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Are there any "permanant" penalities for withdrawing a CD early?

M

manlymatt83

Lifer
I want to withdraw a CD early because the rate is really low and I can get a better one.... the penalty is 3 months interest which still makes money for me (its been in there for a while).

Should I withdraw it or wait?
 
What's the rate on the one you have, how much longer until it matures, and what rate can you get on a new one?
 
Just do the math:

1) How much will the CD be worth at the end of its term?
2) How much will this money be worth if you take the penalty and put it into your new investment for the remaining time left on the CD?

If 1>2, then leave it.
If 2>1, then get your money out and invest it elsewhere.
 
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