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|
|Charter One Bank||No|
|Comerica Bank||Yes||12-month||$1,000||0.15||10 days||“Flexible Rate CD” – additional deposits of $100 can be made at any time; a one-time withdrawal of up to 50% of the balance may be made without a penalty; the greater your balance, the greater the interest earned.|
|National City Bank||No|
|Citizens First Savings Bank||Yes||36-month||$1,000||2.38||10 days||“Customer Special” — customers have the option of maiking withdrawals or closing this CD without penalty during a 10-day grace period of the first year anniversary.|
|Dearborn Federal Savings Bank||No|
|First Place Bank||No|
|Northern Trust Bank||No|