How much interest will a $50,000 1-year CD earn if opened this July?
Locking in the right CD rate now could earn your savings thousands of dollars in interest over the next year.
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Growing your savings isn't just about how much you set aside. It's also about where you keep it, especially in today's savings landscape. With interest rates still elevated, savers who have accumulated a substantial cash balance have an opportunity to earn meaningful returns without taking on market risk. But while both certificates of deposit (CDs) and high-yield savings accounts continue to advertise attractive yields, deciding where to park that money isn't always a straightforward process.
That's especially true right now, with the interest rate outlook remaining uncertain. The Federal Reserve has held rates steady since the start of the year, helping savings yields remain competitive, and it appears unlikely, at least for now, that the Fed will lower its benchmark rate, as inflation is still high and climbing . However, deposit rates will eventually gradually decline once borrowing costs finally begin to ease, so savers should still choose their deposit account options wisely.
And, if you've saved $50,000, even small differences in annual percentage yields (APYs) can translate into noticeable differences in earnings over the course of a year. So, how much would today's top 1-year CDs earn compared to a leading high-yield savings account — and what are you giving up in exchange for those returns?
Compare your top CD and savings account options online today .
How much interest will a $50,000 1-year CD earn if opened this July?