What is a certificate of deposit?
What is a certificate of deposit?
user
It’s a type of savings account in which the bank pays a higher interest rate than a regular savings account, and you can withdraw money from the CD at any time without penalty.
assistant
I thought you had to keep it in a certain amount of time or pay a penalty?
user
Some banks may have a penalty for withdrawing money from a CD early, but typically you do not have to keep it for any length of time before you can withdraw it.  Are you thinking of a different type of savings account?
assistant
No this one. I may be mistaken though.
user