May 14, 2014

Chase Bank CD Rates are Really Awful

We have a checking account with Chase.   They took over Washington Mutual some years ago after WaMU failed.   Chase has been 'good enough' for us so we've stayed with them.  However their interest rates are not good.   I've been meaning to put some of our savings into a CD to try and make at least a little bit of interest off them.   I know that Ally bank has decent CD rates and you can get 1% or more there.   But I thought, hey, why not just open a CD with Chase...  The answer is that Chase is currently paying 0.02% for 12 month CDs.   You lock your money up with them for a year and you get 0.02% out of it.   Let me put that another way.  A $1000 CD with Chase will make you 20¢ in interest.   Awful.     Interest rates are low but theres really no reason for them to be THAT low.  Chase could at least try to pretend to be competitive.   I mean they may as well make it 0.0000002% as far as I'm concerned, they'd still technically be paying interest right?    


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