Well, there's nothing you can do about the IRA now -- unless there is a "grace period" which allows you to withdraw. But the rates on this deal are pretty low -- and are likely to look more puny in the months ahead.If you can withdraw without penalty,and since it is in an IRA (which requires a custodian), I would switch it into a bank that offers a higher deposit rate, and stagger the maturities, buying a 6-month and a one-year, and a two-year CD. As each matures, you can renew at whatever the current market rate is -- likely higher. Rates are rising and will probably rise faster than this "deal" your bank offered to lock you in! If it's a Chicago bank, show them this post and tell them they can -- and should -- offer higher rates!