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Survey finds 77% of savers favor CDs with one-time rate bump
A Credit One Bank survey of 1,000 U.S. consumers found 77% would be more likely to open a CD with a one-time rate-bump feature.
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About certificate of deposit
A certificate of deposit (CD) is a time deposit sold by banks, thrift institutions, and credit unions in the United States. CDs typically differ from savings accounts because the CD has a specific, fixed term before money can be withdrawn without penalty. CDs also generally have higher interest rates than savings accounts. CDs require a minimum deposit and may offer higher rates for larger deposits. The issuer expects the CDs to be held until maturity, at which time the funds can be withdrawn and interest paid.
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