The Missouri Certificate of Deposit (Sec.474.510) is a type of bank deposit account that is insured by the state of Missouri and is offered by Missouri state-chartered banks and savings institutions. The purpose of the certificate of deposit is to provide a safe and secure savings vehicle for individuals to save for their future. The certificate of deposit pays higher interest rates than traditional savings accounts and allows the depositor to lock in an interest rate for a fixed period of time. The two types of Missouri Certificate of Deposit (Sec.474.510) are fixed rate certificates and variable rate certificates. Fixed-rate certificates have a fixed interest rate for the entire term of the certificate, while variable-rate certificates have rates that can change over the course of the term. Both types of certificates come with a variety of terms, ranging from one month to five years. Depositors are able to choose a term that meets their individual needs. The Certificate of Deposit is protected by Missouri’s Deposit Insurance Fund, which is administered by the Missouri Division of Finance. The FDIC (Federal Deposit Insurance Corporation) also insures the certificate of deposit up to the maximum amount allowed by law.