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Certificates of deposit that require the depositor to commit to leaving their funds in the bank for a certain period of time, in exchange for a higher rate of interest are also called time deposits Bonds.
- An account designated as a time deposit is one that the depositor has agreed to keep in the bank for a specific amount of time in exchange for a greater interest rate.
- A time deposit, sometimes known as a term deposit, is a fixed-term interest-bearing bank account.
- In comparison to a typical savings account, it enables depositors to grow their money at higher interest rates.
- Depositors have two options after the term is up: they can either withdraw their money or renew it and hold it for another term.
What is a CD certificate?
- A certificate of deposit (CD) is a type of savings account where the issuing bank pays interest in exchange for holding a specified sum of money for a predetermined length of time, such as six months, a year, or five years.
- When you cash in or redeem your CD, you receive the money you originally invested plus any interest.
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