Can you explain how a savings certificate works?

A savings certificate is a type of investment where you deposit a certain amount of money with a bank or credit union for a fixed period of time, usually ranging from a few months to several years. In return, the financial institution pays you a fixed interest rate on your deposit. At the end of the term, you can withdraw your initial deposit along with the interest earned. It's a low-risk way to save money and earn a guaranteed return.