When I read a Bank Deals’s article about a “triple option CD” from Southern State Bank in Arkansas, I was perplexed. I thought I knew what all the various certificate of deposit types were whenever I wrote that Certificate of Deposit Zoo post… but I was wrong.
What is a triple option CD? A triple option CD is a CD that combines the features of a bump up CD with a no-penalty CD. For those enjoying the zoo analogy, the triple option CD is a modern day Chimera. With a triple option you can usually:
- Make another deposit into the CD,
- Increase your rate once during the original CD’s term,
- Withdraw part of the CD under certain circumstances.