A Term Deposit, or CD is a savings account that you agree to leave on deposit for a fixed period of time, ranging anywhere from 90 days to 5 years. All CD’s have a minimum deposit requirement of $500. Certificates of Deposit are term certificates with a fixed maturity. Rates on term certificates are higher than a normal Share account. Interest on certificates accrues daily and is paid monthly as a credit to the balance of the certificate or mailed directly to you. It’s a great way to get a little extra out of your money at City Center Credit Union.