What Is a Certificate of Deposit?

Type of savings account offered by banks and credit unions

Photo by Mamun Srizon on Unsplash

When it comes to saving money, there are many options available. One such option that often gets attention is the Certificate of Deposit, or CD for short. But what exactly is a Certificate of Deposit, and how does it work? Let’s dive into this financial tool to uncover its ins and outs.