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Financial advisor Patrick Monroe explains certificates of deposit (CDs), which are banking instruments for clients wanting to earn interest on cash deposits. The interest rate offered varies based on the duration the money is kept in the bank: longer terms yield higher rates. For example, a one-year CD has a lower interest rate compared to a three-year CD. If you withdraw funds before the agreed term ends, penalties are applied, including charges for unused interest. Therefore, it's crucial to remember that once you invest in a CD, the money should remain in the bank for the full term to avoid fees.
