- Home
- Meet the Team
- Log In
- Contact
- Careers
- Search
- Search Results
- Branches & ATMs
- Rates
- Log In
- About MCU
- Join MCU
- Personal Banking
- Lending
- Meet the Team
- Loans
- Home Loans
- Conventional Mortgages
- Jumbo Mortgages
- High-Balance Mortgages
- Family Homes, Co-Ops, and Condos
- Investment Property
- ARMs
- Adam Gonda
- Xiang He Lin
- Sabrina Kilgore
- Omar Osoria
- Michele Palmucci
- Cesarina Pena
- Walter Skowronski
- Shantell Wynn
- Homebuyer Dream Program
- Heroes Home Improvement Loan
- Mortgage Center
- Credit Cards
- Insurance
- Member Resources
- MCU Financials
- Forms and Disclosures
- Privacy Policy
- Automated Telephone Banking
- Order New Checks
- Security & Fraud Alerts
- Privacy Notice
- Scholarship Search
- 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
Fair and Accurate Credit Transactions Act (FACT Act)
A federal law that aims to protect consumers from identity theft and fraud by providing greater access to and control over their credit information
Insurance
An agreement in which an individual or entity pays a premium to an insurer in exchange for protection against potential losses or damages.
Late Fee
A penalty charged by a lender to a borrower who fails to make their required minimum payment on time.