Certificate of Deposit (CD): How It Works, Rates, and When to Use One
Warren Team
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Key terms
- Certificate of Deposit (CD)A savings product offered by banks that pays a fixed interest rate for a specified term. CDs typically offer higher rates than savings accounts but require you to lock up your money for the term.
- Room and BoardThe combined cost of housing and meal plans at a college or university, which is a significant portion of the overall cost of attendance. Room and board costs vary depending on whether you live on campus, off campus, or at home, and the type of meal plan you select. Many colleges require first-year students to live on campus and purchase a meal plan.
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