Certificate Of Deposit

A certificate of deposit is an agreement to deposit money for a fixed period with a bank that will pay you interest. Cds generally pay a fixed rate of interest and can offer a higher interest rate than other types of deposit accounts depending on the market. A certificate of deposit cd is a product offered by banks and credit unions that offers an interest rate premium in exchange for the customer agreeing to leave a lump sum deposit untouched for a predetermined period of time.

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Certificate Of Deposit Cd

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Learn about cd rates penalties and more.

Certificate of deposit. You have to lock up your money up in the account for a specified period of time. Certificates of deposit cds are among the safest investments available from banks and credit unions. A certificate of deposit or cd is a type of savings account that has a fixed interest rate and fixed term of months or years. They typically pay higher interest rates than savings accounts and money market accounts but theres one drawback.

Along with earning interest the account is fdic insured. A certificate of deposit cd is a time deposit a financial product commonly sold by banks thrift institutions and credit unions. Cds are similar to savings accounts in that they are insured in the us up to 250000 money in the bank and thus up to the local insured deposit limit virtually risk free. You can choose to invest for three months six months one year or five years.

A certificate of deposit or cd is an account you leave untouched for a set time while it grows interest. You will receive a higher interest rate for the longer time commitment. You choose your term length 3 and how much money to deposit. Read more about cds.

A cd certificate of deposit is a type of deposit account thats payable at the end of a specified amount of time referred to as the term.