CD Early Withdrawal Penalty Calculator
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Certificates of deposit, unlike regular savings accounts, keep your funds under lock and key for a specified term. And banks give a good incentive not to tinker with the lock: Withdrawing before the CD term's end usually costs you.
» Learn more about CD early withdrawal penalties and how to avoid them
A CD penalty is the interest earned in a CD for a fixed number of days or months, which makes this charge tricky to know. But you can get an estimated dollar amount for what a penalty can cost you by using our calculator below.
CD early withdrawal penalty calculator
See what an early withdrawal from a CD can cost, with help from a list of penalties at some banks and credit unions. (Skip down to that list.)
» Withdrawing early for a better CD rate? Consider when breaking a CD early pays off
Calculator assumptions
The CD early withdrawal penalty calculator assumes three things:
The penalty is in terms of simple interest. This means that the penalty doesn’t factor in compounding, and that aligns with many banks’ approach to penalties.
CD interest, outside the penalty, is compounded daily, which is typical for online high-yield CDs. If your CD is compounded monthly, results may differ slightly.
There are no partial withdrawals for CDs. Although some banks allow this, many don’t, so our calculator follows suit. If your bank lets you withdraw part of your CD early, the penalty tends to be for the withdrawn amount instead of the full CD balance at the time of withdrawal.
No-penalty CDs: the big exception
Early withdrawal penalties are standard, but some CDs let you withdraw for free at any time, generally after the first week. These no-penalty CDs don't have the highest rates, but you can find yields comparable to high-yield savings accounts. (Check out NerdWallet's best savings accounts.)
No-penalty CDs have a big plus over savings accounts: Your rate is locked in. (See more details about the best no-penalty CDs.)
» See more options: Best CD rates
Member FDIC
Marcus by Goldman Sachs High-Yield CD
4.25%
1 year
Federally insured by NCUA
Alliant Credit Union Certificate
4.10%
1 year
Member FDIC
Discover® CD
4.00%
1 year
Synchrony Bank CD
4.25%
13 months
Tip about banks vs. credit unions
Credit unions often use different terms than banks when describing the same type of account. Banks call them CDs, while credit unions call them certificates or share certificates. Banks say interest, while credit unions say dividends.
CD penalties can be measured in days or months. Here’s a rough guide to convert from days to months: 60 days = 2 months; 90 days = 3 months; 120 days = 4 months; 180 days = 6 months; 270 days = 9 months; 540 days = 18 months; 720 days = 24 months.
CD early withdrawal penalties at banks and credit unions
Here’s a look at CD penalties at some notable banks and credit unions.
Financial institution (click to read our review) | Early withdrawal penalty | |
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See CD rates by term and type
Compare the best rates for various CD terms and types:
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