What is a certificate of deposit
A Certificate of Deposit (CD) is a financial product offered by banks and credit unions that allows individuals to deposit a fixed amount of money for a specific period of time, known as the term or maturity.
Fixed-term investment
With a fixed-term investment, the investor parts with his or her money for a specified period of time and is repaid his or her principal investment only at the end of the investment period.
Guaranteed returns
Rate-of-return guarantees are simple: they could protect savers from losses and ensure that they receive at least a minimum return on their investments.
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Features
A savings account is a type of bank account that is designed to help individuals save money while earning interest on their deposits.
- Earn up to 0.10% AYP
- Free interest transfers
- No setup or maintenance fees
- CDs offer a fixed interest rate
- $100 minimum balance to open an account
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Fixed Term
CDs have a fixed term or maturity period, which is predetermined at the time of purchase.
Interest Rate
CDs have a fixed term or maturity period, which is predetermined at the time of purchase.
Guaranteed return
CDs have a fixed term or maturity period, which is predetermined at the time of purchase.
Penalties for early withdrawal
CDs have a fixed term or maturity period, which is predetermined at the time of purchase.
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