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Securityplus FCU Maturing CD

chipcollector
  |     |   111 posts since 2010

Hi there:

My wife has a CD about to mature at this credit union that was opened when there

was a high rate promotion going on.

Looking at the current CD rates on the CU website it appears we ought to be moving the money elsewhere to get a better return as their current rates are not very competitive.

Should my wife ask wire the funds out at maturity?????

Thanks in advance

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2


Answers
JeffinEasternFL
  |     |   744 posts since 2020
I'd wire, or get a teller check and deposit it at your "hub" banking institution, whatever is convenient and safe for you to ready a transfer a high yield liquid FDIC/NCUA insured savings/money market account while you shop for the next CD to deposit it in. Rates will change again/update at most FIs around/about 1 February and the few days after. You can arbitrage for a few months, maybe the prevailing trend of dropping rates will be delayed or grab the best interest terms now and move on with something better to do. You can break up the money in several CD's or just do one new CD or and / or not keep some money also in a high yield account as well earing 5%+ It should be no problem to get 5%+ APY on a liquid insured account most anywhere on this site!
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5
HIMARS4UA
  |     |   188 posts since 2022
Chances are you are talking about the $50k @ 6% APY CD that expires this month (or so).
$15 (cost of a domestic wire https://www.securityplusfcu.org/community/rates-fees.aspx#fees ) is roughly 2 days of dividends paid on the amount you would be transferring. You decide.

I would move the funds to the savings share then do a transfer out by same-day-ACH. This way I would have my funds in my external account the very next day.
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4
fliegeroh
  |     |   116 posts since 2022
I'm in a similar situation and I am going to remove the money and put in a "hub" account.
I am a little disturbed that Security Plus doesn't allow you to do all this online.
I like to ACH money or get a cashier's check if necessary to avoid wire fees which can be substantial.
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3
chipcollector
  |     |   111 posts since 2010
Many thanks for the advice.
I will tell my wife. guess $15 forsame day wire probably the course of 
least resistance.
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2
Ltssharon
  |     |   471 posts since 2020
I am west coast time, so if I am redeeming money from an east coast or central coast, I get on the phone at 6 am (9 am west coast) or 7 am (9 am central time), and call and have them wire the funds and take notes (person I spoke to). while on the phone I ask them what time (their time zone) they will wire the funds. I check with my local hub at that time. My local hub stops wiring at 2 pm my time, so if I want to wire out, I have to prepare the wire locally about 1 pm.
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2


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