Penalty on certificate of deposit??

Question

I put $5000 in cd and have $5050 now with interest and really need this money. My husband left me with my 2 year old. The maturity date is sept 10th. Interest is 4.5%. I go to school full time and will finish in april 2009 I really want to just focus on school instead of finding a part time job.. if I take it out now how much would they take

Answer 1

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Answer 2

You can deduct the penalty on your income tax, without itemizing.

Answer 3

It depends on the bank and the term. If it's a short term CD its usually 90 days of interest and if it was a long term it could be up to 180 days of interest.

Your banker can confirm the closing amount before actually processing it.