Banks in year-end race for savings

Commercial lenders up interest rates for medium, long-term products

Commercial banks have joined the year-end competition for savings by raising interest rates for medium and long-term financial products, such as three-year certificates of deposit and three-year fixed term deposits.

Offering a higher rate of return than a standard savings account, a certificate of deposit, or CD, is a financial product issued by banks to investors who purchase them to earn interest on their investment for a fixed period of time.