I have 4 cd's and thinking about borrowing from one, is that possible?
Answer:
Yes, you can cash in one of them and leave the other three alone. You should call the bank or institution that holds your CDs to find out about actual penalties and which CD is best to cash in.
While it is true that you would be penalized more for a 5-year CD after 3 1/2 years than a 4-yr CD., if the CDs are automatically rolled)say, a 1 yr CD rolled again 3 times) you may still be in the middle of a penalty period. Your bank can give you specific information.
Read the articles on this link about Certificate of Deposit
http://www.bankrate.com/brm/green/invest.
Each CD is considered a seperate security and therefore you will only get a penalty for the one you cash in. The longer you hold the security, the less your penalty will be.
Ask your bank if they will make you a secured loan against one of the CDs. You repay the money but your CD and its interest is safe.
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