Can the maturity date of a certificate of deposit be changed?

The maturity date of a certificate of deposit (CD) is typically fixed and agreed upon at the time of purchase. It represents the date when the CD reaches its full term, and the funds, along with any accrued interest, become available for withdrawal without any penalties.

In most cases, the maturity date of a CD cannot be changed once it is set. It is a contractual agreement between the account holder and the financial institution offering the CD. Both parties agree to the terms and conditions, including the duration of the CD and its associated interest rate.

If you have a specific need to change the maturity date of a CD before it reaches its full term, it is advisable to contact the financial institution where the CD is held. They can provide information on any available options, such as early withdrawal with applicable penalties, or potential opportunities for rolling over the CD into a new term.

It's important to note that changing the maturity date of a CD is subject to the policies and guidelines of the issuing financial institution, and they may have specific rules and conditions in place regarding such requests.