Will CD rollover have same rate?

My Capitol One CD is about to mature. If I leave it in for an automatic rollover, will the rate remain the same? If I choose to end the CD, how is the money refunded?

When your CD matures and rolls into a new term, you’ll get whatever the current rate is for that term. You can go into your Capital One account and select whether you want to renew it to the same or other term, or transfer it to either a Capital One account or external account.

I have an 11 month CD at 5% that matures in January '24 and it looks like the new rate is lower (4.3%) than the current rate. I can change to a 12 month for 5%.

Can I transfer the funds directly to a different bank’s cd or do I have to transfer the funds to my own bank first to purchase?

You could probably do this:

  1. Open a new CD at the new bank but don’t fund it yet. This way you’ll have the new account and routing numbers.
  2. Let the CD at Capital One rollover. You have 10 days to withdraw the money penalty free following the rollover
  3. In that 10 day window, transfer the funds directly to the new CD. You’ll probably have to link the accounts to do this.

If that doesn’t work, just transfer the money from the old CD to a checking account, and then from the checking account to the new CD. You’ll still have to link the new account to your checking account, but you’ll want to do that anyway.

Thank you so much!

Back when CDs were paying 7ish%, my mother paid extreme attention on their maturity date, and what the going rates were (and who had the highest), and planned a morning to cash them in and repurchase immediately wherever the rate was highest. She wasn’t willing to wait a day. Once or twice I was with her to do all that running around.

It’s your money, you can transfer it wherever you want!