This is the normal/standard certificate of deposit. You deposit your money for a fixed period of time and when your term is up, you get your money back plus the interest.
It’s one of the most basic and common investments around the world. From all the investments available, is probably the safest one. But obviously the interest that you get is always proportionally to the risk.
You select the erm of your CD, the type and you lend that money to the bank. Until the CD ends, you cannot take your money, unless you pay a penalty or used a specific type of CD that allows that.
After the CD matures, the bank gives you your money back, plus an interest for lending them your money.
So, from the moment you create your CD, you already know how much you are going to make.
It’s quick and safe investment. Your not going to get rich of course, but it’s a good option to protect the value of your savings.