Certificate of Deposit. It's like a savings account, with a slightly higher interest rate, but you can't touch your money until the period of time you buy for is up. Anywhere from 1 to 5 years, sometimes as much as 10.
I'm hazy on it because they aren't as widely used as they once were, but if memory serves correctly it's a Certificate of Deposit and had a modest but secured rate of return if left alone sort of like buying a bond back in the day.
[–] PraiseIPU 0 points 1 point 1 point (+1|-0) ago
http://www.annuityratewatch.com/rates/myga-annuities.cfm
[–] Peynus [S] ago (edited ago)
Why don't banks offer such investment for money? (at like 2-3% ) Also; is this like a pension fund thing?