Would You Buy A CD From With No Grace Period?

Intugumbo | Jun 11, 2023 | 41 posts since 2019

I do not think I would buy a CD with no grace period. Because this policy would be against my best interest and a deviation from common banking practice in my experience.

This would severely erode my trust the FI and I would constantly fear the other "shoe dropping" in my dealings with them.

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Answers

me1004 | Jun 11, 2023 | 1,379 posts since 2010

A consderation in that would be that you set it up at time of opening to automatically close to your savings or checking account in that financial institution. If you set that up automatically, a grade period would be irrelevant. I always set my CDs up to do that. I can always change my mind at the time if I want to and let it ride. But frankly, I have never had a maturing CD come up to renew at any sort of acceptible interest rate, I have never let one ride.

NFO | Jun 29, 2023 | 66 posts since 2022

I've seen & dealt with this before. Paying close attention at maturity, it's never been a problem.

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