CD Renewals

When your certificate of deposit matures you have a couple of options. You can take your money and re invest it into another CD. You can put your money in another investment. You can also spend your money (also known as “stimulating the economy”). Many online banks will set your CD to automatically renew at the end of its term. This is good if you don’t really care about obtaining the highest certificate of deposit rate at the time but since banks offer different CD rates the odds are that you won’t be getting the best CD rates available. Check with several financial institutions and get the highest interest APY.