2010 CD Study
Stacks of golden coins against golden dollar
CD early withdrawal: New York

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
InstitutionMinimum depositYield
Penalty for early withdrawalGrace period on automatically renewable CDsEarly withdrawal penalties same for retirement CDs?
Bank of America$1,0002.25180 days interest7 daysYes -- 180 days interest
Chase Bank$1,0001.25$25 + 3% of withdrawal amount10 daysYes -- $25 + 3% of withdrawal amount
Citibank$5002.5270 days interest7 daysNo -- 1-month simple interest
HSBC Bank USA$1,0001.01180 days interest10 daysNo -- Penalty depends on how far into the term you are when you withdraw funds
Wachovia$1,0001.06180 days interest7 daysYes -- 180 days interest
Astoria FS&LA$5003.25360 days interest7 daysYes -- 360 days interest
Emigrant Savings Bank$1,0003360 days interest10 daysYes -- 360 days interest
Hudson City Savings Bank$5003.46 months interest10 daysYes -- 6 months interest
Queens County Savings Bank$5001.7365 days interestNo grace periodYes -- 365 days interest
Sovereign Bank$5001.656 months interest7 daysYes -- 6 months interest
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