Just the name. You may have heard of a CD, certificate of deposit, or share certificate – it’s called many things, but no matter the name, a certificate is a great tool to have in your financial toolkit. A certificate is a type of savings account that can hold a fixed amount of money for a chosen period of time. Just think of it as an account where the financial institution pays you interest in exchange for the guarantee that you won’t withdraw your cash until a specific amount of time has passed, such as three months, five years, or nearly any term in between. A certificate offers the benefit of a higher interest rate on your deposits compared to a regular savings account, and it works for saving for short-medium term goals.