Compass Bank makes this decision easy, at least in Texas (rates in other states may be different). The Option CDs actually have higher interest rates than the fixed rate CDs.
For example, its 24 month fixed rate CD is 3.50% APY. The 24 month Option CD is 4.10% APY. Not only can you request one rate bump during the term, but also you can make one additional deposit to your CD.
The 3, 4, and 5 year fixed rate CDs APYs are 3.65%, 4.30%, and 4.35%. The corresponding Option CDs are 4.15%, 4.20% and 4.25%. Only the 4 and 5 year fixed term CDs offer slightly higher interest rates than the corresponding Option CDs. These 36, 48, and 60 month Option CDs have the additional benefit of two rate bumps and two additional deposits. So even with the slightly lower interest rate, this extra flexiblity would likely be worthwhile.
Although these Option Certificates of Deposits look attractive, as I mentioned in the previous post, there's no way to know how these rates will change. Even if interest rates overall go up, there's no guarantee that the Option rates will go up. Since Option rates are currently very high compared to the fixed rate CDs, they could remain unchanged for a long time.