Updated: Oct 03, 2024

Comparing Early Withdrawal Penalty Fees for CDs

A certificate of deposit (CD) is an investment option offered by banks and credit unions when you want to invest a portion of your money and “lock” it up for certain amount of time. Because the mon...
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A certificate of deposit (CD) is an investment option offered by banks and credit unions when you want to invest a portion of your money and “lock” it up for certain amount of time. Because the money tied up in CDs are locked for a length of time, banks offer an interest rate that is higher than the usual savings account rate.

Comparing CD Early Withdrawal Penalty Fees Across Major Banks

Compare 1-year deposit 5-year deposit
Ally Bank 60 days of interest 150 days of interest
Bank of America 180 days of interest 365 days of interest
Capital One 360 3 months of interest 6 months of interest
CIT Bank 3 months of simple interest 12 months of simple interest
Discover Bank 6 months of interest 18 months of interest
American Express National Bank 270 days of interest 540 days of interest
Chase 1% of the withdrawal amount 2% of the withdrawal amount
Wells Fargo 6 months of interest 12 months of interest
Citibank 90 days of interest 180 days of interest
U.S. Bank $25 + either 1/2 of the interest you would have earned if the funds were withdrawn after maturity OR 1% of the withdrawal amount, whichever is greater $25 + either 1/2 of the interest you would have earned if the funds were withdrawn after maturity OR 3% of the withdrawal amount, whichever is greater

Lock In The Highest CD Rates Before Interest Rates Crash Again

The Federal Reserve plans to continue dropping interest rates. To ensure that you continue to generate reliable returns for years to come, consider a CD now to lock in the highest available rates:

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