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What to Do When Your CD Matures – You Have Options

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As you approach the end of your CD term with Marcus, it could be exciting to see your money again, and it could be a little puzzling if you don’t have a plan for what to do once your CD Matures.

You have options and a limited time to choose – and we walk you through them right here.

You can renew, change or withdraw all your funds when your CD matures

You could let it automatically rollover into a new CD. The term will be the same – so if you had a 12-month CD, all of the funds in your CD account would roll into a new 12-month CD – but the rate will be the currently available rate. That new rate could be higher, lower or the same as your previous CD’s rate.

What you need to do: Nothing. This is what we’ll do with your CD if you don’t take any action at all, but we do recommend you review your account online to make sure you’re ok with the new rate and term.

You could add money to (or withdraw from) the principal balance of your CD when it renews. You can also choose a new CD term or keep the one that you have. You can even change the type of CD you want, such as choosing a No-Penalty CD if you currently have a regular, high-yield CD.

What you need to do: You can log in and use the CD Maturity Center (more on that below) to set your preferences. If you wait until your CD matures, you can make changes during the 10-day grace period that follows the maturity date of your CD.

You can also create your CD plan – and change it as many times as you’d like – within 12 months before your CD matures. If you do create a CD plan, it will immediately go into effect at the end of your current CD term, so there won’t be a grace period.

You could close it upon maturity and transfer your money to another account. You can transfer your funds to any of your Marcus accounts or linked external accounts after the CD matures.

What you need to do: You can log in and use the CD Maturity Center to set your preferences. If you wait until your CD matures, you can do this during the 10-day grace period that follows the date your CD matures. Remember that if you decide to close your CD after your grace period ends, you may be subject to penalties, unless you have a No-Penalty CD.

Visit the CD Maturity Center to make your plan

If you want to modify your CD by adding money or withdrawing from your principal balance or you want to choose a new term, you can use the CD Maturity Center to set up your plan. If you want to close out your CD, you can do that from the CD Maturity Center, too.

Important: You can create a CD plan 12 months before your CD matures. And you can change it as often as you like, until 8:30 pm ET the day before your maturity date.

How to use the CD Maturity Center 

  1. Log in at marcus.com or on the app
  2. Click or tap the CD you’re making a plan for, which will take you to the account details
  3. Go to the Maturity Plan section and click or tap ‘View/Edit plan’
  4. Scroll down and choose your options – Renew, Renew with Changes or Close your CD – and click or tap ‘Continue’
  5. Choose the next few options and click or tap ‘Continue’
  6. Click or tap ‘Confirm Update’

Grace periods, notices and deadlines

We’ll send you a reminder that your CD is going to mature 30 days before it matures.  

If you haven’t set any preferences in the CD Maturity Center, you can choose a plan during the 10-day grace period that follows.  

If you set up a plan for your CD in the CD Maturity Center before the expiration of your current CD term, there won’t be a grace period – we’ll put your plan into action right away. You can make changes to your plan until 8:30pm ET the day before your CD matures . Keep in mind that any changes made after this deadline may result in penalties, depending on your CD type.

 

This article is for informational purposes only and is not a substitute for individualized professional advice. Articles on this site were commissioned and approved by Marcus by Goldman Sachs®, but may not reflect the institutional opinions of The Goldman Sachs Group, Inc., Goldman Sachs Bank USA or any of their affiliates, subsidiaries or divisions.