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 | 0.1 | 180 days interest | 7 days | Yes -- 180 days interest |
| Chase Bank | $1,000 | 0.2 | $25 + 1% of withdrawal amount | 10 days | Yes -- $25 + 1% of withdrawal amount |
| Citibank | $500 | 0.4 | 30 days interest | 7 days | No -- 1-month simple interest |
| HSBC Bank USA | $1,000 | 0.25 | 30 days interest | 10 days | No -- Penalty depends on how far into the term you are when you withdraw funds |
| Wachovia | $1,000 | 0.2 | 90 days interest | 7 days | Yes -- 90 days interest |
| Astoria FS&LA | $500 | 0.6 | 90 days interest | 7 days | Yes -- 90 days interest |
| Emigrant Savings Bank | $1,000 | 1.1 | 90 days interest or $50, whichever is greater | 10 days | Yes -- 90 days interest or $50, whichever is greater |
| Hudson City Savings Bank | $500 | 1.35 | 3 months interest | 10 days | Yes -- 3 months interest |
| Queens County Savings Bank | $2,500 | 0.65 | 90 days interest | No grace period | Yes -- 90 days interest |
| Sovereign Bank | $500 | 0.15 | 3 months interest | 7 days | Yes -- 3 months interest |
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