What is designed to accrue interest for a specific period of time?

A certificate of deposit (CD) is designed to accrue interest for a specific period of time. When you invest in a CD, you agree to leave your funds untouched for a predetermined duration, typically ranging from a few months to several years. In return, the bank offers a higher interest rate compared to regular savings accounts. At the end of the term, you receive your initial investment plus the accrued interest.