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Chemical Bank CD Rates

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We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure
Chemical Bank 12-Month CD
0.50% APY

Chemical Bank, which has its headquarters in Midland, Michigan and the overwhelming majority of its locations in the same state, offers several different types of certificates of deposit (CDs) with varying term lengths. With over 200 branch locations, the bank is a large presence in the state of Michigan.

Opening a CD account requires you to visit a Chemical branch, and locations are limited to three states in the central Midwest. Chemical has two locations in Northern Indiana, 28 locations in Ohio and 233 locations in Michigan. Like many brick-and-mortar banks, the rates offered are significantly lower than the best CD rates you'll find with online banks, although the four-year and five-year offerings are both over 1%.

Standard CD

These are the standard offerings from Chemical, meaning that there are no special features or anything to differentiate from a typical CD. 

Term Length Minimum Deposit APY  
15 Month $100 0.50% Compare CD Rates
18 Month $100 0.50% Compare CD Rates
24 Month $100 0.50% Compare CD Rates
30 Month $100 0.55% Compare CD Rates

“Add-On” CD

The “Add-On” CD, available only in a 12-month term length, allows you to add to your initial investment at any time during the term. All you have to do is make sure you’re adding at least $100 each time, and you continue to contribute throughout the 12 months.

Term Length Minimum Deposit APY  
12 Month $100 0.50% Compare CD Rates

“Raise Your Rate” CD

With the “Raise Your Rate” CD, you have the ability to increase the interest rate of your CD one time during the course of its term. This comes with conditions, however. You can only increase the rate if the rates on new CDs have increased since you purchased yours. Also, you will only be able to raise your rate a maximum of 1%, even if rates on new CDs have increased beyond that maximum. 

With these conditions in mind, you shouldn’t purchase the “Raise Your Rate” CD solely for the possibility of a rate increase, as it’s just as possible that an increase never comes.

Term Length Minimum Deposit APY  
36 Month $100 0.90% Compare CD Rates
48 Month $100 1.20% Compare CD Rates
60 Month $100 1.50% Compare CD Rates

12-Month CD Interest Rate Comparison

Compare Chemical Bank to Other Competitive Offers

Overview of Chemical Bank CDs

With eight different term lengths and three categories available, Chemical Bank offers many different options when it comes to CDs. Furthermore, $100 is a comparatively low minimum deposit requirement, making these accounts more available to potential bankers who may not be looking to invest thousands.

If you need your money back before your CD’s maturity date, you’ll have to cough up an early withdrawal penalty. The exact penalty will depend on the term length of your CD. If your term is 12 months or shorter, you’ll pay a penalty of three months’ interest. So, if you open a $500 CD with a 12-month term and you withdraw early, you would pay a penalty of $2. 

If you’re withdrawing from a CD between 13 and 35 months, the penalty rises to six months’ interest, and if your term is longer than 36 months, the penalty is a year of interest. For example, if you invested $1,000 in a 24-month CD and withdrew early, you would pay a penalty of $2.51. 

Unless you’re withdrawing a hefty sum of money from a long-term CD, the early withdrawal penalties will probably be manageable enough. Nevertheless, it’s typically unwise to invest money in a CD unless you're confident that you won’t need the money until your maturity date.

How Much You Earn With Chemical Bank Certificate of Deposits Over Time

Interest for all CD accounts at Chemical Bank compound monthly, which is less frequently than many high-rate CDs that compound daily. This can make a big impact if you invest a large sum of money for several years. For smaller deposits and shorter terms, though, the difference can be as little as a dollar or even less.

Note that the calculations below are based on the assumption that you don’t withdraw any interest during the term and that you never exercise the option to raise your rate during the 60-month term.

Initial Deposit 12 Month "Add-On" CD 24 Month CD 60 Month CD
$1,000 $1,004.01 $1,010.05 $1,025.31
$2,500 $2,510.02 $2,525.12 $2,563.27
$5,000 $5,020.04 $5,050.24 $5,126.55
$10,000 $10,040.07 $10,100.48 $10,253.10

How Chemical Bank CD Rates Compare to Other Banks'

Chemical Bank CD Rates are in a sort of middle ground. They outshine the rates of large, national banks like Chase or Wells Fargo, but they aren’t as competitive as exclusively online banks like Ally or Marcus by Goldman Sachs.

The $100 minimum deposit requirement makes Chemical Banks CDs more accessible than a lot of brick-and-mortar banks that have minimums of $500 or even $1,000. That advantage also applies to Marcus by Goldman Sachs, which has a minimum of $500, but it isn’t as strong against Ally, which has no minimum requirement.

Note that the rates below assume a deposit of $1,000.

Term Length Chemical Bank Ally Bank Chase
12 Month 0.50% 2.75% 0.02%
36 Month 0.90% 2.50% 0.95%
60 Month 1.50% 3.00% 1.01%

Should You Get a Chemical Bank CD Account?

If you already have a checking or savings account with Chemical Bank and you are interested in doing all of your banking in one place, then a Chemical Bank CD might be an option you would want to consider, especially if you’re looking for a longer term CD. If, however, you don’t have an existing Chemical account and you’re comfortable doing some of your banking online, you can find much more competitive rates elsewhere.

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