Extending the contract for a new term is an option, not an obligation. Upon expiration of the term, you have the right to extend the deposit for a new period or withdraw all the money from the account. Interest in both cases will not be lost, this only happens in case of early termination of the contract.
To understand whether you need an extension, you first need to decide what you want to do with your savings:
spend - or invest further?
If you invest, how much - the whole amount or part?
For what period are you willing to invest money - the same as before, or a shorter one?
If you have saved up for a specific purpose with the help of finland mobile database a deposit and now want to use the money, then you do not need to renew the agreement. Withdraw the entire amount and close the account.
If you plan to withdraw only part of the funds and invest the rest, check whether your contract allows this option. If it is allowed, contact your banking organization before the contract expires. The employees will tell you on what day you can withdraw the amount from the account and arrange an extension without losing interest.
If you are ready to reinvest money for the same period, evaluate the feasibility of extending the current contract. To do this, study the market situation a few days before the end of the term:
what interest rates on deposits do different banks offer,
What rates are currently in effect on your deposit?
Based on the analysis, make a decision:
If you are satisfied with the current rate at your bank, you can leave the money in the account and extend the current agreement;
If the current rate is lower than other programs, it is better to withdraw the funds and place them on a more profitable deposit.
Such an analysis should be carried out for all types of reinvested deposits, including those with automatic extension. Otherwise, you risk extending the contract on unfavorable terms and losing income due to the low rate.