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- At maturity, the $20,599.82 I originally deposited into my 9-month high-yield CD with a 3.95% APY had earned $608.17, which is about $67.57 per month.
- When the CD matured, my bank offered to auto-renew it at a 4.05% APY, but I had a 10-day grace period to review my options and find an account offering a better rate.
- I decided to move the money to a 12-month high-yield CD since I could earn a higher 4.40% APY for only three more months of commitment.
- At the national average savings rate of 0.38% (as of 06/15/26), $20,000 earns $76 a year. The same balance could earn up to nine times more with a SoFi Checking and Savings account. See SoFi®'s current rate.
In December 2025, I rolled over $20,599.82 from a maturing CD into a 9-month high-yield CD earning a 3.95% APY. When that CD matured in September 2026, I had earned $608.17 in interest, or about $67.57 per month. I then had to decide what to do with the $21,207.99 balance.
My bank offered to renew my high-yield CD for the same 9-month term but at the then-current APY of 4.05%. As of September 21, 2026, the national average CD APYs were only 1.41% for a 6-month term and 1.73% for a 12-month term, so the renewal offer wasn't necessarily bad. But I wanted to see if there were better options first.
Ultimately, I moved my full balance to a 12-month high-yield CD at another bank, where it's now earning a higher 4.40% APY. Here's how I weighed my options and what I recommend if your CD matures soon.
What my bank wanted me to do
About three weeks before the maturity date, my bank started sending emails about revisiting my CD settings and deciding what to do with the money.
The default renewal offer was for another 9-month high-yield CD with a 4.05% APY, which included a 0.05% loyalty reward. My bank also suggested a special 14-month CD with the same 4.05% APY.
When I checked my CD settings, I saw additional options. I could roll over the balance, close the CD, add or partially withdraw funds, or change the term and CD type. For example, I could switch to an 11-month no-penalty CD or a longer 5-year high-yield CD.
I had 10 days past my CD's maturity date (the grace period) to choose. If I did nothing, the bank would automatically renew my 9-month CD at the same term and the current 4.05% rate. The reminder emails helped me stay on top of the maturity date so I could decide what suited me best.
The options I weighed
When my CD matured, I mainly explored online CD options. I first considered staying where I was and auto-renewing my 9-month CD or renewing it with an 18-month term to get a higher APY. I then checked out CD offerings at another online bank where rates were better.
Since I wanted to retain some flexibility, I limited my CD search to those with terms of up to 18 months. I also didn't rule out moving the money into a high-yield savings account (HYSA) at the bank I already was with.
Below are the APYs for each option and the estimated interest over a year. Note that the 9-month CD's actual total interest would be lower due to the short term, and the HYSA's variable APY could change over time, affecting actual earnings.
| Option | APY | What $21,207.99 earns in a year |
| 9-month CD (old bank) | 4.05% (fixed) | $858.92 |
| 18-month high-yield CD (old bank) | 4.25% (fixed) | $901.34 |
| 12-month high-yield CD (new bank) | 4.40% (fixed) | $933.15 |
| HYSA (old bank) | 3.10% (variable) | $657.45 |
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Where I moved it and why
After considering my goals, recent market changes, and accessibility, I decided to move the full $21,207.99 into a 12-month high-yield CD at a new bank.
My goal was to maximize interest with predictability. I might eventually use the funds for a major purchase or investment. But at the time, I just wanted a safe way to earn a decent rate on my money without the risks of investing.
I also considered the Federal Reserve's recent rate hike on September 16, 2026. Federal Reserve decisions don't automatically mean that individual banks will adjust their rates, but they often do. This led me to weigh the rates different banks offer alongside their term options.
After I ran the numbers and weighed the trade-offs, the 12-month CD was the right fit. Its 4.40% APY beat my old bank across the board: 0.15 to 0.35 percentage points higher than the CDs I considered and 1.30 percentage points higher than the old bank's HYSA. With a balance over $21,000, small differences add up.
