Editor’s note: This is a transcript of the audio file.

Have money in a CD, but in a pinch for cash? I’m Kristin Arnold with your Bankrate.com Personal Finance Minute.

Bankrate.com’s 2012 early withdrawal survey sheds light on the penalties you could face if you decide to withdraw your money before maturity. Greg McBride, senior financial analyst with Bankrate.com is here to tell us what the typical early withdrawal penalties are.

Kristin, just as in our 2010 survey we found that the typical penalty for CDs less than one year in maturity is to forfeit 3 months worth of interest. And for CDs for one year and longer, the most common penalty means giving up 6 months of interest.”

Ok, what happens if you have to withdraw before you’ve earned enough interest to satisfy the penalty – for example, you have a one year CD that carries a six-month interest earnings penalty, but you cash it in after just 4 months?

This is a very important point. In 97% of the cases, the financial institution will dig into your principal to satisfy the penalty.”

To read more on CD early withdrawal penalties, just visit Bankrate.com. I’m Kristin Arnold.