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
1. New York
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 2.25 180 days interest 7 days Yes — 180 days interest
Chase Bank $1,000 1.25 $25 + 3% of withdrawal amount 10 days Yes — $25 + 3% of withdrawal amount
Citibank $500 2.5 270 days interest 7 days No — 1-month simple interest
HSBC Bank USA $1,000 1.01 180 days interest 10 days No — Penalty depends on how far into the term you are when you withdraw funds
Wachovia $1,000 1.06 180 days interest 7 days Yes — 180 days interest
Astoria FS&LA $500 3.25 360 days interest 7 days Yes — 360 days interest
Emigrant Savings Bank $1,000 3 360 days interest 10 days Yes — 360 days interest
Hudson City Savings Bank $500 3.4 6 months interest 10 days Yes — 6 months interest
Queens County Savings Bank $500 1.7 365 days interest No grace period Yes — 365 days interest
Sovereign Bank $500 1.65 6 months interest 7 days Yes — 6 months interest

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