Can I open a CD account for out of state bank?

Say that I live in Denver, Colorado, and was comparing CD rates across the country.

And then I find that at Chase Manhattan New York, they have a better rate than Colorado banks.

I would like to open a CD account with Chase, but I live in CO.

What can I do?

1. Is my residency in NY required?

2. If not required, how do I open it from Colorado?

3. How do I fund the account?

4. How can I withdraw the account when it matures?

Thank you for your help!

8 Answers

  • 1 decade ago
    Favorite Answer

    The answer is simple; in the US you can open an account in any State and be a resident of another State. I am assuming you are a US citizen or documented resident. The rules would be a little different otherwise.

    You can open an account in any US State and be a resident of another State. You will have to provide legal proof of identity, an SSN or Taxpayer ID, you will also have to provide some proof of residency for tax and indentification purposes.

    Some reasons for this are that investment income and other assets may be taxed differently from one State to the next. The Federal government also requires that you show proof of identity and provide either an SSN or Tax Payer ID. they will want to make sure you report properly.

    Account Setup:

    Very simple you should call the bank where you wnat to open an account and ask them for their required paperwork. Once this is provided the final process is usually the funding of your new account. Generally speaking people will either mail a check or wire the money into their new account. If you mail it it will take a few days for the mailed check to arrive and clear. If you transfer the fees or use a wire into a different bank they may charge you a fee either for service and/or a percentage of your transfer or both. It is not uncommon for your current bank to cahrge thsi fee. If your new bank wants to charge you a fee to open your account; find a new bank.

    Before you do this check with the brokerage frims like: Chales Schwab, Edward Jones, AG Edwards, Scott Trade, ETrade etc., they all offer pretty competative rates these days on Money Market Checking and the like. It is important for you to know what you are looking for in an investment vehicle if it is just a nice return a CD may not give it to you and also insn't very liquid. Having said that CD's have other advantages just make sure you know what you are asking of your money of the lifespan of the CD you are considering.

    Your withdrawl process should be similar to your opening process. You should not have to be physically present to do either one. If they require that you do this in person; get another bank that undersdtands that it isn't 1950 anymore.

    Hope this helps!

  • 4 years ago

    If the BB&T folks say you are out of luck, I'd go see your local Congressman. Ask them to do an official inquiry, it costs you nothing. Have you moved? Did your old bank have the addresses? Did you have other accounts with the old bank? Do you have any other records of the cd or any other Life Savings mailings showing any and all accounts? If so, take them to BB&T first then to your Congressman. The cd I had at my local bank simply rolls over if I do nothing. I don't have to call, write or stop in. I hope your $$$ are still there!!

  • 1 decade ago

    Yes. Many people go to to check for the highest rates in the USA, and invest by mail. From the list of banks, click on the bank name and links you to the banks web site for the forms.

  • 1 decade ago

    Open the account with Chase online and they will send you all the necessary forms in the mail including the deposit slip which you can mail in with your check. Good luck.

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  • Jo Blo
    Lv 6
    1 decade ago

    sure, you don't have to live in a state or town to open an account in a local bank,, call the bank, or check out their web site,, you'll need some identification to open the account

  • Anonymous
    1 decade ago

    Dont buy cd's. Many banks use the money that you give them to buy your CD and then buy government tax lien certificates.

    They are 0 risk and have huge rates of return. Learn more about them here:

  • 1 decade ago

    Yes you can open one out of state.

  • Anonymous
    4 years ago

    Informative topic, just what I was searching for.

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