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CD Early Withdrawal Survey: Chicago

CD Rates » CD Penalty Chart » Chicago

Bankrate.com's 2014 CD Early Withdrawal Penalty Survey collected data in Chicago 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.

Chicago CD rates

3-month 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: 0.01%Penalty for early withdrawal: 90 days' interest on the amount withdrawnGrace period on automatically renewable CDs: 7 daysEarly withdrawal penalties the same for retirement CDs? Not offered
Institution: BankFinancialMinimum deposit: $1,000Yield: 0.15%Penalty for early withdrawal: Loss of 7 days of interest if within 6 days of initial deposit; 100% loss of interest after 6 daysGrace period on automatically renewable CDs: 7 daysEarly withdrawal penalties the same for retirement CDs? Yes
Institution: BMO Harris BankMinimum deposit: $1,000Yield: 0.05%Penalty for early withdrawal: 90 days' interestGrace period on automatically renewable CDs: 10 daysEarly withdrawal penalties the same for retirement CDs? Yes
Institution: Chase BankMinimum deposit: $1,000Yield: 0.01%Penalty for early withdrawal: 1% of amount withdrawn but not more than total interest earned during current term of CDGrace period on automatically renewable CDs: 10 daysEarly withdrawal penalties the same for retirement CDs? Yes
Institution: CitibankMinimum deposit: $500Yield: 0.05%Penalty for early withdrawal: 30 days' simple interest on amount withdrawnGrace period on automatically renewable CDs: 7 daysEarly withdrawal penalties the same for retirement CDs? Yes
Institution: Hoyne Savings BankMinimum deposit: $1,000Yield: 0.1%Penalty for early withdrawal: 30 days' interestGrace period on automatically renewable CDs: 7 daysEarly withdrawal penalties the same for retirement CDs? Yes
Institution: The Northern Trust Co.Minimum deposit: $25,000Yield: 0.03%Penalty for early withdrawal: 90 days' interest on the amount withdrawnGrace period on automatically renewable CDs: 10 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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