A time deposit account is a type of savings account where a fixed amount of money is deposited for a predetermined period of time, typically ranging from several months to several years. This type of account is also known as a certificate of deposit or a term deposit. Other synonyms for time deposit account include fixed deposit account, term savings account, or locked-in savings account. These accounts typically offer higher interest rates than traditional savings accounts, with the tradeoff being that the funds cannot be accessed during the predetermined term without penalty. This makes them a popular choice for those looking to save money for a specific goal or simply hoping to earn a higher return on their savings.