Ten years ago, opening a certificate of deposit required $5,000 and an hour at the bank. Today, you only need $1 and five minutes. Take advantage of that to help minimize early withdrawal penalties on CDs.
certificate
![CD Rates May Not Be Honored in Bank Failure](../../consumermediallc.files.wordpress.com/2012/06/2867142407_377842af15_m1.jpg?w=117&h=157&crop=1)
CD Rates May Not Be Honored in Bank Failure
If you wanted to close your certificate of deposit early, you’d pay a penalty. Unless your CD were callable, your bank can’t close it early with one exception. Fortunately, it’s an exception all banks loathe.