3% 7-Year CD At Dime Bank In New York City BUT Big EWP

Dime Bank's 7-year CD may look appealing with a 3.00% APY, but there's a high price to pay for early withdrawals.

From the disclosure:

Early Withdrawal Penalty – Principal may not be withdrawn from your Certificate before the account maturity date, unless the Bank consents to the withdrawal. If a withdrawal of principal is permitted, you may incur one of the following Bank penalties:
[...]
5. Accounts with terms of 3 years or more will lose 24 month’s simple interest.

That's twice the penalty of PenFed's 7-year CD (which is still 3.49% APY).