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.
These early withdrawal penalties are common on CDs that you withdraw before they mature. Bankrate.com's 2012 survey claims the average penalty is 90 days of interest for CDs with maturities under one year and 180 days for longer CDs.