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Interest rates have gone up, but the bank refuses to raise the rate on my certificate of deposit (CD). Why?

When you open a CD, you enter into a contract involving a fixed amount of money (principal) for a predetermined period of time (the term) and an agreed-upon interest rate and yield. The bank is complying with the terms of the contract. It is not obligated to change those terms when interest rates change, unless the terms of the contract require a change in interest rate.

Review your account agreement for policies specific to your bank and your account.

Refer to 12 CFR 1030 "Truth in Savings Act (Regulation DD)."

Last Reviewed: October 2020

Please note: The terms "bank" and "banks" used in these answers generally refer to national banks, federal savings associations, and federal branches or agencies of foreign banking organizations that are regulated by the Office of the Comptroller of the Currency (OCC). Find out if the OCC regulates your bank. Information provided on HelpWithMyBank.gov should not be construed as legal advice or a legal opinion of the OCC.

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