I have an online certificate of deposit that is nearing its end. So, in the mail I got an information sheet from the online bank advertising the latest rates and term lengths that I can put this money into when this one runs out.

Here they are:

Rollover term / Rate
6 month / 3.3%
9 month / 3.3%
12 month / 3.3%
18 month / 3.0%
24 month / 3.0%
30 month / 3.2%
36 month / 3.3%
48 month / 3.5%
60 month / 4.0%

My question is, why to the rates decrease before they increase as the length of term gets longer?

My initial thinking would be, if they want to lock in having my money for 24 months instead of 6 months, that rate would need to be higher to give me, the customer, more incentive to do it. Yet the 6 month rate is higher than the 18, 24, and 30 month rate. Why is that?

And while I'm typing, what one would you do. Given: the amount of money in this CD that is about to run out is not an amount I would need in the next few years.