CERTIFICATE - 2 reference results
Receipt from a bank acknowledging the deposit of a sum of money. The most common type, the time certificate of deposit, is for a fixed-term interest-bearing deposit in a large denomination. It consequently pays higher interest than a savings account, though the investor who withdraws money before its maturity date is subject to a penalty. Introduced in the early 1960s, CDs have become a popular method of saving.
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Encyclopedia Britannica, 2008. Encyclopedia Britannica Online.
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