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Savebetter Be Careful When You Have A CD Maturing

Adagiopop
  |     |   17 posts since 2015

I like SaveBetter, but their process for maturing CD's is different and could lead to a renewal that you did not want.

Most banks that I have dealt with have a grace period of 7-14 days after the maturity date where you can close or renew the CD.

SaveBetter (as I understand it) will renew your CD on the maturity date so if you are expecting a grace period you might be out of luck (e.g., have to pay a Early Withdrawal penalty if you don't want the renewal).

There is an option on a SaveBetter CD to specify on maturity date to either 1) renew the CD for the same length or 2) transfer funds to your linked bank account). THE DEFAULT is option 1 (renew). You can change that to option 2 (transfer funds out). I have done this on my CD's.

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JeffinEasternFL
  |     |   744 posts since 2020
Diddo #2) and easy to do, as one should with all FI's that will typically default to a renewal in/after a period of initial maturity
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