Do you have a CD account set to mature this June? Then consider taking these three steps right now.
Inflation has been problematic for Americans for much of the last two years. Not only has it caused the prices of everyday items to surge, but it's also resulted in a series of hikes to the federal funds rate courtesy of the Federal Reserve. And while the Fed hasn't raised the benchmark rate since last summer, they haven't lowered it either, causing the costs of borrowing to remain elevated until a cut is issued.
Contact your lenderYou'll generally have a small time frame from when your CD matures and when it rolls over into a new account to access the funds. But, if you wait and miss that time frame, your account will automatically renew — potentially at a lower rate than you opened it with. So don't hesitate to contact your lender to let them know of your plans and be prepared to withdraw those funds as needed .
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