One way that certificates of deposit (CDs) differ from other saving services is that they typically have fixed terms and fixed interest rates. This means that once you deposit funds into a CD, you agree to leave the money in the account for a specific period of time, known as the term, and in exchange, you receive a guaranteed interest rate. With other saving services, such as savings accounts or money market accounts, there may be more flexibility in terms of accessing your funds and interest rates can fluctuate.
