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Certificate Of Deposit (Cd)
A document issued by a bank in return for a deposit of money. Interest rates on CDs are fixed, and usually higher than on savings accounts, because banking institutions require a commitment to leave the money on deposit for a fixed period of time. Often there is a financial penalty (fee) for cashing in a CD before the pledged time has run out.
LA-NOLO1:CM1.2.1.1.20150623.32264+