A certificate of deposit (CD) is a savings account that locks your money in for a set period in exchange for a higher interest rate. Another way to think of it is "locked savings with interest." Imagine you lend your money to a friend for a year, and they promise to pay you back with extra (interest) as a thank you for not touching it until then. A CD works similarly, where you agree to keep your money in the bank for a certain time, and in return, the bank rewards you with more money when the term ends. Take control of your personal finances at http://maybe.co