I'm wondering why you are surprised. When you bought the CD, for example, didn't they tell you what the fixed interest rate would be? And does the interest they paid correspond with that interest rate?
I know interest rates are horribly low (though I suppose the good part is that they are also extremely low for mortgages right now), but when you buy a CD the fixed interest rate is very clear. It is part of the "name" of the product you are buying.
Your CD sounds a bit low. You should have been able to get a 1% CD for a year, which would mean you should have gotten over $40 in interest instead of just $8.
There are banks that have a "no penalty CD" that would allow you to withdraw early without penalty. Currently they pay just a smidge under 1% (I did a quick check before posting).
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