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certificate of deposit |
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A written recognition by a bank of a deposit, coupled with a pledge to pay the deposited amount plus interest, if any, to the depositor or to his or her order, or to another individual or to his or her order. A form of Commercial Paper that serves as documentary evidence that a savings account exists. certificate of deposit (CD) n. a document issued by a bank in return for a deposit of money which pays a fixed interest rate for a specified period (from a month to several years). Interest rates on CD's are usually higher than savings accounts because banking institutions require a commitment to leave money in the CD for a fixed period of time. Often there is a financial penalty (fee) for cashing in a CD before the pledged time runs out. See also: receipt How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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| The bank offers consumer and business checking accounts, money market checking accounts, savings accounts, and certificates of deposit (CDs). Certificates of Deposit (CDs) are savings instruments that pay investors a slightly higher interest rate than a regular savings account. Kehrer said that when the yield curve is normal, safety-conscious investors can obtain interest rates 50 to 75 basis points higher in fixed annuities than in bank certificates of deposit, but when it is steep, the fixed annuities pay much higher rates. |
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