Final answer:
A Certificate of Deposit offers higher interest but has a penalty for early withdrawal.
Explanation:
A Certificate of Deposit (CD) generally offers a higher interest rate compared to a regular savings account but has a penalty for accessing the money before the account matures. For example, if you invest in a CD with a bank for a set period, such as a few months to several years, you will earn a higher interest rate on your deposit. However, withdrawing the money before the end date may result in a substantial penalty.
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