A certificate of deposit (CD) is the best example of a time deposit account. Time deposit accounts are useful for holding savings, and may offer higher annual percentage yields ( APYs) than regular savings accounts. Otherwise, you may have to pay an early withdrawal penalty. If you want to access the funds in a time deposit account, you need to wait until the term is up. A time deposit account is a type of interest-bearing bank or credit union account that requires you to leave your money in the account for an agreed-upon length of time, or term.
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