Thanks StevenD! So, our verbiage on the renewal states, "A 'CD Special' will renew for the exact term originally purchased. If the original maturity term of the CD is one year or less, it will renew at the current interest rate for the one year CD. If the original maturity term of the CD is more than one year, it will renew at the current interest rate for the next highest maturity term unless the original term is disclosed on the rate sheet."
So, if we run a 13-month special, the next highest maturity term is 24-months, but of course we don't want to renew a 13-month CD at the 24-month rate. Saying something like it will renew at the "closest" maturity term seems dangerous. Any thoughts on how to word the disclosure so that the 13-month CD Special can be renewed for 13 months at the 12 month rate? These disclosures are used for all CDs, so I would prefer not to get specific...but we may have to. Thoughts?