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A phrase used for congratulations, admiration, agreement, etc. It conveys a general sense of enthusiastic approbation.
A: I got 96% in my Financial Accounting exam.
B: Cool bananas!

A: Have you seen this new Sony PSP? The screen is awesome.
B: Cool bananas!

A: Let's go to a movie tonight. How about Team America World Police?
B: Cool bananas!
by Kilkrazy January 14, 2005
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Another phrase to use as opposed to saying, Everything is fine. Can also be used as confirmation. Can be used as acknowledgement or and expression.
Can we meet at midnight? Reply saying "cool bananas"
When one sees something appealing express "Cool bananas!"
by justbmw August 26, 2006
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"Cool bananas" is an expression of appreciation, endorsement or an exclamation of enthusiasm. Similar to "cool beans" and awesome!

Etymology: Possibly originating in Australia in the early 1990s, loosely based on a television commercial for an Australian automotive reseller whose tagline was "Cool Banana Motorama"
Statement: I just got us front row tickets to the show.
Reply: Cool Bananas!

Statement: You can now play for free.
Reply: Cool Bananas!
by Wordsmyth 2000 December 08, 2009
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An affirmation of the statement just made - ranging in intensity from meaning "that's fine" to "that's amazing."

This term is almost exclusively used by youth pastors and other cool and hip-and-with-it christian role models.
"I'll pick you up at 7.30"
"Cool bananas"
by GoldfishStew November 07, 2015
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A phrase used to express your satisfaction with someones proposed course of action. The phrase was actually first coined by Simon Lambert on the 6th Floor of the Playford Builidng at the South Australian Institiute of Technology in mid 1984. Simon responded with "Cool Bananas" after one of the Malaysian students hacked into the University computer and changed all of the years assignment outcomes to the right answers , therefore saving hours of time trying to generate an R-squared in excess of 98.9%.
Person 1 : I just bought a metre long stick of licorice !

Person 2 : Cool bananas !!

Person 1 : I can get it done but I may need to kill Mary ...

Person 2 : Cool bananas
by TheValuer June 04, 2013
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A phrase indicating affirmation, enthusiasm or just general agreement.

Probably first used in the Midwest USA (Kansas City, St. Louis, Minneapolis etc.) in the early 70s where it was spoken by radio station DJs and was initially popular with high school and junior high school girls. It was spread primarily through TV and radio given that it was coined before the world wide web was in use. Now, occasionally it is heard world wide in the USA and the Anglophone Common Wealth. Although it is not a common phrase, it is usually understood, evidently, since it employs the widely recognised adjectival 'cool'.
Person A: We'll be there about 3 or 3:30.

Person B: Cool Bananas.
by Malangthon October 08, 2010
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To say that an action is easy with out jinxing your self.

In some scenarios saying something is 'easy' is seen as temping fate and leads to bad luck - This phrase will get you out of many a sticky situation. For double refirmation or as a call and answer between two people it maybe used 'cool banana'...'banana cool'
Do you think you can get that done?
...Cool Banana
by Moserism August 18, 2009
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