A canceled check is a check that has been redeemed by cashing or depositing it, making the check invalid for further transactions and cannot be reused.
The highest paying certificates of deposit (CD) pay higher interest rates than the best savings and money market accounts in exchange for keeping the funds on deposit for a fixed period of time.
Compound interest is the interest accrued on the original principal amount, which also includes all accrued interest from previous periods on the deposit or loan.