I have a CD in my name, I have had it in for a little over 2 years, 5% interest rate on a 1 year plan and started with $1,000 i currently have a balance $1,117. I am a college student, and I need a new laptop and that is the only money I could use at the moment, and I am not saving that for a particular reason, but it isn't due to mature for about 7 more months. About how much money would I be penalized if I took the moneyout of the CD?
For a one-year CD, the penalty is usually 90 days of interest.
Typically you sacrifice the interest earned from the current term to date. So whatever the amount was at time of renewal, is what you would receive. Or, if the interest is earned monthly, then you would not sacrifice much at all.
On that dollar amount, the amount will be small.
Good luck at school!
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Check with the bank. Each bank has a different penalty based on the agreement you signed when you took out the CD.