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.
|Penalty for early withdrawal||Grace period on automatically renewable CDs||Early withdrawal penalties same for retirement CDs?|
|Bank of America||$1,000||0.4||180 days interest||7 days||Yes — 180 days interest|
|Citibank||$500||0.95||30 days interest||7 days||No — 1 month simple interest|
|Citizens Bank of Massachusetts||$1,000||0.4||6 months interest||10 days||Yes — 6 months interest|
|TD Bank||$250||0.55||6 months interest||10 days||No — penalty depends on how far into the term you are when you withdraw funds|
|Cambridge Savings Bank||$1,000||0.35||90 days simple interest||10 days||Yes — 90 days|
|Eastern Bank||$500||0.65||181 days interest||10 days||Yes — 181 days interest|
|Middlesex Savings Bank||$250||1.35||6 months interest||10 days||Yes — 6 months interest|
|Salem Five||$500||0.75||6 months simple interest||10 days||Yes — 6 months simple interest|
|Sovereign Bank||$500||0.55||6 months interest||7 days||Yes — 6 months interest|