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this is financial advisor patrick monroe talking about how do certificates of deposit work certificates of deposit otherwise known as cds are instruments that banks will offer for clients to come in with cash that they want to get an interest rate on the interest rate varies depending on the amount of time that youre going to allow the bank to keep the money youll get a higher rate of interest on your certificate of deposit if you leave the money with the bank for a longer period of time in other words the interest rate that youll be paid on a cd for one year is less than the interest rate on a cd for three years if you try to take the money out of the bank before the time for your agreement on your certificate of deposit has elapsed there will be an interest rate penalty assessed on your money for the unused portion of the interest plus a certificate charge so be mindful that when you give money to a bank for a certificate of deposit that you cannot go back in and take the money ba