If stands for floating-rate certificate of deposit; a certificate of deposit (CD) that pays a floating interest rate. In other words, the rate floats upward or downward, re-adjusting over the lifespan of the certificate. The floating rate gets paid periodically based on a specific benchmark rate or reference rate (e.g., LIBOR).

Floating rate certificates have a maturity that ranges between a few months to a number of years (up to 5 years). Savers resort to these certificates to lock in the rate anytime over the course of their terms.

It is also known as an variable rate CD or adjustable rate CD.