Yes. If you are referring to an IRA in a CD, there is a twist. The following is from our
Advanced Deposit Operations Manual:
Special Rules for IRA's:IRA rules, written by the IRS, allow depositors to have a rescission period during the first week after establishing an IRA. Regulation D must parallel the IRA rules, so an exception to Regulation D’s definition of time deposit waives the penalty for an IRA closed within the first seven days. If an IRA customer closes their new IRA on day seven or before, their total principal is returned. However, all interest earned must be forfeited. If the customer closes the account on day eight or after, the bank may impose its normal early withdrawal penalty (to include principal, if necessary). On day eight or after, waiver of the penalty is the bank's option. [§204.2(c)(1)(i) footnote 1(a)- page 7575].