While the 12-month commitment was longer, it felt like a good compromise since I could lock in a more competitive rate without tying up my money for years. The 18-month CD would've required an even longer commitment and for a lower rate. I also figured that even if rates increase again, I'd likely still earn more than I would with the HYSA.
What I'd tell someone whose CD is about to mature
If your CD is about to mature, I recommend making these moves:
- Note your maturity date. Even if your bank sends reminder emails, I still recommend setting a calendar alert or an alarm on your phone.
- Know your grace period. Banks usually give you 7 to 10 days after your CD's maturity date to decide what to do next. If you don't act quickly enough, you might be stuck with an auto-renewal, so beware.
- Research your options. I've let some past CDs auto-renew, and that cost me money. Instead, I recommend exploring multiple options, including CDs or other accounts that offer higher APYs, provide more access, or help you fulfill a specific goal.
- Run the numbers. Small APY differences could add up to more than you'd expect. Even 0.20 percentage points higher amounts to about $20 more over one year on a $10,000 deposit, so estimate the interest for different options. But also consider the trade-offs before locking your money up longer for a slightly higher CD APY.
- Line up a new account early. It's smart to have any new account opened early so you're ready to transfer the funds. But check your bank's rules on how long you have to fund the new account.
Bottom line
I could've easily let my $21,207.99 roll over to another 9-month CD with a slightly higher 4.05% APY. But I'm glad I ran the numbers and moved the funds to the 12-month CD with a 4.40% APY. I expect to earn about $933.15 when that CD matures next fall, and that's more than the estimated $858.92 I'd get over one year with a 4.05% APY.
When my CD matures, I'll skip auto-renewal and carefully review options that fit my needs, and I recommend you do the same with your CD.
FAQs
What happens when a CD matures?
You'll usually enter a grace period (often 7 to 10 days) during which you can renew your CD as-is, renew it with changes, or withdraw the funds. If you don't do anything, the CD typically auto-renews, and you'd earn the current APY for the term. Check your account disclosures.
Is it better to renew a CD or move the money to a high-yield savings account?
If you'll need the money soon, an HYSA offers more flexibility, though you'll usually earn a lower APY than with a CD. But if your bank offers competitive CD rates and you don't need easy access to the funds, renewing it may make sense. I'd first compare rates and term options across different banks before renewing.
Do I pay taxes on CD interest?
Yes, CD interest is usually taxable at your regular income tax rate. If your CD earns at least $10 in interest, your bank should send Form 1099-INT for tax filing purposes, but you must report the income even if you don't receive that form.
Would You Spend Ten Minutes for $1,465?
That's roughly the year's difference on $40,000 between the national average and the up-to-4.00% rates available now. And ten minutes isn't a figure of speech. You just provide some information, like your name, address, Social Security number, and the account your deposit money's coming from. But rates are variable and follow the market, which is why the only number worth acting on is today's. Compare the current top accounts here.
| Bank/Institution | APY
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Bonus Offer | Open Account | Bonus Offer |
|---|---|---|---|---|
AWARD WINNER
Best Checking and Savings Combo
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5.0
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4.40
With $0 min. balance2 <p>Earn up to 4.40% Annual Percentage Yield (APY) on one SoFi Savings account with a 1.10% APY Boost (added to the 3.30% APY as of 10/20/26) for up to 6 months. Open your first SoFi Checking and Savings account and receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by 12/31/27. Rates are variable, subject to change. Terms apply at <a href="https://www.sofi.com/banking/#4">sofi.com/banking#4</a>. SoFi Bank, N.A. Member FDIC.</p>
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APY
