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Certificate of deposit? |
define. A certificate of deposit, or CD for short, is a deposit you make at a bank. The CD is not accessible funds, so once you open the CD for a certain time period, you are unable to access the funds until the term of the CD has expired. The benefit to this type of account is the interest rate provided to you is higher than most transaction accounts where the money is accessible. If you allow the interest to compound, or add back upon itself, you will earn the APY, or annual percentage yield. When you open a CD, they will give you two numbers, the rate, and the APY. You can either have the interest payed to you, or invested back into the CD, allowing you to earn the APY. CD's are a great secure investment, and unless you are over $100,000 there is no risk of loss of your money. This type of investment is good for the shorter term, as they don't tend to keep up with inflation, so if you are saving for retirement, these aren't the best types of deposits. I hope this helps! |
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