Certificates of deposit (CDs) require that money be kept in the account for a specific period of time to receive a specified return. CDs often require a larger initial investment than a savings account but yield a higher return. The longer the deposit length, the higher the interest rate will generally be because savers are keeping their money on deposit for a longer period of time. CDs are insured by the FDIC for up to $250,000, just like a passbook savings account.
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