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:
- 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 If your bank lets you withdraw part of your CD early, the penalty tends to be for the withdrawn amount instead of the full CD balance at the time of withdrawal.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
Bread Savings® CD 
APY
4.15%
Term
9 months
Marcus by Goldman Sachs High-Yield CD 
APY
4.00%
Term
9 months
Member FDIC
Synchrony Bank CD 
APY
4.00%
Term
9 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.
🤓 Nerdy Tip
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 | Early withdrawal penalty | ||
|---|---|---|---|
| Ally Bank |
| ||
| Capital One |
| ||
| Chase |
| ||
| Citibank |
| ||
| Marcus by Goldman Sachs |
| ||
+ Expand to see full list of 30 banks and credit unions
| Financial institution (click to read each review) | Early withdrawal penalty | ||
|---|---|---|---|
| Alliant Credit Union* |
| ||
| Ally Bank |
| ||
| Alto |
| ||
| American Express Bank |
| ||
| Andrews Federal Credit Union |
| ||
| Bank5 Connect |
| ||
| Bank of America |
| ||
| Barclays |
| ||
| Bask Bank |
| ||
| Bread Savings® |
| ||
| Capital One |
| ||
| Chase |
| ||
| CIT |
| ||
| Citibank |
| ||
| Connexus Credit Union |
| ||
| E*TRADE (from Morgan Stanley) |
| ||
| EverBank |
| ||
| First Internet Bank |
| ||
| Live Oak Bank |
| ||
| Marcus by Goldman Sachs |
| ||
| NASA Federal Credit Union* |
| ||
| Navy Federal Credit Union* |
| ||
| Newtek Bank |
| ||
| Pentagon Federal Credit Union** |
| ||
| Popular Direct |
| ||
| Quontic Bank |
| ||
| Sallie Mae Bank |
| ||
| Synchrony Bank |
| ||
| TAB Bank |
| ||
| Wells Fargo |
| ||
*Alliant, NASA FCU and Navy Federal CU's penaltiesYou only pay dividends, regardless of how early you withdraw. Many banks have a fixed penalty that allows them to take from your original CD deposit if you withdraw your CD early enough. But Alliant's, NASA FCU's and Navy Fed's type of penalty is different: If you withdraw your certificate before it reaches the maximum days of the penalty, such as 90 days of interest for a 1-year certificate, the penalty is only the dividends you've earned for the days your certificate was opened. **PenFed's penaltyMany CD penalties are in days' worth of interest or dividends already earned, but PenFed uses expected dividends. PenFed's penalty has a greater chance of dipping into your original deposit, meaning you can lose money from a certificate. | |||
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.
See CD rates by term and type
Compare the best rates for various CD terms and types:
How do CDs work?
Learn more about choosing CDs, understanding CD rates, and opening and closing CDs.
Understanding CD rates:
Choosing CDs
Opening CDs
Closing CDs
See CD rates by bank
Here’s a quick list of CD rates at traditional and online banks and a brokerage:
