You can decide how you would like to proceed before the CD matures. (The equivalent product offered by a credit union may be named “certificate.“) Log in to the Raisin platform and select your desired choice from the available options, or contact customer service.
If you set your CD to renew at maturity or if you do not make a selection before your CD matures, the entire deposit, including the interest earned, will be deposited into the same product and term at the current offered interest rate (or dividend rate for credit union products). If the bank or credit union is no longer offering a CD at the same term, the full deposit, including the interest earned, will be withdrawn from the CD to the Cash Account.
If you set your CD to withdraw at maturity or if you cancel your CD, the balance of your CD (minus any penalties, in the case of cancellations) will withdraw to the Cash Account. Once these funds arrive in the Cash Account, you can then transfer these funds out to your external account.
For more information on transfer timelines, please click here.