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Chevy Chase’s Platinum CDs Disappoint

Posted in CD Rates, Expired Deals by RateRunner
April 2, 2009 02:22 PM - 5 Comments

Chevy Chase Bank, which has scores of branches in the Washington, D.C. and Baltimore area, touts its “Platinum Banking Package” as “a truly rewarding banking experience.”

It offers some nice perks, like the free use of any ATM, anywhere in the world, and promises “our best CD Rates — at least ¼% higher than our standard rates.”

So we were quivering with anticipation when we decided to see how lucrative this “premier relationship account” just might be.

Hmmm. A “12-Month Platinum CD” pays just 1.00% APY on deposits below $10,000 and 1.25% APY on deposits over $10,000.

That’s not very rewarding. Seems like any CD with “Platinum” in the name ought to pay more than the national average for 12-month CDs, which is 1.34% APY right now.

What about a “24-Month Platinum CD”? It pays 1.25% APY for deposits below $10,000 and 1.75% for deposits over $10,000.

While that’s slightly better than the national average of 1.60%, rates like these seem to tarnish the “Platinum” label.

How about pulling out some polish and rewarding your best customers with significantly better than average returns, Chevy? (Or new owners, Capital One?)

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  1. Zman said:
    on April 3rd at 08:44 am

    I bank with Chevy Chase and they have really gone down hill lately. Their branch tellers are not the nicest of people and they are exceptionally slow. I’ve been a “Platinum Member” for years now, and I feel that I don’t get the rates that I deserve. I plan on dropping them the moment another bank catches my eye.

  2. Billy said:
    on April 6th at 01:24 am

    I have banked with Chevy Chase Bank and love the service and the value. If you want a great platinum rate look at their 8 nonth CD with APY of 2.10% AND one penalty free withdrawal. The 2.1% seems to be 50% higher than the average you spoke of with the option to withdraw. Seems like a very good deal to me and had you looked a bit closer at their rates you could have painted a more accurate picture of what they have to offer. With the purchase of CCB by Capital One who is located in the greater DC area I am hopeful that the service and the rates continue to be top notch.

  3. RateRunner said:
    on April 6th at 09:29 am

    Billy, thanks for pointing that out. That 8-month CD was not on the rate sheet that we saw last week. Maybe CCB did what we suggested? But the other big thing is that it’s a special rate on an odd-term CD. That means customers who aren’t paying attention and just allow their 12-month or 24-month CDs to rollover, or don’t know to ask about specials or odd-term CDs, still get stuck with Chevy’s low rates. Offering one, reasonable promotional CD still seems like a bad way to treat your best, “Platinum” customers.

  4. Sandra Lewis said:
    on April 13th at 02:09 pm

    I wanted to echo what Billy said. I have been with Chevy Chase Bank since the 1970’s when I opened a saving account as a teenager. Now as a Platinum Customer I get great convenience, great benefits and great rates. In addition to the 8 month CD they also have a 15 month (with a free bump up if rates improve) currently yielding 2.25%. I also have a Platinum High Yield Savings account paying 2.05% (currently have 60K). I think these options are great choices for any saver, however, I’ll admit, if you are just rolling over the CD’s and not paying attention you could end up earning more than you could. In my case my banker proactively calls me in advance of renewal to give me my best options, another element that makes me love Chevy Chase Bank. I also love the free ATM’s anywhere I want to make a withdrawal. In closing Chevy Chase Bank has three great savings vehicles that exceed the market averages, with enough variety to satisfy any saver. I would say state emphatically that they treat this Platinum customer very well.
    Regards,
    Sandra Lewis

  5. R. Oliver said:
    on May 14th at 11:58 am

    Given the rapid change in CD rates, these comments get outdated quickly. Since Chevy was sold the rates they offer do not compare as favorably as before. Fact is NFCU, and most other credit unions, offer rates a half point or more better than Chevy, across the board.

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