![]() ![]() Individual depends on their goals, the rate they which to earn, and their future plans for the money. Terms can either be described in months or years. ![]() Terms can run for any period of time but in general, banks use the following terms:ģ months, 6 months, 12 months, 18 months, 24 months, 36 months, 48 months, and 60 months. The time period in which money is held in a certificate of deposit is called the term. ![]() Interest penalties and is generally not advised. While it is possible to withdraw the money earlier (breaking the CD) doing so comes with high Of money for a set period of time, in return for a fixed rate of interest. Certificates of Deposit - Branch Banks 2023Ī certificate of deposit (CD) is a savings product offered by a bank in which a depositor (someone who has money to put into the bank) agrees to commit a certain amount ![]()
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