Certificates of deposit can generate a meaningful return. With leading financial institutions offering APYs ranging from around 4% to over 5%, they can be hard to ignore. These accounts usually come with federally-backed insurance that guarantees your money is safe up to the insurance maximum, which is usually $250,000. But what if you wanted to earn a specific return by investing in a CD? For example, say you wanted to earn $500 on your deposit.
If you deposit $1,130 into a 10-year CD at 3.75%, you would earn $502.90 - bringing your total balance to $1,632.90 upon your account's maturity. Consider a high-yield savings account, too'Savings accounts provide more flexibility than a CD,' explains Matt Willer, managing director of capital markets at the financial planning firm, Phoenix Capital Markets. 'While you may have transaction volume limitations, rarely is your money locked up.
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