Can I withdraw my money early from my CD and are there penalties?

Any early CD withdrawals made outside the 10-day grace period following the maturity date may be subject to an early withdrawal penalty.

For CDs opened after May 31, 2023: If the bank approves an early withdrawal, you’ll pay a penalty based on the principal amount, rate, and term length of the certificate, and the amount of the withdrawal. For CD terms of one year or less, the penalty is 90 days simple interest. For terms greater than one year, the penalty is 180 days of simple interest.

For CDs opened on or before May 31, 2023: If the bank approves an early withdrawal, an early withdrawal penalty will not be assessed for the current term of the CD. After the CD matures and renews, you’ll pay a penalty based on the principal amount, rate, and term length of the certificate, and the amount of the withdrawal. For CD terms of one year or less, the penalty is 90 days simple interest. For terms greater than one year, the penalty is 180 days of simple interest.