A term deposit, also known as a time deposit or certificate of deposit, is a fixed-term investment where money is deposited into an account at a financial institution and locked up for a specific period of time, commonly referred to as its "term". Term deposits differ from at-call deposits, such as savings or checking accounts, which can be withdrawn at any time without any notice or penalty. Term deposits usually offer higher interest rates than traditional liquid savings accounts, and the interest earned is fixed for the duration of the term and payable upon maturity. The longer the term and the larger the deposit, the higher the interest rate offered. Term deposits are generally considered low-risk investments and are therefore appealing to conservative, low-risk investors. They are sold by banks, thrift institutions, and credit unions, and are insured by the Federal Deposit Insurance Corporation (FDIC) or the National Credit Union Administration (NCUA) . However, term deposits are not transferable by the depositor, so depositors need to deal with the financial institution when they need to prematurely cash out of the deposit.