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You can withdraw your initial deposit plus any earned interest and move the funds wherever you see fit. You could reinvest the cash from your CD into a number of options: High-yield savings account.
Let's assume that this CD has an early withdrawal penalty equal to 12 months of interest — meaning it'd cost you $400 to break it. Moving your funds to a new 5.00% APY CD would earn $3,152 over ...
How to Calculate Interest on a CD. ... If you redeem a CD before the maturity date, you’ll typically pay an early withdrawal penalty based on the terms of the agreement.
The CD term: The term of the CD tends to impact the early withdrawal fee. In general, the longer a CD term, the bigger the penalty. The yield: Most banks charge early withdrawal fees based on the ...
After a CD matures or reaches the end of its term, you can withdraw your initial deposit plus any interest earned. If your CD is penalty-free , you can withdraw your money before the end of the term.
A variable-rate CD — also called a flex CD — is a type of certificate of deposit with an interest rate that can fluctuate periodically over the term of the CD based on market conditions. The ...