What are money market deposit accounts and certificates of deposit officially called?

Question

Quizplus · Accepted Answer

Money market deposit accounts and certificates of deposit are officially called time deposits. This is because they both involve depositing money with a financial institution for a set period of time, during which the funds are inaccessible without penalty. They typically offer higher interest rates than regular savings accounts as a reward for the commitment to keeping the funds tied up for a set period.

What Are Money Market Deposit Accounts and Certificates of Deposit