Does an automatically renewable certificate of deposit continue indefinitely, i.e., will it renew forever if not cashed in?. If not otherwise specified in the CD, does it automatically renew at the same interest rate?
Instant Person-Just add coffee.
They will (at least mine) renew automatically if you do nothing when you are notified that they are up for renewal. The interest rate changes based on the current rates. You usually can call the bank after the date of renewal and they will tell you the renewable interest rate. Then you have a period of time,(mine are all ten days) to cash in the certificate with no penalty, I would read your certificate to see how yours works.
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