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.
|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|
|Citizens Bank of Massachusetts||No|
|Rockland Trust Company||Yes||5-month||$1,000||0.75||10 days||3 penalty free withdrawals within the 5-month period, after the first 7 days.|
|$250||.3/.45||10 days||“No Catch CD” — one penalty-free withdrawal per term.|
|Cambridge Savings Bank||No|
|Middlesex Savings Bank||No|
|Salem Five||Yes||9-month||$10,000||0.4||10 days||“No Penalty CD” — account may be closed without penalty at any time after the first six days. Deposits and partial withdrawals are not permitted; 3 months simple interest if you close the account in the first 6 days; principal may be affected.|
|$5,000||2/2.9||N/A||“Save and Invest CD package” — 1/2 of your deposit goes into a 6-month 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-month 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% third year).|