So, all of our IRA's have been in CD's with one bank... for as long as I can remember, maybe 35 years or when IRA's were first offered. That bank, which was Met Life at the time, became GE, and now (ugh) Synchrony or Optimizer which becomes confusing.
Historically the bank has paid the highest interest and has always been, # 1, 2 or 3.
Rollovers have been automatic, with a choice of one to five years. We keep a small savings account with the same bank, and if and when we decide to take money out, its a usually just a single page form to fill out and usually takes about 6 or 7 days to process. This time the withdrawal was a disaster. A long delay in processing, and then an error in my form, which they didn't inform me of ... then another form to make the transfe... nor fax or email or phone mail only. ... Five weeks to withdraw my money. Look at "Synchrony Bank Reviews on Yelp or Consumeraffairs or any rating website. Hmmm... what does a cumulative "one star" rating mean?
Anyway... decided to transfer my CD IRA's to another bank... pages of forms and explanations... Since I only had a month to rollover to another bank, and knowing what I know about money float and deliberate time delay... I just let the CD's roll over where they were. My anger with Synchrony turned into a long letter to the FDIC, which resulted in a three page letter of reply from the Synchrony risk management group. Twists and turns and lies.... I gave up... they're bigger than me. It was my "gotcha".
BTW... checking Bankrate, Synchrony is still on top of the national CD rates.
Until Synchrony, no problem... always nice people, and no one hour phone waits.