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
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| 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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