When your certificate of deposit (CD) matures, you have options to withdraw, transfer, or renew it. Most banks automatically renew CDs with a lower interest rate. Rolling over means putting the money into a new CD with the same bank for the same term. Grace periods allow withdrawal without penalties.

To avoid automatic renewal, review available CDs and rates, then follow the bank’s instructions to manually renew. CD grace periods give opportunities to withdraw or transfer funds without penalties. Be aware of early withdrawal penalties for new CDs. Renewing a CD may not be the best move financially.

Consider withdrawing, transferring to a bank account, or moving to a better CD rather than automatically renewing. You can always check for better CD rates in the market and move your money to a different bank for better returns. Verify your account agreement to know if your CD will automatically renew.

Read more at Yahoo Finance: Should you roll over a maturing CD?