Today's rates checked November 4, 2026
Should I break my CD for a higher rate?
Tell us about your CD and the penalty. We show what breaking it would cost, the rate a new CD must beat, and which banks pay more today.
Your CD
Breaking it would earn you more
Moving to Bread Savings at 4.85% would leave you about $53 ahead by the day your CD would have matured, after paying the penalty.
- Penalty to pay
- $432
- Left to reinvest
- $24,568
- Rate needed to break even
- 4.71%
Banks paying the most for about 18-month
2 of 9 banks that take your balance pay more than the break-even rate.
| Bank | APY | You gain or lose |
|---|---|---|
| Bread Savings | 4.85% | $53 |
| Popular Direct | 4.80% | $35 |
| CFG Bank | 4.70% | -$3 |
| EagleBank | 4.65% | -$22 |
| Ally | 4.50% | -$79 |
| Barclays | 4.50% | -$79 |
Both choices run to the date your CD would have matured, starting from the same balance. The new CD is compared at its quoted APY for the months you have left. Before taxes. A longer new CD would keep earning after that date, which this does not count.
Questions about breaking a CD
When is it worth breaking a CD for a higher rate?
It is worth it when the new rate is higher than your break-even rate, which is the rate that makes up for the penalty over the months you have left. The more time left on your CD, the more a higher rate can pay back the penalty.
How is the early withdrawal penalty worked out?
Most banks charge a set number of days or months of interest, often 90 to 270 days on a CD of two years or less. This calculator works out that much simple interest at your CD rate and subtracts it from your balance before moving the rest.
Can the penalty take part of my deposit?
Yes. If you break a CD early in its term, the interest you have earned may not cover the penalty, and the bank can take the rest from your deposit. Check your CD agreement. This tool warns you when the penalty is larger than your balance.
Does it matter which bank I move to?
Yes. A new bank may ask for a minimum deposit, and a higher rate on a longer CD locks you in again. We only count banks whose stated minimum fits what you would have left, and we compare for the months remaining on your current CD.
Is there a way to avoid the penalty?
Some banks waive it in cases such as the death of an owner, and some CDs have no penalty at all. Another option is to wait until the CD matures and move the money then, usually within a grace period of a week or two.
General information only. Penalties and rates vary by bank and change often; confirm both with your bank and the new bank before you move money. SwitchWize is not a bank and does not give financial advice.