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REDDIT

I let my 7 month CD mature into a fixed term CD. What are my options if any?

C
Mar 2, 2025 · 15:27

So, I opened a 7 month CD account to earn some interest on around $3K (I plan on using this eventually for a down payment on a new car, maybe in a few years or so). I was a little bit of a weenie and let it mature without knowing what the consequences may be.

In my banking app, it says “fixed term CD” and I can certainly tell you this is not nearly as interest bearing as the 7 month CD.

Am I kind of stuck in this fixed term CD? I’m assuming there will be some sort of penalty if I try to change it back to a 7 month CD. Help 😫

I have a financial advisor, but I want to keep this money within my bank since I plan on using it soon.