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I Have $20,000 in a CD, What Should I Do With It?A certificate of deposit (CD) is an account that offers you a higher interest rate than a traditional savings account. In exchange, the money is left untouched. The bank offers standard CDs with terms ranging from one month to five years. It also offers several CD Specials, which offer the most compelling rates. A certificate of deposit typically earns higher interest than a traditional savings account. View Bank of America CD rates and account options.