You know the old song and dance about a "substantial penalty for early withdrawal of funds from a CD. Well I found out this morning it ain't necessarily so. I had a CD mature the end of April and the best rate my credit union was offering at the time was 3.95%
This morning I check the rates and they had jumped to 4.80% in the last few days
So I start reading the fine print about how much it's going to cost me to get out of the low rate and move up. I figured according to the rules it would cost me a quarters interest at the most.
Even at that I would make it back within a year with the higher rate.
So off I go to the credit union ready to do the swap and take my lumps. When I asked what the damages would be, the teller did a few mouse clicks and said, There is no penalty, this is considered a rollover from CD to CD, not a withdrawal.
A few mouse clicks later she opened a new CD and I had the higher rate.
Not sure if this is common practice at many banks or credit unions but it sure is worth asking.