time deposit

Definition

Savings account or CD held in a financial institution, usually a bank, for a fixed term or with the understanding that the customer can withdraw only by giving advanced notice.

Use time deposit in a sentence

You may want to take out an investment with a time deposit so that you know you will have something at a later date.

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Since they did not need the money right now, and wanted to earn some interest they decided to look into time deposit accounts.

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When Michael was concerned about carelessly spending the influx of cash his business had just received, he decided to take advantage of a time deposit to ensure that it would be safe for a couple years before he could withdraw it.

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extended broad money M3