like you're 5
you put your candy in a jar that stays shut until friday. because you promised not to peek, you get extra candy on friday. opening it tuesday means giving some back.
use it in a sentence
“i put the closing money in a 9-month CD so i can’t spend it.”
good to know
a certificate of deposit. the rate is guaranteed for the whole term, which matters most when rates are drifting down. early-withdrawal penalties vary a lot between banks — some run over a year of interest — so read that number before opening. a no-penalty CD trades a little yield for the ability to get out.