Final answer:
A certificate of deposit (CD) is a type of account that is also a type of loan, where the customer has access to a set amount of money for a specific period of time and receives a higher interest rate.
Step-by-step explanation:
The type of account that is also a type of loan, which the customer has access to for a set amount of time, is a certificate of deposit (CD). With a CD, the customer agrees to deposit a certain amount of money for a specific period of time and in exchange, the bank offers a higher interest rate compared to a regular savings account.
Certificates of deposit (CDs) are financial instruments with fixed terms and interest rates. Features include a predetermined maturity date, typically ranging from a few months to several years. CDs offer higher interest rates than regular savings accounts, and the interest is fixed for the duration. However, early withdrawal may result in penalties. CDs provide a low-risk investment option for savers.