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
Institution Minimum deposit Yield

%

Penalty for early withdrawal Grace period on automatically renewable CDs Early withdrawal penalties same for retirement CDs?
Bank of America $1,000 0.1 90 days interest 7 days Yes — 90 days interest
Charter One Bank $1,000 0.25 3 months interest 10 days N/A
Comerica Bank $1,000 0.15 3 months interest 10 days Yes — $25 + 1% of withdrawal amount
National City Bank $2,500 0.15 3 months interest 7 days Yes — 3 months interest
Citizens First Savings Bank $1,000 0.66 All interest earned 10 days Yes — All interest earned
Dearborn Federal Savings Bank $500 0.4 1 month interest 7 days N/A
First Place Bank N/A
Flagstar Bank $500 0.35 30 days interest 10 days Yes — 30 days interest
Northern Trust Bank $10,000 0.15 90 days interest 10 days Yes — 90 days interest

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