The Triple Option CD – What Is It and How Does It Work?
There's a new type of CD being offered by some banks lately called the Triple Option CD.
Types of CDs
Most of us are familiar with the traditional Certificate of Deposit (CD). It is a deposit product that earns a fixed interest rate higher than the savings account for a fixed period of time. CD's are usually availed of by clients who have no immediate plans for their cash and want to enjoy a higher yield for their money in a safe and FDIC-backed investment vehicle. Other than the traditional CD however, do you know that there are also other types of CDs? These non-traditional CDs offer flexible options for depositors who may be looking to explore other CD alternatives. Here are some of the most commonly offered and used non-traditional CDs:
