CDs are an account where you can not access your money for a given amount of time, but you draw higher interest rates than with a saving account.
See some common questions and answers below
CDs or certificates of deposit are a type of savings account. You put a certain amount of money into a CD for a certain amount of time, usually more than one year, where it grows a set amount of interest. During that time you can not access that money without a penalty.
If you have money that you absolutely do not want to spend, a CD can be a good place to store the money.
CDs make more money than savings accounts but less than other financial vehicles so having one may not be your best investment of your money.
CDs are generally free to open. If you access the money before the maturity date, you may be charged a penalty or lose interest.
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