Is this a common practice for banks?

[Mr N8]

I work at a bank, and just heard about this new CD we are carrying. 2 years at 3% and 3 years at 3.65%, with the option to bump the rate up once any time after the first 6 months of the CD.

I'm not a financial guru, I'm the IT guy, so I thought this sounded like a good deal. I guess I've never been able to bump up a CD before, but I've only had them through my bank and ING.

Is this common, and I live in the dark ages, or is this a fairly new idea?

 

[AccruedExpenditure]

Yeah, I've heard of this before... 3 percent on a two year though... that's damn good, which bank is this?

 

[Mr N8]

Its a local bank, here in Wisconsin. I guess I heard the rates wrong, though. 2.75% for 2year and 3.25% for 3 year. Is that still ok? I know it sucks in light of what it would have been in the late 90's, but I don't think even ING beats that, now.

Community State Bank