Sentences with phrase «deposit upon maturity»
Automatic renewal or rollover occurs when you fail to take action with the deposit upon maturity, at which point the bank will roll the deposit over into a new CD with an identical term length at the prevailing rate.
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Depending upon your chosen maturity date, CDs may pay higher interest than money market deposit accounts.
Deposits are instantaneous in that they can be called upon at any time, whereas assets (typically loans) have long - term maturities.
It works like a conventional certificate of deposit that locks in the principal amount for a set time frame and is payable upon maturity.
Upon maturity of your IRA CD, you have a 10 - day grace period to redeem your deposit or change the amount or term, before it automatically renews.