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On average, a 12-month CD pays the highest interest rate of any CD term as of July 17, 2023, with an average annual yield of 1.72%, ing to the FDIC. A five-year CD pays an average of 1.37%. Based on these averages, a $10,000, 12-month CD would earn $172.

Unlike savings or money market accounts, you can deposit a set amount of money into your CD account and commit to leaving your money there for a fixed period of time, which may range from three months to five years or even longer. In return, you'll earn a fixed amount of interest based on a predetermined interest rate.

A certificate of deposit (CD) is a simple and popular savings vehicle offered by banks and credit unions. When a depositor purchases a CD, they agree to leave a certain amount of money on deposit at the bank for a certain period of time, such as one year.

It gives the right to convert a specified amount of one currency into another currency at the fixed rate. The holder can do this up to a set expiration date. These certificates are often used in international trade. They help companies mitigate exchange rate risk by protecting from rate fluctuations.

A currency certificate, like a futures contract, grants the holder the right to convert a specific amount of one currency to another at a pre-determined exchange rate until a specific expiration date. The holder of the certificate is not obligated to conclude the transaction.

A certificate of deposit, or CD, is a type of savings account offered by banks and credit unions. You generally agree to keep your money in the CD without taking a withdrawal for a specified length of time. Withdrawing money early means paying a penalty fee to the bank.

A foreign exchange certificate, sometimes abbreviated to FEC, is a tool for foreign exchange control in countries where the national currency is subject to exchange controls or is not convertible. The arrangements vary significantly case by case.