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In general, you can withdraw the interest earnings on a CD at any time without an interest penalty. Withdrawals of principal, or the original amount deposited, are permitted only during a 7-day grace period that occurs at the end of the CD term. Withdrawals of principal during the term of the account are subject to an early withdrawal penalty and may also cause the renewal interest rate/APY to vary during the grace period.
As always, there are some exceptions, our Liquid CD allows penalty-free withdrawals subject to certain limits as long as you maintain a minimum balance of $5,000 in your account.
Retirement CDs held in an IRA permit some penalty free withdrawals for customers age 59 1/2 or older, however all distributions from an IRA are reportable to the Internal Revenue Service and may have tax implications. Contact your professional tax advisor before making a withdrawal from your IRA as IRS penalties may apply.
