When your certificate of deposit (CD) reaches maturity, what you choose to do next will seriously affect your finances. CDs are low-risk, interest-earning accounts that come with set terms, but your CD maturing isn't the end of the line -- it's an opportunity. Continue to earn a return on your investment by avoiding these four common mistakes.

1. Ignoring the grace period

Your CD almost certainly comes with a grace period of seven to 10 days after it matures. This grace period gives you a chance to decide what to do with your money. This can be easy to miss or forget.

Before doing anything else, review the terms of your CD and take note of exactly how long your grace period is. Missing this window could lock your cash into a new CD that might have an interest rate well below competitors.

2. Rolling over without reviewing your options

If you don't otherwise specify, many banks automatically roll your funds from the expired CD into a new CD once your grace period ends.

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Product	APY	Min. to Earn
American Express® High Yield Savings Member FDIC. APY 3.80% Rate info 3.80% annual percentage yield as of January 27, 2025. Terms apply. Min. to earn $0 Open Account for American Express® High Yield Savings On American Express's Secure Website. Member FDIC.	3.80% Rate info 3.80% annual percentage yield as of January 27, 2025. Terms apply.	$0	Open Account for American Express® High Yield Savings On American Express's Secure Website.
Barclays Tiered Savings Member FDIC. APY 4.25% Rate info Balances less than $250,000 earn 4.25%, and balances greater than $250,000 earn 4.50% APY. Min. to earn $0 Open Account for Barclays Tiered Savings On Barclays' Secure Website. Member FDIC.	4.25% Rate info Balances less than $250,000 earn 4.25%, and balances greater than $250,000 earn 4.50% APY.	$0	Open Account for Barclays Tiered Savings On Barclays' Secure Website.
Western Alliance Bank High-Yield Savings Premier Member FDIC. APY 4.30% Rate info The annual percentage yield (APY) is accurate as of Jan. 24, 2025, and subject to change at the Bank's discretion. Refer to product’s website for latest APY rate. Minimum deposit required to open an account is $500 and a minimum balance of $0.01 is required to earn the advertised APY. Min. to earn $500 to open, $0.01 for max APY Open Account for Western Alliance Bank High-Yield Savings Premier On Western Alliance Bank's Secure Website. Member FDIC.	4.30% Rate info The annual percentage yield (APY) is accurate as of Jan. 24, 2025, and subject to change at the Bank's discretion. Refer to product’s website for latest APY rate. Minimum deposit required to open an account is $500 and a minimum balance of $0.01 is required to earn the advertised APY.	$500 to open, $0.01 for max APY	Open Account for Western Alliance Bank High-Yield Savings Premier On Western Alliance Bank's Secure Website.

While this may seem convenient, especially if you want to keep your cash in a CD, when you do an automatic rollover, your bank doesn't give you any choice of which CD your money will be put into. That means the interest rate you get can be well below today's best CD annual percentage yields (APYs) of 4.00% and higher.

Looking for a new CD to roll your cash into? Check out our list of the best CD rates to continue earning a top APY on your money.

3. Letting your money sit in a low-interest savings account

One of the benefits of a CD is earning a high interest rate on your money, while preventing you from spending that cash before reaching your savings goal. Transferring your funds to a standard savings account after your CD matures might seem easy, but it can be a big mistake.

The average 6-month CD interest rate is 1.64%, according to the FDIC. But the average savings account interest rate is only 0.41%. That makes the average CD rate three times higher than the average savings account. Instead, check out the best CD interest rates or the best high-yield savings accounts, which currently include accounts earning APYs of 4.00% or higher.

4. Not using funds to pay down debt

While earning a return of 4% or more on your cash in a CD is a sweet deal, consistently paying credit card debt with a 25% annual percentage rate (APR) more than wipes out anything you earn. Having a savings goal is important, but it becomes a moot point when you're dealing with high-interest, revolving debt. Paying down credit card debt will increase your credit score, give you more financial freedom, and give you the best chance to land the top credit cards.

Once your CD matures, it's not just time to collect your earnings, but it's an opportunity to reassess your financial priorities. Make sure you're reviewing your savings goals, paying down as much high-interest debt as you can, and exploring the best high-yield savings accounts.