You don't seem to be missing much. I'll go looking whether e-trade might have the bonds, because they sound good to me if you aren't too worried about the credit quality. If interest rates stay down, the probability is very great that just before the first step-up, the bond will be called, with the result that you got 5% for short-term money. Charlie has 5% for a CD at PenFed, but that is 10 year term and a penalty of a year's interest if he cashes out sooner. If they don't call the bond, then the rate goes up. Don't put everything you have into any one thing, including this one, but in general right now I like step-ups a lot. I have one JPM stepup, could use another issue but that's as far as we go. A healthy suspicion about credit quality is always in order. Best wishes, Chrisz
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