Bankrate.com’s 2015 CD Early Withdrawal Penalty Survey collected data in Detroit and other cities for 5 of the most common CD maturities being sold today. This chart gives you an easy way to compare CD offerings by institution, metropolitan area and maturity using the survey data we collected in October of this year.

Compare Detroit CD rates

Detroit

Term Institution Minimum deposit Yield Penalty for early withdrawal Reduction in principal if accrued and unpaid interest is less than the penalty? Grace period on automatically renewable CDs Are early withdrawal penalties the same for retirement CDs?
3-month Bank of America $1,000 0.03% 90 days’ interest on the amount withdrawn Yes 7 days Not offered
3-month Chase Bank $1,000 0.01% 1% of amount withdrawn but not more than total interest earned during current term of CD No 10 days Yes
3-month Comerica Bank $1,000 0.03% 30 days’ interest on amount withdrawn Yes 10 days Yes
3-month Dearborn Federal Savings Bank $500 0.1% 1 month of interest Yes 7 days Yes
3-month Fifth Third Bank $500 0.05% 1% of principal withdrawn Yes 10 days Yes
3-month Flagstar Bank $500 0.15% 30 days’ interest Yes 10 days Yes
3-month PNC Bank $1,000 0.05% 3 months’ interest on amount withdrawn Yes 10 days Yes
3-month Sterling Bank & Trust $500 0.2% 30 days’ interest on amount withdrawn Yes 7 days Yes
3-month The Huntington National Bank $1,000 0.01% 3 months’ interest Yes 10 days Yes
6-month Bank of America $1,000 0.03% 90 days’ interest on the amount withdrawn Yes 7 days Yes
6-month BestBank $1,000 0.03% 90 days’ interest Yes 7 days Yes
6-month Chase Bank $1,000 0.01% 1% of amount withdrawn but not more than total interest earned during current term of CD No 10 days Yes
6-month Comerica Bank $1,000 0.04% 90 days’ interest on amount withdrawn Yes 10 days Yes
6-month Dearborn Federal Savings Bank $500 0.15% 2 months’ interest Yes 7 days Yes
6-month Fifth Third Bank $500 0.05% 2% of principal withdrawn Yes 10 days Yes
6-month Flagstar Bank $500 0.2% 1 month of interest Yes 10 days Yes
6-month PNC Bank $1,000 0.06% 3 months’ interest Yes 10 days Yes
6-month Sterling Bank & Trust $500 0.4% 90 days’ interest on amount withdrawn Yes 7 days Yes
6-month The Huntington National Bank $1,000 0.1% 3 months’ interest Yes 10 days Yes
1-year Bank of America $1,000 0.05% 180 days’ interest on the amount withdrawn Yes 7 days Yes
1-year BestBank $1,000 0.05% 180 days’ interest Yes 7 days Yes
1-year Chase Bank $1,000 0.01% 1% of amount withdrawn but not more than total interest earned during current term of CD No 10 days Yes
1-year Comerica Bank $1,000 0.1% 180 days’ interest on amount withdrawn Yes 10 days Yes
1-year Dearborn Federal Savings Bank $500 0.3% 3 months’ interest Yes 7 days Yes
1-year Fifth Third Bank $500 0.05% 2% of principal Yes 10 days Yes
1-year Flagstar Bank $500 0.3% 6 months’ interest Yes 10 days Yes
1-year PNC Bank $1,000 0.1% 6 months’ interest Yes 10 days Yes
1-year Sterling Bank & Trust $500 0.65% 180 days’ interest on amount withdrawn Yes 7 days Yes
1-year The Huntington National Bank $1,000 0.1% 6 months’ interest Yes 10 days Yes
2-year Bank of America $1,000 0.1% 180 days’ interest on the amount withdrawn Yes 7 days Yes
2-year BestBank $1,000 0.05% 180 days’ interest Yes 7 days Yes
2-year Chase Bank $1,000 0.05% 2% of amount withdrawn but not more than total interest earned during current term of CD No 10 days Yes
2-year Comerica Bank $1,000 0.15% 180 days’ interest on the amount withdrawn Yes 10 days Yes
2-year Dearborn Federal Savings Bank $500 0.35% 6 months’ interest Yes 7 days Yes
2-year Fifth Third Bank $500 0.15% 2% of principal Yes 10 days Yes
2-year Flagstar Bank $500 0.55% 6 months’ interest Yes 10 days Yes
2-year PNC Bank $1,000 0.25% 6 months’ interest Yes 10 days Yes
2-year Sterling Bank & Trust $500 0.9% 360 days’ interest on the amount withdrawn Yes 7 days Yes
2-year The Huntington National Bank $1,000 0.15% 12 months’ interest Yes 10 days Yes
5-year Bank of America $1,000 0.15% 365 days’ interest on the amount withdrawn Yes 7 days Yes
5-year BestBank $1,000 0.1% 180 days’ interest Yes 7 days Yes
5-year Chase Bank $1,000 0.25% 2% of amount withdrawn but not more than total interest earned during current term of CD No 10 days Yes
5-year Comerica Bank $1,000 0.35% 180 days’ interest on the amount withdrawn Yes 10 days Yes
5-year Dearborn Federal Savings Bank $500 0.75% 12 months’ interest Yes 7 days Yes
5-year Fifth Third Bank $500 0.55% 3% of principal Yes 10 days Yes
5-year Flagstar Bank $500 1% 6 months’ interest Yes 10 days Yes
5-year PNC Bank $1,000 0.55% 6 months’ interest Yes 10 days Yes
5-year Sterling Bank & Trust $500 1.85% 360 days’ interest on amount withdrawn Yes 7 days Yes
5-year The Huntington National Bank $1,000 0.55% 12 months’ interest Yes 10 days Yes

Bankrate.com's CD Early Withdrawal Penalty Survey studied 100 banks and thrifts from the top 10 metropolitan markets Oct. 1-13, 2015. Included were the top 5 banks and the top 5 thrifts by deposit size in each market. The top 5 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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