I have several CD’s open as you may guess, since many banks all you to fund them with credit cards.
Often after maturity date, the banks automatically renew the CD and usually at a much lower rate. For example, I opened up a CD with BluPeak Credit Union just over 6 months ago and I got over 4.5% for that six months. However it just matured a few days ago and automatically renewed at only 1%. (No wonder the banks pay the credit card swipe fees, hoping you’ll forget about it and renew the CD at a very low unacceptable rate.)
So it’s important to perhaps setup a calendar event with alert — maybe even a couple alerts to make sure you get notified. This way you know when it matures and it reminds you to contact the bank to cancel the CD. (I’m sure many reading this already do this.) Both BluPeak and SecurityPlus give you 10 days to contact them as I mention in the above linked article.
Here’s a screenshot after logging into BluPeak today, to show how much interest I got in 6 months on $1500 — just over $34 — and how they want to lower it to just 1%.
Needless to say I’ll be giving them a call today after they open up to cancel this CD.