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A certificate of deposit, or CD, is a deposit made by an investor to a bank or broker to earn interest over a set period of time. CDs are considered safe, short-term investments with higher interest rates than savings or money market accounts. The main difference is that CDs require the investor to keep the money deposited for a specific term or pay a fee for early withdrawal. CDs come in various lengths, deposit amounts, and interest rates, with terms and fees varying. Most CDs are issued by banks or brokerages, with bank CDs being FDIC-insured up to a certain amount, providing government-guaranteed protection against loss.