Savings Deposits

Probably the most familiar fixed-income instrument is an interest-bearing bank deposit. These are offered by commercial banks, savings and loan institutions, and credit unions In the United States most such deposits are guaranteed by agencies of the federal government, The simplest demand deposit pays a rate of interest that varies with market conditions. Over an extended period of time, such a deposit is not strictly of a fixed-income type; nevertheless, we place it in the fixed-income category The interest /.v guaranteed in a time deposit account, where the deposit must be maintained for a given length of time (such as 6 months), or else a penalty for early withdrawal is assessed, A similar instrument is a certificate of' deposit (CD), which is issued in standard denominations such as $10,000 Large-denomination CDs can be sold in a market, and hence they qualify as securities

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