Final answer:
A Certificate of Deposit (CD) is a type of savings plan that offers fewer withdrawals, higher interest rates, and is not considered liquid. It requires you to deposit a certain amount of money for a specified period of time and offers a higher interest rate compared to a regular savings account.
Step-by-step explanation:
A type of savings plan that offers fewer withdrawals, higher interest rates, and is not considered liquid is called a Certificate of Deposit (CD). With a CD, you agree to deposit a certain amount of money for a stated period of time, typically ranging from a few months to several years. In exchange, the bank agrees to pay a higher interest rate than for a regular savings account. While you can withdraw the money before the allotted time, there is a substantial penalty for early withdrawal.