bank rates

Where Are The CD Renewal Deals?

Recently, I posted about CIT Bank’s special rate deals for customers renewing maturing CDs for longer terms.

Unfortunately, I’ve found no other institution willing to follow CIT’s lead.

Back in 2011, I opened promotional CDs at several banks, including 1st Source, Rabobank and

Here are the original APYs borne by the CDs at those three banks and their APYs had I renewed them for either three or five years upon their recent maturities:

No Incentive To Renew These CDs

1st Source Rabobank Airbanking
Original APY 2.02% 2.00% 2.00%
3-year renewal 0.55% 0.45% 1.15%
5-year renewal 0.65% 1.11% 1.25%

Among these renewal rates, only Airbanking’s 3-year CD qualifies, in my mind, as being respectable, at least when measured against the yield for 3-year Treasury Notes, currently just shy of 1%.

In any event, I’ve closed my CDs at the three banks and moved my money elsewhere.

I was particularly disappointed with Rabobank, where I made a real effort to get a special renewal deal.

My CDs there were originally opened as part of a promotion dubbed Ride Safe*Bank Safe, celebrating the bank’s cycling team in the 2011 Amgen Tour of California competition. (Rabobank’s parent bank is European.)

My previous experience with a Rabobank CD was in 2012, when the bank offered owners of a 2-year, 2.25% APY promotional CD the opportunity to renew it at maturity into a 59-month CD at the same rate.

Sadly, this time around, I was offered no deal, despite repeated hints – some might say begging – on my part that the bank do something similar with the Ride Safe*Bank Safe CDs.

I tip my hat, though, to another institution – Bank of Internet USA – for at least trying to keep my maturing CD funds on deposit.

BOI offered me a special money market account deal with a guaranteed, very competitive one-year rate floor if I would agree to maintain my balance at the bank and add a bit more to it.

I won’t go into the details of the offer because I didn’t bother to negotiate the matter. Currently on the lookout for favorable 3- to 5-year CD deals, I simply thanked the rep and said I wasn’t interested.

I did encourage him, however, to check back when another CD of mine matures this October.

Anyway, with additional CDs coming due over the balance of this year, I sure hope I see more attractive renewal deals than I’ve seen so far.

Don't miss out on the next bank deal. Get the newest deals delivered straight to your inbox!

Comments (0)
1 Star2 Stars3 Stars4 Stars5 Stars (3 votes, average: 3.67 out of 5)
No Existing Comments

Comments are closed.