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What are the penalties for withdrawal from a term deposit or CD?

The penalty varies based on term length:

  • Terms of 12 months and shorter are assessed a 90-day interest penalty.
  • Terms of 12–48 months are assessed a 180-day interest penalty.
  • Terms greater than 48 months are assessed 365 days of interest penalty.

All penalties assessed are based on the full balance of the term. Early withdrawals terminate the entire term and the remainder must be reinvested in a new term, transferred to another share or loan, or withdrawn.

Click here for more information on term deposits.