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What if I want to withdraw my funds from my CD before the Maturity Date?

A penalty will be imposed if you withdraw principal from your CD before maturity, or if your CD is closed for any other reason before maturity. (In certain circumstances, such as the death or incompetence of an account holder, we may agree to waive the early withdrawal penalty.) You understand that, if the amount of the penalty is greater than the available interest earned or credited on your CD, we will deduct the difference from your principal.

  • For a CD with a Term of Less than 12 Months:  If you withdraw all of your principal balance or if the account is closed for any other reason before maturity, the penalty is 90 days’ interest on the withdrawn amount applying the interest rate disclosed in your account-opening documents.

  • For a CD with a Term of at least 12 Months but Less than 48 Months: If you withdraw all of your principal balance or if the account is closed for any other reason before maturity, the penalty is 270 days’ interest on the withdrawn amount applying the interest rate disclosed in your account-opening documents.

  • For a CD with a Term of at least 48 Months but Less than 60 Months: If you withdraw all of your principal balance or if the account is closed for any other reason before maturity, the penalty is 365 days’ interest on the withdrawn amount applying the interest rate disclosed in your account-opening documents.

  • For a CD with a Term of 60 Months or more: If you withdraw all of your principal balance or if the account is closed for any other reason before maturity, the penalty is 540 days’ interest on the withdrawn amount applying the interest rate disclosed in your account-opening documents.

Note: If your CD was opened or last renewed before April 1, 2018, please see your original account disclosure for the penalty that will apply.

 


 

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†Accounts offered by American

Express National Bank. Member FDIC. Each depositor is insured to at least $250,000 per depositor, per insured bank, per ownership category.

Learn More at FDIC.gov

*The Annual Percentage Yield (APY) as advertised is accurate as of . Interest rate and APY are subject to change at any time without notice before and after a High Yield Savings Account is opened.

 

For a CD account, rates are subject to change at any time without notice before the account is funded. The rate received will either be (i) the rate reflected during your application process or (ii) the rate being offered when your CD is funded, whichever is higher. All CDs must be funded within 60 calendar days from the time we approve your application or will be subject to closure. The interest rate and Annual Percentage Yield (APY) will be disclosed in your account-opening documents, which you will receive after completing your account-opening deposit. After a CD is opened, additional deposits to the account are not permitted. Early CD withdrawals may be subject to significant penalties which could cause you to lose some of your principal. Please see the Deposit Account Agreement for additional terms and conditions and Truth-in-Savings disclosures.

 

**The national rate referenced is from the FDIC's published Monthly Rate Cap Information for Savings deposit products. Visit the FDIC website for details.

 

‡For purposes of transferring funds, business days are Monday through Friday, excluding holidays. Transfers can be initiated 24/7 via the website or phone, but any transfers initiated after 7:00 PM Eastern Time or on non-business days will begin processing on the next business day. Funds deposited into your account may be subject to holds. See the Funds Availability section of your Deposit Account Agreement for more information.

 

♢Calculations are estimates of expected interest earned. Actual results may vary, based on various factors such as leap years, timing of deposits, rounding, and variation in interest rates. The first recurring deposit is assumed to begin in the second period after any initial deposit.

 

§IRA Contributions are subject to aggregate annual limits across all IRA plans held at American Express or other institutions. IRA distributions may be taxed and subject to penalties based on IRS guidelines. Required minimum distribution, if applicable, is only relevant to this IRA plan and does not take into consideration other IRA plans held at American Express or other institutions. Please see IRS.gov for more information. We recommend you consult with a financial or tax advisor when making contributions to and distributions from an IRA plan account.