The Southern State Bank in Arkansas offers a certificate of deposit program called Triple Option CD which offers a top cd rate of 3.00% APY with a 36-month term. There is also a bonus of 0.25% if the account holder will open a True Rewards Checking Account. The CD promo requires $2000 initial deposit.

While enjoying the highest CD rates the money in the bank deal also allows deposits amounting to 50% of the account holder’s original balance. The bank also does not impose an early withdrawal penalty if you decide to take out half of the original balance of the CD. You can also opt for a one time interest rate bump.

One downside of this deal though is the variable rate feature which means that the current interest rate may change before the certificate of deposit matures.

The current cd rates have been in effect since March 2009. We believe this will stay for a while but just to be sure, applicants should visit the bank’s website or contact their customer service line to verify the latest figures.

Interested consumers need to visit the bank to apply for the account. They have offices in the cities of Rockport, Malvern, and Haskell in Arkansas.

The Southern State Bank operates under the umbrella of Farmers Bank and Trust Co. The ratings for soundness of FB&T are very stable with Bankrate.com giving 3 stars and BauerFinancial stamping 3.5 stars. These were based on their March 2009 data.

The bank was founded in 1906 and insured with the FDIC since 1934. They have certificate number 1291.