What’s the difference between a savings account and a certificate account?

With a savings account, you can withdraw your money as you need it .

With a certificate account, you leave your original deposit in the account for the full length of the term you choose, or pay a penalty. Once the term is over, you can automatically renew the certificate, or you can withdraw all the funds. As you earn dividends each month, you can withdraw just the earnings after they are credited to your account without any penalty.