The early withdrawal penalty for CDs under 12 months is 120 days of simple interest. For CD terms longer than 12 months but shorter than 36 months, the penalty is 270 days of simple interest. For CD terms longer than 36 months but shorter than 60 months, the penalty is 365 days of simple interest. Any terms that are 60 months or longer have a penalty of 730 days of simple interest.