How much interest can a 3-year CD account earn now?
A 3-year CD account will result in a big return (and extended protection through today's economic volatility).
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In some economic climates, maintaining access to your funds is the top priority, even if it means losing out on some profitable opportunities with select savings accounts or savvy investments. In other times, however, locking your money away for an extended period of time can take precedence. And, if you can do so via a high-rate savings account that will result in a sizable profit, that can serve as an added incentive.
Many savers this July find themselves falling into that latter category. With the inflation rate at its highest level since April 2023, minimal job growth and higher borrowing costs expected to stay static for the foreseeable future, where you keep your money both now and over the next few years is critical to get right.
This is where a certificate of deposit (CD) account can be worth serious evaluation. Interest rates on this account type largely remain over 4% now, and those rates are fixed, meaning that they'll hold through the maturity date – even if that date is multiple years away. And a maturity date two or even three years into the future may be what savers need now, as it will protect their funds for an extended period while still earning them a return that outpaces today's inflation rate.
Still, you'll need to pay an early withdrawal fee on any CD account, and it could be sizable with a 3-year CD, specifically, so you'll want to ensure that the return here is worth it before making a deposit. So, how much interest can a 3-year CD account actually earn now? Thanks to the fixed rate it comes with, this is easy to calculate. Below, we'll do the math.
Earn more interest on your money with a top CD account here .