- Home
- Meet the Team
- Log In
- Contact
- Careers
- Search
- Search Results
- Branches & ATMs
- Rates
- Log In
- About MCU
- Join MCU
- Personal Banking
- Lending
- Credit Cards
- Lending Services
- Insurance
- Member Resources
- MCU Financials
- Forms and Disclosures
- Privacy Policy
- Automated Telephone Banking
- Order New Checks
- Security & Fraud Alerts
- Privacy Notice
- Schedule an Appointment
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.
Related Terms
Mobile Banking App
Mobile banking is the use of a mobile app to access and manage banking services such as account transactions, bill payments, and account transfers.
Payroll Deduction
The deductions made by an employer from an employee's paycheck prior to direct deposit, usually to pay for elected benefits.
Digital Wallet
A virtual wallet that allows users to store, manage, and use their payment and banking information securely