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A so-called CD “maturity tsunami”— a phrase recently coined by writer and banking consultant James White—is fast approaching, in which many CDs are set to mature as interest rates decrease.
Let the bank automatically renew it into a new CD term at the current interest rate. Let’s say you have $10,000 in a one-year CD earning 4% interest. When it matures, your bank gives you a 10 ...
This allows you to compare rates elsewhere and decide whether you want to renew your CD with the bank. The grace period often begins the day after the CD’s maturity date.
Automatic renewal. The institution may or may not commit to sending a notice before automatic rollover at CD maturity. The institution may specify a grace period before automatically rolling over the CD to a new CD at maturity. Some banks have been known to renew at rates lower than that of the original CD. [11]
Many CDs automatically renew at the end of the term, when the CD reaches maturity. If you don't want your CD account to renew, set up a reminder to notify your bank before the renewal date.
A jumbo CD is a certificate of deposit that requires a minimum of $100,000 to open the account. Like regular CDs, jumbo CDs come with a fixed interest rate and term.
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