It started in 1997, when Alain de Botton turned away from writing novels and instead wrote a touching extended essay titled How Proust Can Change Your Life, which became an unlikely blockbuster in the self-helpcategory.
A sample penalty schedule might look like: 1  11 month CDs or shorter charge three monthsâ worth of interest. 2  12 to 59 month CDs charge six monthsâ worth of interest. 3  60 month or longer CDs charge 12 monthsâ worth of interest.
Cashing in a CD before it matures? That could cost you. Banks and credit unions often charge penalties for early CD withdrawals. You might need to pay the penalty if itâs your only option, but itâs worth knowing how these penalties work and how you can avoid them. CDs are great investments if you want to keep money safe.