When a CD is about to mature, financial institutions usually send a notice with a 10-day grace period during which you can respond with instructions on what to do with the funds - close the account, open a new account, etc. If there's no response, they'll take the funds and roll them into a new account with the same terms as your previous CD.
While rolling the funds over could be helpful, it might not be so if you had other plans for the money. What if you planned to reinvest it, or if interest rates have gone up since you first opened the account? Unfortunately, if you don't pay attention, you could find your cash tied up in a lower-rate CD until the new account once again reaches maturity. Knowing the date your CD(s) mature is important to ensure you have the most advantageous term length and control of your deposit once it matures.
Thankfully, it’s relatively simple to keep track of your CD maturity date. You can mark the date on a calendar (not a great option if your CD term is longer than a year), or schedule a reminder in your phone (which can get lost in the shuffle of day-to-day events), or set an alert in online banking – which is super easy to do – just follow the simple steps below.
- Log into online banking, select "Setting," then "Alerts" to view the Alerts option screen.
- From the "Date Alert" types, select "Birthday." (It's your CD's date of "birth," so it counts.)
- Then, select the date ten days before your CD maturity date on the calendar. Be sure to uncheck the "Recurs Every Year" box.
- For your message, enter whatever will jog your memory (ex. CD, account number, original CD amount).
- Click "Set" and then "Save."
Now, you're all set! Your scheduled reminder will be sent to your Messages inbox reminding you of when your CD is set to mature.