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Certificate of Deposit (CD)
A type of savings account that offers a fixed interest rate and a fixed term of deposit, typically ranging from a few months to several years.
More Details
A Certificate of Deposit (CD) is a type of savings account that is offered by banks and other financial institutions. In return for agreeing to leave the money in the account for the term, the bank typically offers a higher interest rate on the CD than it would on a regular savings account.
Example
If you have cash that you do not expect to use in the next few years, a CD could be a low-risk and reliable way to invest this money and get a higher interest rate than a basic savings account in return.
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