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If you have a certificate of deposit (CD) that is maturing soon, it’s time to make a decision. Your CD has been collecting interest for months or years, helping you to get closer to your financial goals. Now you need to decide whether to roll it over to another CD, deposit it into another account, cash it out and spend it—or invest it.
Weigh your options
Before you decide what to do, it helps to consider all of your options first. Be aware that
your bank or credit union may rollover your CD automatically at the end of the term—unless you tell them not to. And, it’s possible their new interest rate could be lower. The bank or credit union is required to notify you in advance before the CD matures, but you should scope out your options in advance. You’ll have a grace period—generally one to two weeks—to act on your decision, but it helps to have a plan first.
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