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 Liquid CDs offered Term Minimum deposit Yield

(%)

Grace period on automatically renewable CDs Conditions
Bank of America Yes 9-month $5,000 0.4 7 days “Risk Free CD account” — Must open online; allows you to make withdrawals every 7 days, without any penalty.
Chase Bank No
Citibank No
HSBC Bank USA No
Wachovia No
Astoria FS&LA Yes 3-month $5,000 0.5 7 days Must 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 Bank No
Hudson City Savings Bank No
Queens County Savings Bank No
Sovereign Bank Yes 6-month

/36-month

$5,000 2

/2.9

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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