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Set a reminder on your phone or calendar at least a week before the maturity date so you have time to evaluate rates, your options and whether it makes sense to renew or cash out.
CD maturity date. The end of a CD term is called the maturity date. When the CD matures, you have the opportunity to do one of several things:
A certificate of deposit (CD) is a time deposit sold by banks, thrift institutions, and credit unions in the United States. CDs typically differ from savings accounts because the CD has a specific, fixed term before money can be withdrawn without penalty and generally higher interest rates. CDs require a minimum deposit and may offer higher ...
A variable-rate CD — also called a flex CD — is a type of certificate of deposit with an interest rate that can fluctuate periodically over the term of the CD based on market conditions.
The grace period often begins the day after the CD’s maturity date. The following table shows the CD grace period provided by various popular banks: Bank. CD grace period. Ally Bank. 10 days.
Unlike with a non-callable CD, the issuer of a callable CD can call (or pay back) the CD before its maturity date. If it does, the issuer pays the CD holder a set amount and closes out the account.
The daily portion of the discount uses a compounded interest formula with the principal recalculated every six months. The following table illustrates how to calculate the original issue discount for a $7,462 bond with a $10,000 repayment and a three-year maturity date: [2]
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