small amount of money in an interest-earning account for three years, doesn’t plan on withdrawing the funds, and wants them to stay in the account until the end of the third year.

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08-09-2022
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small amount of money in an interest-earning account for three years, doesn’t plan on withdrawing the funds, and wants them to stay in the account until the end of the third year.

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asmafaheemamivo asmafaheemamivo · Answer 1 · 2022-09-12T20:42:10+02:00

As the requirement is to hold the fund for 3 years , he/she shall chose the negotiable CD as the interest rate will be higher and cannot be redeemed before the maturity period.

What is a Certificate of Deposit?

A certificate of deposit (CD) is a savings instrument that yields interest on a one-time payment for a predetermined amount of time. In contrast to savings accounts, CDs require that the money remain untouched for the duration of the term in order to avoid penalty fees and lost interest. In order to compensate for lost liquidity, CDs often pay greater interest rates than savings accounts.

A majority of consumer financial institutions provide certificates of deposit (CDs), but it is up to each bank to decide what terms it wishes to give, how much higher the rate will be than the bank's savings and money market products, and what penalties it will impose for early withdrawal.

To know more about Certificate of Deposit, visit

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