Thursday, 26 November 2020

Chemical Bank Review: Checking, Savings, CD, Money Market and IRA Accounts

Chemical Bank Review: Checking, Savings, CD, Money Market and IRA Accounts
15 Nov
5:08

Chemical Bank’s Most Popular Accounts

APY

Account Type

Account Name

Compare Rates from Similar Accounts

0.50%

CD Rates

Chemical Bank 12 Month Add-On CD

2.55%

Goldman Sachs Bank USA High-yield 12 Month CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

0.90%

CD Rates

Chemical Bank 36 Month Raise-Your-Rate CD

2.85%

Synchrony Bank 36 Month CD

on Synchrony Bank’s secure website

Member FDIC

1.50%

CD Rates

Chemical Bank 60 Month Raise-Your-Rate CD

3.10%

Goldman Sachs Bank USA High-yield 5 Year CD

on Goldman Sachs Bank USA’s secure website

Member FDIC

Chemical Bank’s checking account options

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How Chemical’s checking accounts compare

Chemical Bank’s checking accounts are mostly variations on the same theme. Nearly every account offers the same basic benefits, with a few tweaks here and there. For example, there’s a dedicated account for those 55 and older, one for those who want to earn interest and one for those who want to go “green” and paperless, but beyond those distinctions, the accounts are mostly similar.

The sole account that pays interest, the Advantage Checking account, pays a low rate across the board, far lower than you can get even with the average checking account nationwide. Those looking for an interest-bearing account should search elsewhere, as Chemical’s rates are a world away from the best nationwide rates for checking accounts.

Chemical Bank’s savings account options

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How Chemical Bank’s savings account compares

As with the bank’s checking account roster, there is no shortage of available savings accounts at Chemical Bank. Whether you’re looking for a traditional savings account, one for a minor, a holiday savings account or an HSA, you can find it at Chemical. Unfortunately, rates and features of all the accounts are a bit sparse.

When compared with the national average, none of Chemical Bank’s savings accounts can measure up, with each account failing to hit that benchmark. The best available savings rates can be found at other institutions.

Chemical Bank’s CD account options

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How Chemical Bank’s CD rates compare

Overall, Chemical Bank’s CDs are nothing to write home about. Although it’s nice to have the option to choose a Raise-Your-Rate or Add-On CD, the rates paid on Chemical’s CDs of all types are below average. While not all banks can compete with the very best available national CD rates, even the average CD rate tops those offered at Chemical Bank, for every maturity.

Chemical Bank’s money market account options

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How Chemical Bank’s money market accounts compare

While the Chemical Bank Money Market account is a perfectly normal, serviceable money market account, the Premier Money Market is one of the most expensive accounts you can find.

With an astronomical annual fee that can only be waived with a significant and ongoing minimum balance, the interest rates paid should be commensurately higher. Sadly, that is not the case. Rates on the Premier Money Market account only climb above the national average on deposits of $100,000 or more, and even this “top” rate is nowhere near the best available money market rates nationwide.

Chemical Bank’s IRA account options

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How Chemical Bank’s IRA accounts compare

Chemical Bank’s IRA CDs share the same lackluster yields as the bank’s regular CD lineup. You’ll be able to find better IRA CD rates elsewhere.

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John Csiszar

John Csiszar |

John Csiszar is a writer at MagnifyMoney. You can email John here

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Source: https://www.magnifymoney.com/blog/reviews/chemical-bank/

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