Does the renewal notice have to describe the early withdrawal penalty? If so, does it need to be written our or just state there is one.

Depends. Renewals of one year or less but longer than one month only require the existing and new maturity dates, a phone number to obtain the new rate and APY and any changes in terms.

Maturities longer than one year require all of the information required for an initial disclosure which includes the specific early withdrawal penalty for that account type.