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What is a Triple Option CD?

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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:

  1. Make another deposit into the CD,
  2. Increase your rate once during the original CD’s term,
  3. Withdraw part of the CD under certain circumstances.


The specifics of the CD will depend on the bank offering them. For example, some banks offering a triple option CD will only let you withdraw up to 50% of the original CD for a medical hardship. Some let you withdraw up to 50% for no reason whatsoever. Some let you make an additional deposit of up to 50% of the original deposit. The amounts will often change but the three features will remain the same.

Where does the triple option CD fit in with other CDs? Triple option CDs usually have a maturity term of thirty-six months and a higher minimum deposit than other CDs offered at the same bank. As for the interest rate, triple option CDs appear to have rates similar to standard 36 month CDs (I’d expect them to be slightly lower, reflecting the additional flexibility).

Do you have a triple option CD? Or does your bank offer one? I get the impression these aren’t very common now.

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8 Responses to “What is a Triple Option CD?”

  1. Don’t fall for the gimmicks. Just get the highest yield CD possible, regardless of duration for your cash savings portion.

  2. eric says:

    Can’t say I’ve ever heard of this but sounds interesting.

  3. superdiamond says:

    sounds like a way for people to take out their money and not save. Just the option of taking and putting up to 50% of the deposit intrigue but then whats the point of a CD if your going to take it out?

    • dilbert69 says:

      Perhaps you don’t intend to take it out but you want to be able to if circumstances change.

  4. I’ve definitely never seen that before.

  5. jillianlou says:

    Never heard of that – do you have a list of banks that offer them?

  6. Chris says:

    I have seen a few of these popping up. A rate bump would be nice for when things turn around.

  7. Karen H says:

    I pay my taxes with a smile because I’m proud of this country and I receive a LOT back from it. Good schools, affordable colleges, a good road system, available and quality food and water, safe and affordable electricity — Americans complain about a lot of things, but the truth is, we have a great life here in the USA and being asked to support the system that provides this lifestyle doesn’t bother me a bit. I doubt it bothers Buffet or Gates, either. It’s the price of business, which you’d pay in any country you might choose to live in. As the good book says, pay unto Caesar. And yes, I made over 320k last year so the higher taxes will affect me. Being a part of this system is not a punishment. It’s a privilege. And I’m willing to pay for it.


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