A new study by Bankrate Inc. the Florida research firm, is finding banks and credit unions are charging consumers a steep price for early withdrawal of CDs.

In a report issued Wednesday, Bankrate of North Palm Beach said consumers are being given "little wiggle room" on early withdrawal of CDs as consumers turning away from risky investments.

On CDs of six months to five years, Bankrate said 92% of the institutions it surveyed not only levied a penalty but also reached into principal to cover necessary fees.

"The most common penalty for a CD with a maturity of one year or less is three months worth of interest and for a CD of a year or more the typical penalty is six months worth of interest," said Bankrate.

More than 80% of the time, the penalties for retirement CDs were identical to nonretirement penalties, Bankrate found warning consumers that "some banks charge as high as 24 months interest as an early withdrawal penalty on a five-year CD, potentially negating any yields."

Liquid CDs "are a less-widely available alternative with only 21 institutions out of the 100 surveyed offering them," said the study.

Though liquid CDs allow consumers to withdraw funds early without a penalty, "their lower yields may not be high enough to make them worthwhile," concluded Bankrate.