A Certificate of Deposit, or CD, account is a type of savings account offered by some banks. A CD account usually offers a higher interest rate than a traditional savings account. In order to open a CD account, you must agree to leave your deposited money untouched for a set period of time, usually six months or a year.

If you are looking for a higher interest rate on your savings, a CD account may be a good option for you. However, be sure to read the terms and conditions carefully before opening an account, as there may be penalties …