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||0.1||180 days interest||7 days||Yes — 180 days interest|
|Chase Bank||$1,000||0.2||$25 + 1% of withdrawal amount||10 days||Yes — $25 + 1% of withdrawal amount|
|Harris NA||$1,000||0.05||90 days interest||10 days||Yes — 90 days interest|
|National City Bank||$2,500||0.4||6 months interest||7 days||Yes — 6 months interest|
|The Northern Trust Co||$10,000||0.2||90 days interest||10 days||Yes — 90 days interest|
|BankFinancial||$1,000||0.5||3 months interest||7 days||Yes — 3 months interest|
|Citizens Financial Bank||$2,000||0.43||3 months simple interest||7 days||Yes — 3 months simple interest|
|First Savings Bank of Hegewisch||N/A|
|George Washington Savings Bank||$5,000||0.6||90 days interest||10 days||Yes — 90 days interest|
|Liberty Bank for Savings||$2,500||0.9||3 months interest||7 days||N/A|