time deposit

Related Terms
Depository institution (such as a bank, credit union, or a finance or insurance company) account that pays higher than savings account interest rates but imposes conditions on the amount, frequency, and/or period of withdrawals. A certificate of deposit (CD) is normally issued only for time deposits. Also called fixed deposit.

Use 'time deposit' in a Sentence

My CD, or time deposit, at the local bank down the street is for five years, but they will penalize me if I try to withdraw earlier than that.
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My friend told me that he was fine with the limitations the time deposit would put on him and he created it anyways.
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You may want to put some of your cash in a time deposit so that you can get more interest on it while it is there.
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