Rates Current as of Friday May 24, 2013

« I cashed in my CD before it matured, and the bank charged me an early withdrawal penalty. Can it do this?

What are the penalties for withdrawing money early from a Time Certificate of Deposit (CD)? »

Does the bank have to continue to pay interest on my Time Certificate of Deposit (CD) after it matures?

Not necessarily. If you choose to roll over/renew the time certificate of deposit (CD) for another term at the bank, the bank can continue to pay the interest. Let’s say you haven’t decided in advance. Once the CD matures, you have 10 days to decide whether to renew or withdraw the funds. The bank can continue to pay interest until you decide, but it’s entirely up to the bank. You may want to review your Account Agreement, which explains if interest is paid after maturity. You should have received this Agreement when you opened the account and review the terms and conditions of the account.

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