Final answer:
A certificate of deposit (CD) is a bank account that earns interest, has limits on transactions, and is not meant for rapid use.
Step-by-step explanation:
A certificate of deposit (CD) is the term for a bank account that earns interest, typically has limits on the number of transactions, and is not specifically meant for rapid use. With a CD, you agree to deposit a certain amount of money for a stated period of time, and in exchange, the bank agrees to pay a higher interest rate than for a regular savings account. While you can withdraw the money before the allotted time, there is a substantial penalty for early withdrawal.