I receive an invitational email from my broker, TD Ameritrade, about a new offering of 15-year callable step-up CD. Please see the email here. CD or Certificate of Deposit is similar in cash flows to bonds. The CD will mature in 15 years. The interests are paid semi-annually. The CD seems attractive. It is issued by Wells Fargo Bank and is FDIC insured for up to $250,000 of my investment, so I don't have to worry about investment losses. It's coupons are 3% per year for five years, and 3.3% for the next five years, and 4.1% for the rest five years. I tried to find the Treasury's yield curve here, and find the CD's coupon rate very attractive compared to Treasury's yield. In addition, I searched for the best 5-year CD rate and the best 10-year CD rate and found that these rates are lower than those that are offered by Wells Fargo Bank. More importantly, I am only paying for 100% of the par value or $1,000 per CD, which seems to be cheap. There is also a Survivor's option, allowing the beneficiary of the CD of the deceased to sell the CD (back to the issuer) in the event of the beneficiary's death or legal incapacitation. The only feature that I am not certain is the call status. It says that the CD is callable on 07/30/2019@100% of the par value and callable quarterly thereafter. In sum, the CD is offering a lot of good terms, I am considering buying the CD. However, it seems that the price that I am paying is low compared to the high interests that I will be receiving.

Should I buy the CD? What are the pros and cons of owning the CD? Is there anything that I should be aware of? Please offer your generous advice.