I opened an Ira cd 2 years ago and during that time the account has gained the total sum of $225. Unfortunately, I have since lost my job, had a child and been unemployed for over a year. I would like to close the account, but feel disuaded by the 10% penalty that would be issued by the bank for closing the account before reaching the age of 59 and1/2. (That's not for another 20 years) I feel this is ridiculous considering the current economic crisis that I am going through and the fact that the penalty is almost twice the amount of any interest paid to me by Eastern Financial Florida Credit Union during the entire span of the account.
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