[sammyg2]

Originally Posted by Heel n Toe

Wait... wut? CDs in 1965?



I don't think so, Marty.

The Modern Certificate of Deposit
While certificates of deposits, otherwise known as CDs or time certificates, have been around since the the early periods of banking, as legislation was passed to create a national system of financial reserves, the CD became more popular among those seeking long-term earnings on their money. Banks can only loan money that they have under assets. In order to keep assets under management to loan out for a higher rate of return, banks began to use certificates of deposits to entice customers to leave their money in the bank for long durations of time. The interest paid is the cost of being able to loan the money out. It wasn't until 1961 that a fixed rate time certificate was established.