EARLY WITHDRAWAL PENALTY

Janicefr48 | Feb 24, 2023 | 40 posts since 2022

Is there a current post or chart showing the EWP for various financial institutions?

I saw the post from 2016 that was updated in 2019 but haven't found anything more recent.

I am trying to compose a chart comparing the EWP for different lengths of CD's at different Financial Institutions, but it is not easy since many are not published, or I can't find them on their websites.

I just cashed several CD's and took the EWP since they were only paying 1.75% but I want to keep penalties in mind as I open new ones.

Most of the money is parked right now in savings accounts with 3.5 to 4.17% and no penalty CD's at 4.4% but since a lot of the funds are IRA's I am limited in where I can put those.

I have learned so much from this website which is not easy for a 74-year-old woman with very little experience in investing!!

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Answers

Ltssharon | Feb 24, 2023 | 471 posts since 2020

Hi Janice, I am about your age, and depositaccounts.com is great. I just had to make my own list of early withdrawal penalties. So, I had to make my own list. I found that if I did a search on the name of the financial institution and disclosures I could find the early withdrawal penalties. Some financial institutions list the early withdrawal penalties under "flexibility" or some such positive verbage, which is amusing. So watch for verbage or headings such as "flexibility" or "advantages" . Sometimes if you call they will tell you that you don't find out until you purchase a cd. Of course that is very backwards of what an investor wants. We want to know the verbage in a contract BEFORE we sign the contract and hand over our bucks. Bye for now.

Ltssharon | Feb 24, 2023 | 471 posts since 2020

Oh, also sometimes the early withdrawal penalty will be listed under a heading such as "fees".

JeffinEasternFL | Feb 24, 2023 | 744 posts since 2020

There is a great calculator for such scenario on this site BTW...easy to use.

njs | Feb 24, 2023 | 71 posts since 2019

The rep at Navy Federal CU told me there is no EWP on any of their IRA cds. If you can qualify to join.

JeffinEasternFL | Feb 24, 2023 | 744 posts since 2020

No surprise w/ IRA's, perpetual money especially after Secure 2.0...

Anitagirl | Mar 21, 2023 | 16 posts since 2023

This might be helpful:
https://www.forbes.com/advisor/banking/cds/cd-early-withdrawal-penalty/

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