Tip & How-To about Finance
When investing money in a CD, make sure you know your grace period and mark it on your calendar. Your grace period is when you can withdraw money from the CD account, and it usually lasts anywhere from 7-10 days. Because banks tend to automatically renew at the current rate, you may be stuck with lower interest rates when your CD matures if you do miss it.
If you do choose to withdraw money outside of your grace period, some banks may charge up to a $25 fee. And no matter what the original fee was, the longer term the CD, the higher the penalty.
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