A Certificate of Deposit (CD) is a savings certificate entitling the bearer to receive interest. A CD bears a maturity date with a specified fixed interest rate. When you open a CD, your money is on deposit for a specific time period. For agreeing to keep it on deposit for a specified time period, you earn more than you would in a regular savings account. If you cash it in before its maturity date, you pay a penalty. 

Mountain Credit Union offers certificates with terms of 6 , 12, 18, 24, and 36 months and minimum balances of $2,500. Funds withdrawn before the maturity date of the certificate are subject to a penalty of the loss of 90 days of interest. If the certificate has not been on deposit for 90 days the penalty will be all interest since purchase.