2010 CD Study
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CD early withdrawal: Detroit

Bankrate.com's CD early withdrawal penalty study looked at five of the most common maturities and liquid CDs. This chart gives you an easy way to compare CD offerings by institution, metropolitan area and maturity as of the date of the survey.

In addition, the chart states the minimum deposit required to open an account, the yield to maturity, the institution's stated penalty for early withdrawal, the reduction in principal if the unpaid interest is less than the penalty, the grace period on automatically renewable CDs and whether the early withdrawal penalties are the same for retirement CDs.

CD early withdrawal penalty comparison
6. Detroit
InstitutionMinimum depositYield
%
Penalty for early withdrawalGrace period on automatically renewable CDsEarly withdrawal penalties same for retirement CDs?
Bank of America$1,0000.190 days interest7 daysYes -- 90 days interest
Charter One Bank$1,0000.253 months interest10 daysN/A
Comerica Bank$1,0000.153 months interest10 daysYes -- $25 + 1% of withdrawal amount
National City Bank$2,5000.153 months interest7 daysYes -- 3 months interest
Citizens First Savings Bank$1,0000.66All interest earned10 daysYes -- All interest earned
Dearborn Federal Savings Bank$5000.41 month interest7 daysN/A
First Place BankN/A
Flagstar Bank$5000.3530 days interest10 daysYes -- 30 days interest
Northern Trust Bank$10,0000.1590 days interest10 daysYes -- 90 days interest
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