Untitled Document
Fixed Income Products: CDs
 
A certificate of deposit or CD is a time deposit.  

CDs are similar to savings accounts in that they are insured and thus virtually risk-free; they are "money in the bank" They offer a specific, fixed term (often three months, six months, or one to five years), and, usually, a fixed interest rate. It is intended that the CD be held until maturity, at which time the money may be withdrawn together with the accrued interest. In exchange for keeping the money on deposit for the agreed-on term, institutions usually grant higher interest rates than they do on accounts from which money may be withdrawn on demand.

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