Is there a penalty to close a CD early or before maturity?
If we receive a request to close a CD within a 24 day window (14 days prior to maturity and up to 10 days after maturity) we will process it immediately with no penalty. However if you are outside that window the penalty is figured as follows:
The penalty amount is different depending on whether the CD has a term of 12 months or less.
- Term of 12 months or less = the penalty is equal to 90 days of interest
- Term is greater than 12 months = the penalty is equal to 180 days of interest