When I logged into my PenFed account today, I noticed that PenFed has reduced the reservation period for its Watch It Grow CD promotion that includes a 5.00% 10-year CD. The Certificates Reservation Page now states:
Reservation Period: 8/16/2010 - 9/30/2010 or until the promotion amount is depleted
The end date used to be 10/31/2010. The page also lists the total funds available as of 9/28/2010, and it shows over $136 million. I called PenFed to verify this. From what I was told, the 10/31 date was actually wrong, and it should have always been September 30th.
If you were planning to wait to October to make your CD reservations, it's time to change plans and do it before October. From the information that I received from PenFed, you can cancel the reservation with no penalty if you decide you need the money before the special CDs are funded in January.
I first posted on this PenFed Watch It Grow CD promotion in August. Unfortunately, the promo is intended only for existing members with certificates maturing in October. There was an issue at the start of the promo that allowed those who didn't qualify to reserve these CDs. According to my PenFed contact, "It is PenFed’s intent to honor all online certificate reservations made by these individuals prior to the September 4, 2010 interface fix."