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6 years ago
How do traditional certificates of deposit (CDs) work?
 
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6 years ago
A certificate of deposit, also known as a CD, is an interest-earnings savings instrument purchased for a fixed period of time. With a traditional FDIC-insured CD, you agree to keep the money in an account for a set term  a few weeks to several years. In return, the bank agrees to pay you a higher interest rate than you would receive from a checking or savings account. If you need the money back earlier, you can arrange that but expect to pay an early withdrawal penalty.
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