Oh my goodness I missed that!
Darn
Thank you so much for bringing this to my attention. And I agree, it’s a terrible day for a holiday in light of the Freedom deal. Only can hope for the best, that money will arrive in time. At least we have early warning.
What happens when CDs mature? I’m sure it varies by institution. I’ve only had a handful of CDs in my life because the last few years interest rates have been so low it hasn’t been worthwhile. The last few months I’ve been buying CDs.
I think one I had matured and the CD principal went right into the savings account.
But I think the NFCU CD I have said something in the CD terms that at the end, it would auto renew into a new CD unless I contacted them within like one week of maturity. I really don’t like that. Because I want the default to be go into savings account. I haven’t tried to call them yet to find out if I can trigger it to go into savings account now (for when it eventually matures).
NFCU aside, please tell me in general what are the different possibilities that exist (maybe it’s only two? reinvest in a new CD of same duration or deposit into savings?)
Any gotchas that banks try to screw you over with if you aren’t paying attention? The re-deposit into a new CD seems like a gotcha for me, but that’s because I’m limiting my CD purchases to special rate promo deals. And also because I am structuring my CDs to pay for certain future bills. I have a CD expiring on April 10th to pay my 2018 tax bill and 2019 Q1 Estimated payment. If they auto-renewed that I’d be upset, although I suppose I could always “break it early” and take a virtually zero penalty, but I think some banks make it up to their discretion if they allow you to break it early (at least in the fine print).
Any pro tips on CD maturities? Perhaps related to laddering or anything else?
In most cases you can specify your preferences ahead of time…it might be online like it is for Ally cd’s or you might have to call them and have it setup during the call. Typically you have 10 days from date of maturity to specify what you want done and the normal default is to go to a new cd with the same length of time but at current rates.
Sometimes banks will also offer an option to issue a new cd at the SAME terms vs current rates.
NFCU gives you three choices:
Go to the certificate page and click on the maturity date. This takes you to the “Certificate Maturity Instructions” page. There you can frolic to your heart’s delight as to what you want.
You’re right! Now I remember why I couldn’t do this in the past. I no longer have an “IRA Savings” account, it seems. Once I put all of the savings account money into the CD, it seems like it closed out the savings portion so my only options for maturity are to transfer to my taxable checking, taxable savings, or have them cut me a check.
I guess a pro tip for NFCU would be to keep 1 cent in the IRA Savings account going forward.
Second things first, with NFCU and any credit union, I believe, you always have a basic share account. I see you have referred to that as taxable savings, right? Why not transfer into that? Or are you saying the CDs were within a qualified retirement account?
As for maturity options, the good places let you set that at account open. Some let you set it online anytime during the life of the CD. The worst I’ve encountered is Synchrony. Not only can you not specify disposition when you open the account, you have to call in and try to get a hold of someone to change the disposition within 30 days of maturity. But then the best part is that they continue to send you messages, both in email and on your account page, claiming you haven’t set the disposition. Why? “That’s just how it works”, they say.
Just received email from Freedom Credit Union containing official announcement of 18 month 3.5% APY special CD. Here are the complete terms as provided in that email:
*Limited time offer, 18-month CD and IRA CD with a 3.50% Annual Percentage Yield (APY). NEW MONEY ONLY. LIMITED TO $250,000 PER MEMBER. Minimum deposit of $500 ($250 for Youth CD 25 or younger) with a maximum of $250,000 is required to open the account and earn the promotional APY. After the promotional term, the CD will auto-renew for a 18-month term at the applicable rate. Primary Savings Account required for Membership with a $5 minimum balance. For Members under age 12, a Joint Savings Account Owner 18 or older is required. Regulations prohibit payment in excess of available earnings. Penalty will be applied for early withdrawal. Fees may reduce earnings. Promotion cannot be combined with other offers. Rates accurate as of 02/15/19. Offer is subject to change without notice. For additional rates and terms visit FreedomCU.org
ETA
Ken still does not have this deal. When he does post it I’m a little concerned there could be a significant response.
3.5% is NOT 4%. But 4% CD deals are not numerous right now and 3.5% is a respectable rate of interest. I’m thinking “move fast” on this one. Early bird gets the worm. 
