Answer:
They last for a set period of time.
Step-by-step explanation:
Certificate of deposit is a special savings accounts offered by commercial banks and other deposit-taking institutions. The certificate of deposit account (CD) restricts the number of withdrawals available to customers to only one. When opening this account, a customer and the bank agrees when they can access their money.
The banks offer a higher interest rate on a certificate of deposit account as an incentive to the customer not to withdraw before the agreed period.