NoTrespassing
Elite Member
My wife and I have a significant portion of our savings in 2 checking accounts earning almost no interest. We went to our bank yesterday to discuss CDs. We were told they have 2 "special " rate CDs right now, a 7 month and 11 month for a little over 5% APR. The problem I see with those CDs is that when they mature, if you are not proactive and open another "special " rate CD, they revert back to their "regular" rate of .05% and the you are trapped in it for a period of time, I think one year. I asked if they could automatically be transferred back into our checking accounts and was told it's impossible. Is this typical banking policy?