Q: Shin, are you crazy? Not numerous? Can you name just one 4% CD deal?
Sure. I’m always willing to accept a challenge 
Thanks shinobi for informing us all of Freedom CU’s great deal.
I had planned to ach transfer my funds to open the CD today, knowing the money would not arrive until Tuesday. But, I called Freedom to tell them when my funds would arrive. The nice agent said she would do the transferring for me & open the CD tomorrow. (no charge)
I’m very happy that I already had an account with Freedom.
Pretty much the same here, pattyb53. I was promised funding at 7:00 pm ET this evening with new CD account commencing to earn interest today. Either way it’s a great deal because we get several days of double interest. I’m a big fan of double interest. I was not liking the holiday prior but right now I’m a BIG supporter of our Presidents and their special day!
For anyone else seeking to double dip, Freedom CU will be taking requests until 7:00 pm ET this evening.
Also, the Freedom CU funding scheme avoids both the unworkable limit at Alliant and the four day hold at PurePoint. My funds are at Ally and Freedom CU will reach right into Ally itself and suck those dollars out without using a middleman of any sort. Very efficient.
Ken has the deal now but there is not much excitement over there so far. Perhaps I anticipated more interest in this deal than actually exists. Regardless I’m content to take my 3.5%, and of course I’m a long way from betting the farm; still have dry powder and a full canteen.
Just off telephone with Freedom CU. Account is open and funded. Spoke with Ivana on ext. 6212. She is the go-to person for instant account opening and funding. She will need your routing number, account number, and account type.
Ivana said they are extremely busy. Also I note Ken does not appear to have the toll-free telephone number for Freedom CU. Here is that number:
1-877-612-5919
Good luck to all. 
no love for people in Cali from Freedom CU
shinobi, same here. Freedom CU 18mo 3.5% open & funded today…
losid, what do u mean by comment. “no love for people in Cali from Freedom CU” ?
My guess is that losid doesn’t meet any of these requirements for membership. (Posting here for benefit of others wondering what they are):
You can join Freedom Credit Union if you:
We need shinobi to adopt us for eligibility requirements!
losid is apparently correct . . . based on my reading of comments over on Ken’s website. However:
There was a time when Freedom CU welcomed members from throughout America. That was then. This is now. It is more difficult today to become a member.
Still once a member always a member so folks, from California for example, who became members in the past remain members today.
Feel bad for others but, hey, I do not make the rules.
My new account was opened and earning interest at Freedom CU yesterday (Friday), exactly as I was promised. That very same money remains on deposit at Ally Bank, and will until Tuesday. That’s a total of 5.7% APY on the funds for these four days. It’s not a fortune but who am I to look a gift horse in the mouth!
In addition, attention to this deal has picked up a bit at Ken’s place so I am relieved and happy just to have the account open, up, and running.
Disclaimer:
I post CD deals here from time to time. When I do so it does not at all mean I am recommending the deal. Instead I am merely advising you of the deal. Sometimes I post CD deals of no interest to me personally. I do this in hope of helping others. We all have different investing strategies. A deal of no interest to me might be right for you, and vice versa. Thank you for understanding.
The deal:
All that said . . . . here is a new (upcoming) deal from Andrews:
This is a six (6) month CD paying 3.25% APY. The deal will become available later this month. To preview this deal
Click here and then click on the “Military Saves Week” tab
3.25% APY is a respectable rate of interest for six month certificates of deposit.
Nice complement to their previous CD deal. It sounds like the new deal won’t be available when my current CD expires though.
Thanks @shinobi
Andrews FCU Special 6 Month 3.25% APY* Share Certificate Available During Military Saves Week
Must be funded with new money OR the member must have a checking account, debit card, and direct deposit of $750 or more per month.
If I had any money free’d up I’d take that 6 month cd…that’s perfect for “intermediate” funds…outside the emergency fund but you still want them around…earn a higher rate for a limited time over the savings. My next cd matures somewhere around mid march.
This one! Not qualifying for becoming a member!
My guess is that losid doesn’t meet any of these requirements for membership. (Posting here for benefit of others wondering what they are):
You can join Freedom Credit Union if you: