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
7. Boston
Institution Minimum deposit Yield

%

Penalty for early withdrawal Grace period on automatically renewable CDs Early withdrawal penalties same for retirement CDs?
Bank of America $1,000 0.85 180 days interest 10 days Yes — 180 days interest
Citibank $500 1.3 180 days interest 7 days No — 1 month simple interest
Citizens Bank of Massachusetts $1,000 1 6 months interest 10 days Yes — 6 months interest
TD Bank N/A        
Cambridge Savings Bank $1,000 1.04 180 days simple interest 10 days Yes — 180 days
Eastern Bank $500 0.75 181 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 1.45 9 months simple interest 10 days No — 6 months simple interest
Sovereign Bank $500 1.15 6 months interest 7 days Yes — 6 months interest
Rockland Trust Company N/A        

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