It is time again to review your CDs and I don’t mean those musical discs you keep all your music on. I am talking about your certificates of deposit where you keep the money that you do not have an immediate need for.
I like to review my CDs every few months to make a note of when they will be maturing. When a CD matures you have the option of cashing it out if you think you will need the money, or if the interest rate is not worth it any more.
You may also choose to renew your CD if you do not need to use the money in the near future, or if you will be getting a better interest rate by renewing. Ally bank (which I use for my CDs) gives you a bonus percentage amount on top of the rate you were already getting when you choose to renew a CD instead of cashing it out.
Take a few minutes and look over your current financial situation with regards to your CDs so that you can be well informed before the maturity date. Having all your details ready when it is time to make a decision.