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

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
5. Philadelphia
InstitutionMinimum depositYield
Penalty for early withdrawalGrace period on automatically renewable CDsEarly withdrawal penalties same for retirement CDs?
Bank of America$1,0000.190 days interest7 daysYes -- 90 days interest
Chase Bank$1,0000.2$25 + 1% of withdrawal amount10 daysYes -- $25 + 1% of withdrawal amount
PNC Bank$1,0000.153 months interest10 daysYes -- 3 months interest
TD Bank$2500.253 months interest10 daysNo -- penalty depends on how far into the term you are when you withdraw funds
Wachovia$1,0000.0190 days interest7 daysYes -- 90 days interest
Beneficial Mutual Savings Bank$5000.2590 days interest7 daysN/A
Citizens Bank of Pennsylvania$1,0000.253 months interest10 daysN/A
Firstrust Savings Bank$1,0000.530 days interest7 daysYes -- 30 days interest
Sovereign Bank$5000.013 months interest7 daysYes -- 3 months interest
Wilmington Savings Fund SocietyN/A
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