Southern Michigan Bank & Trust CD Early Withdrawal Penalty

Southern Michigan Bank & Trust
CD early withdrawal penalty

TFS is an independent publisher, not this institution. View its financial health profile.

Published terms reviewed; calculation inputs still required

We have reviewed the published terms below. They do not establish every detail needed for a bank-specific dollar calculation, so the estimator requires your own agreement inputs. We do not fill those gaps with assumptions.

What the published disclosure says

No Penalty and Step-Up CDs

Southern Michigan Bank & Trust describes its 13- and 27-month No Penalty CDs as allowing penalty-free early withdrawals during the initial term only. They renew into 12- and 24-month CDs, respectively, with the renewal terms then applicable. Its separate Step-Up CDs list an early withdrawal penalty of six months of interest for the 18-month product and 12 months of interest for the 36-month product.

Limits to check in your own agreement

The no-penalty feature does not carry forward automatically after renewal. The Step-Up and No Penalty products must remain distinct, and separate IRA provisions on the same page are not included here. Confirm withdrawal conditions and the current agreement before treating a particular account as penalty-free.

TFS assisted source review: Aug 31, 2026 · Last source check: Oct 5, 2026 · Read the official source ↗

Need a dollar estimate? Use the terms that apply to your CD in the calculator below. See a worked break-or-hold example first if you are comparing rates.

What would closing your CD cost?

FREE · NO SIGN-IN

Estimate a full principal withdrawal before maturity. Amounts stay in this page and are not sent to TFS. Your institution must confirm eligibility and the final redemption quote.

Enter the terms from your disclosure

These are your inputs, not verified Southern Michigan Bank & Trust terms. This manual model supports simple days/months of interest or all interest earned. Percentage fees, tiered formulas, special minimums, and exceptions need an institution quote.

Penalty formulaPenalty daysInterest year basisCan the penalty reduce principal?

CD principal ($)Contractual annual interest rate (%)Use the interest rate on your CD agreement, not the advertised APY.Interest still on deposit and payable ($)Exclude interest already paid out. Use your institution’s current figure.

Compare holding this CD with reinvesting the proceeds until the same maturity date.I checked that these terms apply to my product, original term, and deposit date. This is a full withdrawal before maturity, outside any special withdrawal window. Any early-holding-period minimum has been accounted for.