Step CDs are really just marketing tools, concocted to reduce the risk of the issuing bank! (and entice the buyer with the potential of higher rates in the future)
Minimally they are callable on the step dates. On those dates, if interest rates have risen, they'll let the CD continue. If however, rates have dropped, they are going to call. So, in that respect, the Step CD is is on par with a callable CD, because it is callable, and also locks you in to a low future interest rate at the bank's option. It's analogous to other floating rate products.
With your Step CD, it is callable every 6 months in addition to the step dates.
I've owned a few Step CDs over the years, and they were all called...except for two where HSBC botched the calls. They wanted to call on the step date, but somehow didn't give notice far enough in advance (part of the CD terms). Within days of calling and giving me back my principal, it was reversed, CDs given back to me and cash taken back out of my account. One of them stepped up to 4.125% and will mature in September 2024. They only had the single call date, and since that was no longer there, they are stuck paying it to term.
40434ANG0 - you can look it up.