Statements true about certificate of deposit
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Facts on Certificate of Deposit
The CD will have a fixed term such as 3 to 12 months and also will have a fixed interest rate. For you to get the full interest, you need to hold the CD till maturity. At the time of maturity you will be able to withdrawal the principle amount plus the interest that has accrued.
Certificates of deposit are a secure form of time deposit, where money must stay in the bank for a certain length of time to earn a promised return. A CD, also called a “share certificate” at credit unions, almost always earns more interest than a regular savings account.
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