of 0.18% APY. (Leaderboard leader is 0.90% APY.)

12-month CD rate is 0.20% APY versus an average rate of 0.28% APY. (Leaderboard leader is 1.06% APY.)

24-month CD rate is 0.25% APY versus an average rate of 0.44% APY. (Leaderboard leader is 1.30% APY.)

36-month CD rate is 0.35% APY.

Like most big banks, Chase asks you to type in your ZIP code on the website to find rates specific to your geographic area. The rates featured in this post are for Illinois.

To buy a Chase CD, you need to live in a state where Chase has one of more than 2,500 branches.

You can learn more about Chase at or call 877-242-7372.

There are definitely better deals out there, and you’ll find them if you compare Chase’s returns with the best CD rates from scores of other banks in our extensive database.

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Comments (3)
1 Star2 Stars3 Stars4 Stars5 Stars (1 votes, average: 2.00 out of 5)
3 Existing Comments
  1. JEFF said:
    on December 22nd at 03:02 pm

    I agree with your most recent article on bankaholic, in regards to Chase. Yet, it keeps opening branches and is supposed to open more branches in Florida in 2013. They can’t keep up with market or pay customers a decent dividend rate but can open branches.

  2. John Singer said:
    on December 23rd at 04:14 am

    My Wells Fargo rep keeps trying to get me to open some type of savings account. Both their money market and the hold-over (from Wachovia) Way-to-Save program now pay 0.01%. When I tell her I get 0.95% at Ally bank, she just gives me a strange look. They just don’t get it!

  3. lonnie j said:
    on January 12th at 02:38 pm

    jerry pislner blows