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CD Early Withdrawal Survey: Boston

CD Rates » CD Penalty Chart » Boston

Bankrate.com's 2014 CD Early Withdrawal Penalty Survey collected data in Boston and other cities for five of the most common CD maturities being sold today. This breakdown gives you an easy way to compare CD offerings by institution, metropolitan area and maturity over the survey period in early May of this year.

Boston CD rates

1-year CD

InstitutionMinimum depositYieldPenalty for early withdrawalGrace period on automatically renewable CDsEarly withdrawal penalties the same for retirement CDs?
Institution: Bank of AmericaMinimum deposit: $1,000Yield: 0.06%Penalty for early withdrawal: 180 days' interest on the amount withdrawnGrace period on automatically renewable CDs: 7 daysEarly withdrawal penalties the same for retirement CDs? Yes
Institution: Citizens BankMinimum deposit: $1,000Yield: 0.05%Penalty for early withdrawal: $50, plus greater of 180 days' interest on withdrawn amount or half of the remaining interest to be earnedGrace period on automatically renewable CDs: 10 daysEarly withdrawal penalties the same for retirement CDs? Yes
Institution: East Boston Savings BankMinimum deposit: $1,000Yield: 0.5%Penalty for early withdrawal: 3 months' interestGrace period on automatically renewable CDs: 10 daysEarly withdrawal penalties the same for retirement CDs? Yes
Institution: Eastern BankMinimum deposit: $500Yield: 0.1%Penalty for early withdrawal: 182 days' interest on amount withdrawnGrace period on automatically renewable CDs: 10 daysEarly withdrawal penalties the same for retirement CDs? Yes
Institution: Middlesex Savings BankMinimum deposit: $250Yield: 0.6%Penalty for early withdrawal: 3 months' interestGrace period on automatically renewable CDs: 10 daysEarly withdrawal penalties the same for retirement CDs? Yes
Institution: People's United BankMinimum deposit: $500Yield: 0.35%Penalty for early withdrawal: 3 months' interestGrace period on automatically renewable CDs: 10 daysEarly withdrawal penalties the same for retirement CDs? Yes
Institution: Rockland Trust Co.Minimum deposit: $1,000Yield: 0.4%Penalty for early withdrawal: 91 days' simple interest on amount withdrawnGrace period on automatically renewable CDs: 10 daysEarly withdrawal penalties the same for retirement CDs? Yes
Institution: Salem FiveMinimum deposit: $500Yield: 0.25%Penalty for early withdrawal: 4% of amount withdrawnGrace period on automatically renewable CDs: 10 daysEarly withdrawal penalties the same for retirement CDs? Yes
Institution: Santander BankMinimum deposit: $500Yield: 0.2%Penalty for early withdrawal: $35, plus 6 months' interest on amount withdrawnGrace period on automatically renewable CDs: 7 daysEarly withdrawal penalties the same for retirement CDs? Yes

Bankrate.com's CD Early Withdrawal Penalty Survey studied 100 banks and thrifts from the top 10 metropolitan markets from May 5, 2014 to May 14, 2014. Included were the top five banks and the top five thrifts by deposit size in each market. The top five credit unions from across the country by assets also were surveyed. In some instances, the institution did not offer all maturity periods.

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