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A certificate of deposit (CD) offers a higher interest rate for a set period but may incur penalties for early withdrawal.
A certificate of deposit (CD) is a type of investment where you agree to deposit a certain amount of money in the account for a specified period, in exchange for a higher interest rate than a regular savings account. If you withdraw the money before the agreed time, there is usually a penalty.
NOW accounts are like checking accounts but can earn interest, standing for "negotiable orders of withdrawal." ATS accounts are savings accounts that can be automatically drawn to cover overdrafts from another account.
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