Certificates of deposit
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Certificates of deposit (CD) is a mechanism for a saver to deposit funds at a bank and promise to leave them at the bank for a time, in exchange for a higher rate of interest.
Definition
According to Principles of Economics by Timothy Taylor (3rd edition),
- Certificates of deposit (CD). A mechanism for a saver to deposit funds at a bank and promise to leave them at the bank for a time, in exchange for a higher rate of interest.
