CD Early Withdrawal Penalty Calculator

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.)

CD starting deposit: The amount of cash you’ll fund your CD with.

APY: Annual percentage yield of the CD.

CD term length: Amount of time the CD is locked for.

Years or months: Most CD terms are in years or in months.

Penalty (in months): The amount of time that the penalty is based on. For example, a penalty might be 60 days (two months) of interest.

Months remaining until CD matures: Amount of time, in months, until your CD matures and funds can be accessed without penalty.

» 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:

1. 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.

2. 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.

3. 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 If your bank lets you withdraw part of your CD early, the penalty tends to be for the withdrawn amount instead of the full CD balance at the time of withdrawal.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

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 early withdrawal penalties at banks and credit unions

Here’s a look at CD penalties at some notable banks and credit unions.

How do you calculate CD early withdrawal penalties?

A CD penalty is the interest earned in a CD for a fixed number of days or months, which can be challenging to calculate manually. Use our calculator above to find an estimated dollar amount for what an early withdrawal penalty can cost you.