A slight cut in interest rates hasn't diminished CD returns just yet. Here's what a $10,000 deposit could earn now.
It wasn't that long ago that interest rates on certificates of deposits accounts were barely noticeable. During the height of the pandemic, interest rates were slashed and returns on CDs often came in under 1%. As the pandemic waned, however, inflation surged and interest rates were hiked to combat it. That led to CD rates rising exponentially, with most lenders offering rates in the 4% to 5% range while select others offered rates even higher.
64 for a total of $10,857.643-year CD at 4.20%: $1,313.66 for a total of $11,313.66 5-year CD at 4.35%: $2,372.64 for a total of $12,372.64As demonstrated, you can make hundreds of dollars in just a few months by depositing $10,000 into a CD right now. But the big money returns come with long-term accounts. With a 3-year CD, you can earn more than $1,300 and with a 5-year CD you can earn more than $2,300. So calculate your earnings now and start shopping for a CD online today.
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