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CD Early Withdrawal Survey: Detroit

CD Rates » CD Penalty Chart » Detroit

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

Detroit 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: Charter One BankMinimum deposit: $1,000Yield: 0.03%Penalty for early withdrawal: $50, plus greater of 90 days' interest on withdrawn amount or half of the remaining interest to be earned on remaining balanceGrace period on automatically renewable CDs: 10 daysEarly withdrawal penalties the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Institution: Chase BankMinimum deposit: $1,000Yield: 0.01%Penalty for early withdrawal: 1% of amount withdrawn but not more than total interest earned during current term of CDGrace period on automatically renewable CDs: 10 daysEarly withdrawal penalties the same for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: Citizens Community FederalMinimum deposit: $2,000Yield: 0.1%Penalty for early withdrawal: 90 days' interestGrace period on automatically renewable CDs: 10 daysEarly withdrawal penalties the same for retirement CDs? Not offered
Institution: Comerica BankMinimum deposit: $1,000Yield: 0.03%Penalty for early withdrawal: 30 days' interest on amount withdrawnGrace period on automatically renewable CDs: 10 daysEarly withdrawal penalties the same for retirement CDs? Yes
Institution: Dearborn Federal Savings BankMinimum deposit: $500Yield: 0.05%Penalty for early withdrawal: 1 month of interestGrace period on automatically renewable CDs: 7 daysEarly withdrawal penalties the same for retirement CDs? Not offered
Institution: Flagstar BankMinimum deposit: $500Yield: 0.15%Penalty for early withdrawal: 30 days' interestGrace period on automatically renewable CDs: 10 daysEarly withdrawal penalties the same for retirement CDs? Yes
Institution: PNC BankMinimum deposit: $1,000Yield: 0.05%

Penalty for early withdrawal: 3 months' interest

Grace period on automatically renewable CDs: 10 daysEarly withdrawal penalties the same for retirement CDs? Yes
Institution: Sterling Bank & TrustMinimum deposit: $500Yield: 0.1%Penalty for early withdrawal: 30 days' 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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