Renewing Your Certificate
Manage Your MoneyFour questions to ask when your certificate matures
If your savings certificate is coming due soon, now is a good time to think about what's next. Here are some questions to ask yourself.
1. What are my options?
If you’d like to make changes to your Broadview certificate or retrieve the money, you can do so during the 10-day grace period following your maturity date.
If you choose not to act, your certificate will renew automatically into a new certificate with the same or a similar term. For assistance, you can call Broadview at 800-727-3328 or visit a branch.
2. When will I need the money?
If you expect to need extra money within the next six months or sooner – and want to keep earning a good rate – a short-term certificate might be a good option. Terms are as short as three months.
Or maybe you plan to make a purchase further down the road. If so, you could go for a longer term, say 12 or 18 months.
If you don’t need the money for at least three years, for example, Investing could potentially help you grow the funds. Contact an investment specialist at Broadview Wealth Management to discuss your options.
To help pay for college, families with students might want to direct certificate money to the tax-advantaged 529 Plan.
3. What are the latest rates?
For the benefits of great rates and access to your money, you can keep some money in savings, such as a money market account, and the rest in a new certificate, or a different investment option.
You may find the favorable rates on certificates appealing. You can choose among fixed-rate, bump-up, and add-on certificates at Broadview. See all certificates terms and rates.
When shopping for rates from other financial institutions, read the fine print carefully, especially on introductory offers. There are often promotional rates that change, fees, high minimums, or actions required, such as opening a checking account. Make sure you do your homework.
4. What if I want to lock in a good rate and with more opportunities to access my money?
You can keep earning an excellent rate while maintaining frequent access to your money by setting up a certificate ladder.
Here’s how laddering works. When the certificate you have now matures, you could open multiple certificates, each with a different term. For example if you have $10,000 in one certificate now, you might put $2,500 in four different certificates to create your ladder: a 6-month, a 12-month, an 18-month, and a 24-month certificate.
A certificate would mature every three months. During the grace period, you could cash it out, roll it over, choose a different term, or save or invest it differently.
Some Broadview members let their laddered certificates keep rolling over when they mature – knowing they’re earning a top rate and confident they can access their money regularly.
Ready? Let us help.
If you want to reinvest in a different certificate during your 10-day grace period or have questions, please call us at 800-727-3328. You can check out Broadview's rates to choose a term that’s best for you.
