3.00% 36-Month Triple Option CD at Southern State Bank in Arkansas - Local Only


Southern State Bank is offering a special CD called Triple Option CD. The details and rate are listed on the bank's home page as of 9/07/09. These include:
  • Earn 3.00% APY, 36 month, Bonus of 0.25% if open a True Rewards Checking account
  • Select a one-time interest rate increase
  • Minimum balance to open is $2,000. A 50% additional deposit on the original balance is allowed
  • A no-penalty 50% withdrawal on the original balance is allowed
  • CD terms & caveats: penalty for early withdrawal; variable rate CD; interest rate may change prior to maturity; personal accounts only
I highlighted the caveat of the variable rate. This is definitely a major downside. However, the ability to withdraw without penalty up to 50% of the original balance can help reduce the downside a bit. According to the bank's CD & IRA page, the 3.00% has been effective since March 1, 2009.

The bank also offers the True Rewards Checking Account which pays 5.01% APY on balances up to $25K if the typical reward checking requiremets are met (as of 9/07/09). Please refer to my True Rewards Checking post for more details about this account.

It appears that a branch visit is required to open an account. Branches are located in the Arkansas cities of Malvern, Rockport, and Haskell.

Southern State Bank is a division of Farmers Bank & Trust Company. FB&T ratings for safety and soundness are fair: 3 stars (performing) at Bankrate.com and 3½ stars (good) at BauerFinancial. Both ratings are based on 3/31/09 financial data.

FB&T was established in 1906 has been FDIC insured since 1934 (FDIC Certificate # 1291).

Other Competitive Certificate of Deposit Rates
5.01% Reward Checking Account at Farmers Bank & Trust in Arkansas - Local Only
Farmers Bank & Trust is offering a reward checking account called True Rewards Checking with the following rates and features if certain monthly requirements are met:
  • 5.01% APY on balances up to $25,000
  • 1.01% APY on portion of balance over $25,000
  • 0.25% on all balances if requirements are not met
  • Refunds ATM fees nationwide
The monthly requirements include:
  • 10 check card purchases (excludes ATM transaction)
  • 1 direct deposit or ACH auto debit
  • Access on-line banking
  • Receive e-statements
Additional features of the account regardless of the monthly requirements include:
  • $100 minimum initial deposit
  • No minimum balance requirement
  • No monthly service charge
  • Free online bill pay
  • Overdraft...

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