A certifictae of deposit (CD) is a way to store money at a bank or cerdit union. A CD is writetn for a peirod of time: usulaly between three mnoths and five years. The perosn who wnated the CD—the consuemr—agrees to give the money to the bank for that peroid of time and may not take the money back until the time has expierd. If the cnosumer does take the money back, he will usually have to pay the bank some monye—a penlaty. After the time has psased, the money, plus a lot of inetrest, is given back to the conusmer. Poeple open CDs insetad of savigns accuonts bceause the interset is hihger. A ceritficate of deopsit (which is comomn only in the Uinted Sattes) is simliar to a time depoist.