Yep, that’s been the M.O. of my banks, for sure. Especially for Certificate of Deposits. They make it easy to open the new account but hard to transfer the money out after the first 6 months or whatever when they drop the rate back down to near zero. They give you a short window of time of about one week after it matures to get your money out before it automatically rolls over for another term.
Lately I’ve been using a different investment service that lets me buy CDs from a whole list of banks and automatically dumps the money back into my account when they mature, so hopefully I won’t have that situation moving forward.