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Limited-Time Offer: +1.10% boost on Savings APY to up to 4.40% for up to 6 months on new accounts2 <p>Earn up to 4.40% Annual Percentage Yield (APY) on one SoFi Savings account with a 1.10% APY Boost (added to the 3.30% APY as of 10/20/26) for up to 6 months. Open your first SoFi Checking and Savings account and receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by 12/31/27. Rates are variable, subject to change. Terms apply at <a href="https://www.sofi.com/banking/#4">sofi.com/banking#4</a>. SoFi Bank, N.A. Member FDIC.</p> + $50 or $400 Bonus with direct deposit.1 <p>New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more) OR $400 (with at least $5,000 total Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more). Cash bonus amount will be based on the total amount of Eligible Direct Deposit received within 25 calendar days of your first Eligible Direct Deposit of $1 or more. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 5/15/2026 and will be available through 12/31/2026. Full terms at <a href="https://www.sofi.com/banking/">sofi.com/banking</a>. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC. SoFi members with Eligible Direct Deposit can earn 3.30% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.30% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 0.80% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 9/23/26. Fees may reduce earnings. Additional information can be found at <a href="https://d32ijn7u0aqfv4.cloudfront.net/wp/wp-content/uploads/raw/SoFi-Bank-Rate-Sheet-September-23-2026.pdf">http://www.sofi.com/legal/banking-rate-sheet</a>.</p> Terms apply. | ||
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- Limited-Time Offer: Earn a $50 or $400 cash bonus1 <p>New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more) OR $400 (with at least $5,000 total Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more). Cash bonus amount will be based on the total amount of Eligible Direct Deposit received within 25 calendar days of your first Eligible Direct Deposit of $1 or more. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 5/15/2026 and will be available through 12/31/2026. Full terms at <a href="https://www.sofi.com/banking/">sofi.com/banking</a>. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC. SoFi members with Eligible Direct Deposit can earn 3.30% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.30% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 0.80% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 9/23/26. Fees may reduce earnings. Additional information can be found at <a href="https://d32ijn7u0aqfv4.cloudfront.net/wp/wp-content/uploads/raw/SoFi-Bank-Rate-Sheet-September-23-2026.pdf">http://www.sofi.com/legal/banking-rate-sheet</a>.</p> plus a boosted up to 4.40% APY2 <p>Earn up to 4.40% Annual Percentage Yield (APY) on one SoFi Savings account with a 1.10% APY Boost (added to the 3.30% APY as of 10/20/26) for up to 6 months. Open your first SoFi Checking and Savings account and receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by 12/31/27. Rates are variable, subject to change. Terms apply at <a href="https://www.sofi.com/banking/#4">sofi.com/banking#4</a>. SoFi Bank, N.A. Member FDIC.</p> on Savings (3.30% APY1 <p>New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more) OR $400 (with at least $5,000 total Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more). Cash bonus amount will be based on the total amount of Eligible Direct Deposit received within 25 calendar days of your first Eligible Direct Deposit of $1 or more. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 5/15/2026 and will be available through 12/31/2026. Full terms at <a href="https://www.sofi.com/banking/">sofi.com/banking</a>. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC. SoFi members with Eligible Direct Deposit can earn 3.30% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.30% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 0.80% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 9/23/26. Fees may reduce earnings. Additional information can be found at <a href="https://d32ijn7u0aqfv4.cloudfront.net/wp/wp-content/uploads/raw/SoFi-Bank-Rate-Sheet-September-23-2026.pdf">http://www.sofi.com/legal/banking-rate-sheet</a>.</p> with +1.10% APY Boost) for up to 6 months when you open a new account and set up eligible direct deposits. Terms apply.
- No account, overdraft, or monthly fees.4 <p>We do not charge any account, service, or maintenance fees for SoFi Checking and Savings. We do charge transaction fees for outgoing wire transfers, Instant Transfers, and global remittance transfers. Our fee policy is subject to change at any time. See the SoFi Bank Fee Sheet for details at <a href="http://sofi.com/legal/banking-fees/">sofi.com/legal/banking-fees/</a>.</p>
- Get your paycheck up to two days early with direct deposit.5 <p>Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.</p>
- Access additional FDIC insurance up to $3 million.6 <p><b style="font-family: Rubik, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, "Helvetica Neue", Arial, sans-serif;">SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at <a href="http://sofi.com/banking/fdic/sidpterms">SoFi.com/banking/fdic/sidpterms</a>. See list of participating banks at <a href="http://sofi.com/banking/fdic/participatingbanks">SoFi.com/banking/fdic/participatingbanks</a>.</b></p>
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Excellent 4.3/5
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