State Savings Bank CD early withdrawal penalty

State Savings Bank
CD early withdrawal penalty

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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.

Certificates of deposit — term-based interest-day schedule

State Savings Bank in northern Michigan lists a 31-day-interest penalty for CD terms of six months or less; a 91-day-interest penalty for terms longer than six months but shorter than one year; and a 182-day-interest penalty for terms of one year or more. Its CD page describes available terms from 91 days to 60 months and a $500 opening minimum.

The source is ssbankmi.com, not another State Savings Bank. The exact penalty periods are 31, 91, and 182 days, not rounded calendar months. The page does not establish a penalty divisor, principal basis, early-withdrawal permission, principal-reduction rule, or maturity grace period. Confirm the customer’s applicable disclosure before a dollar calculation.

TFS assisted source review: Aug 31, 2026 · Last source check: Aug 31, 2026 · Official source

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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.

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These are your inputs, not verified State Savings Bank 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.

State Savings BankCD early withdrawal penalty

Published terms reviewed; calculation inputs still required

Certificates of deposit — term-based interest-day schedule

What would closing your CD cost?

Located source pages

State Savings Bank
CD early withdrawal penalty