What is a Certificate of Deposit?
An example of an AI chatbot conversation about what a certificate of deposit is.
What is a certificate of deposit?
A certificate of deposit (CD) is a savings product offered by banks with a fixed interest rate and maturity date.
How does a CD differ from a regular savings account?
Unlike a regular savings account, a CD typically offers higher interest rates but requires you to lock in your money for a set period.
What are the typical terms for a CD?
CD terms can range from a few months to several years, with common terms being 6 months, 1 year, and 5 years.
Are there any penalties for withdrawing money early?
Yes, most CDs impose an early withdrawal penalty, which can reduce your interest earnings.
Is my money insured in a CD?
Yes, if the CD is issued by an FDIC-insured bank, your deposits are insured up to $250,000.
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