IRA invested in multiple CDs at multiple banks

For those with large IRAs that rate-chase and wind up with lots of CDs at many different banks:

Are there any tips/tricks/best practices for a CD maturing at Bank A, when you want to quickly grab a good rate at Bank B? A custodian-to-custodian transfer of the funds seems slow/cumbersome, but is seemingly the only foolproof way to avoid a taxable distribution.

Not sure what you mean, I have moved IRA CDs from bank to bank at maturity. Couple minutes more of paperwork but was not a big deal

I took the matured check from one bank to the new bank. You have a certain amount of time to reinvest the the old CD.

scott1961 said: I took the matured check from one bank to the new bank. You have a certain amount of time to reinvest the the old CD.

This is also what I have done before. I fill out the app for the new bank and take it too the old bank. They close the cd and cut a check directly to the new bank. I then mail the both of them in.

I did that a lot until this past maturity cycle in the beginning of the year when I moved all my IRAs to brokerage accts. Worked like a charm each time.

tuphat said: Indirect transfers, where the bank makes the check payable to the individual, are reportable to the IRS (not necessarily taxable), whereas custodian-to-custodian transfers are not.

I don't remember the exact details of the paper work but I do remember the receiving bank filled out something showing I was taking a check from a matured IRA CD and opening a new IRA CD with them. Am sure banks do it all the time so should check with the bank for details

Banks want to charge a tranfer fee and are not very competent when you seek to roll it over elsewhere yourself. Make sure you note the amount on your taxes as distribution and rollover or you'll get a letter in the mail from the IRS. I try to get them to code it as external transfer but most insist as coding it premature distribution and you must note rollover. They also accidently charge fees unless you point out maturity and that they don't have to charge transfer fees, taxes, etc.