Definition
A time deposit that locks money up for a fixed term (months to years) in exchange for a guaranteed interest rate higher than typical savings.
Related Banking terms
APY (Annual Percentage Yield)
The effective annual rate of return on a deposit account, accounting for the eff…
Checking Account
A deposit account designed for frequent transactions — paying bills, debit-card …
Savings Account
A deposit account that earns interest on stored funds, designed for cash you don…
Money Market Account
A hybrid of checking and savings — earns higher interest than a basic savings ac…
High-Yield Savings Account
A savings account that pays significantly higher interest than traditional savin…
ACH Transfer
An electronic bank-to-bank money transfer routed through the Automated Clearing …
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Browse 350+ finance, crypto, and fintech terms across 12 categories in the Digital.Finance glossary.