12. CD Early Withdrawal Fee
Certificates of deposit usually offer higher interest rates than savings accounts, but require you to leave your money in the account for a specific period. You’ll owe a penalty if you take out your money early, which varies depending on the length of the CD. For example, Bank of America charges the following fees for CD withdrawals:
- CDs maturing in less than 90 days: All interest or seven days’ interest, whichever is greater
- CDs maturing in 90 days to 12 months: 90 days’ interest
- CDs maturing in 12 months to 60 months: 180 days’ interest
- CDs maturing in 60 months or more: 365 days’ interest