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How much penalty is charged for early withdrawal of a Certificate of Deposit

If you withdraw any of the principal before the maturity date, you will be charged a penalty. The penalty on the amount withdrawn will be a loss of interest, whether earned or not, as follows:

For accounts with a term of:

91 days or less:  loss of 1 months' interest

92 days through 1 year:  loss of 3 months' interest

More than 1 year, less than 3 years:  loss of 6 months' interest

At least 3 years, less than 4 years:  loss of 12 months' interest

4 years or more:  loss of 18 months' interest

The penalty will be figured on the amount withdrawn at the simple interest rate being paid on the account and will be deducted from the account balance or the amount withdrawn.

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