As a result of the money you deposit being obligated for the duration of the CD, interest rates on CDs are frequently greater than those on conventional savings accounts.
- A certificate of deposit (CD) is a type of savings account where the issuing bank pays interest in return for holding a specified sum of money for a predetermined length of time, such as six months, a year, or five years. You will get the amount you initially deposited plus any interest when you cash in or redeem your CD.
- A certificate of deposit (CD) is a type of savings instrument that accrues interest on a single quantity of money for a certain amount of time. Unlike savings accounts, CDs require that the money stay undisturbed for the duration of the term in order to avoid penalty fees or interest losses.
Thus the answer is Certificate of Deposit.
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