With interest rates headed higher, interest in certificates of deposits, or CDs for short, also is rising.
CDs are pretty cut and dried.
Nothing fancy here. Technically they are a receipt for a bank deposit that is issued in certificate rather than passbook form. Also called a time deposit, certificates are issued by a bank or thrift for a specified sum of money. A CD has a maturity date and a specified interest rate, and can be issued in any denomination. The duration can be a little as three months or up to 10 years.