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
InstitutionLiquid CDs offeredTermMinimum depositYield
Grace period on automatically renewable CDsConditions
Bank of AmericaYes9-month$5,0000.47 days"Risk Free CD account" -- Must open online; allows you to make withdrawals every 7 days, without any penalty.
Chase BankNo
Astoria FS&LAYes3-month$5,0000.57 daysMust open in branch or by phone; penalty free withdrawals can be made every 7 days; minimum withdrawal is $500; balance can not fall below $5,000; otherwise there is a penalty of 90 days of interest.
Emigrant Savings BankNo
Hudson City Savings BankNo
Queens County Savings BankNo
Sovereign BankYes6-month
N/A"Save and Invest CD package" -- 1/2 of your deposit goes into a 6-mo CD at 2%. You can withdraw the funds after 7 days with no penalty. The other half of your deposit goes into a variable 36-mo CD tied to the S&P index. High penalties if you withdraw the funds from the 36-mo (9% first year; 6% second year; 3% 3rd year).
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