While decades-high inflation and elevated interest rates have burdened borrowers in recent years, they resulted in exponentially higher returns for savers. From high-yield savings accounts to certificates of deposit (CD) accounts to even high-yield checking accounts, savers were positioned to earn interest rates many times higher than they could have secured just a few years earlier.

But the interest rate environment is changing once again.

Now, inflation has cooled significantly, dropping for the fourth consecutive month in July. A cut to the federal funds rate, which has a strong influence on what rates lenders offer savers, is expected to be cut in September. Additional reductions via the Federal Reserve could follow in November and December, too. So savers will need to adjust their strategy accordingly.

For those with CDs set to mature in September, specifically, a nuanced approach will be required to prevent the loss of interest-earning potential. Below, we’ll detail three things to do if your CD matures this September.

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What to do if your CD matures this September

Do you have a CD account set to mature this September? Then be sure to take the following steps:

Don’t let it automatically rollover

Many lenders will give savers a grace period to decide what to do with their matured funds before automatically rolling them over into a new account. But since rates are falling now, that new account could come with a rate significantly lower than the one you opened earlier in 2024 or before. And you’ll need to pay an early withdrawal penalty to regain access to those funds once they’ve formally rolled over. So don’t wait for that to happen, tell your lender now that you’re planning on accessing the funds.

See what new CD rates and terms are available to you online today.

Shop around for rates and lenders

Because rates are in flux right now and because those rates are unlikely to be as high as they were a year ago, it’s critical to shop around for the highest rates and best lenders for your money now. Remember that you don’t need to use the current lender that operates your CD once it matures. You’ll be free to do what you want with those funds, including moving them to an online lender, which tends to offer higher CD rates than those banks with physical locations. But start shopping now so you’ll know which lender you want to use once the money becomes accessible again.

Move it into a long-term CD

Long-term CD rates haven’t been quite as high as their short-term counterparts in recent years – a direct reversal from historic trends — but that doesn’t mean that these accounts don’t have competitive rates. You can still lock one in the 4% to 5% range now and, unlike short-term CDs, you’ll be able to earn that rate for years to come, even as interest rates are cut across products. This is a major feature right now when multiple rate cuts appear possible. But you’ll need to act quickly, as rates on long-term CDs won’t be immune from reductions either. So be prepared to move your money into a long-term CD right after it matures in the current account. 

Get started here now.

The bottom line

If your high-rate CD is set to mature in September, don’t worry. But don’t procrastinate, either. Start by telling your lender that you don’t want the funds to automatically roll over and take whatever steps are necessary to ensure that doesn’t happen. Start shopping for new lenders and rates, too. And look to long-term CD options, specifically, to guarantee high returns for the years to come, even if rates are cut in the interim. Just be sure to only deposit an amount that you feel comfortable leaving in the long-term CD for the full period, or you could wipe out any interest earned when hit with an early withdrawal penalty.