How much interest can you earn with a 4.20% CD account now?
It's easy to find a CD account with an interest rate of 4.20% now. Here's how much interest that translates to.
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Around $4 earned for every $100 deposited. That's what savers can largely expect to receive this July if they open one of today's top certificate of deposit (CD) accounts – and keep their money intact in the account until the maturity date arrives. But the details here matter, as that return is an approximation. Depending on how much money is deposited and the term (or length) of the account, savers stand to earn exponentially more. And this money will be guaranteed thanks to the account's fixed interest rate , which is something that can't be said for high-yield savings or money market account alternatives.
So, if you're looking for a competitive, reliable return on your money, a CD account can provide it. And with CDs being FDIC-insured up to $250,000, there will be ample protection whether you're looking to deposit a few thousand dollars or tens of thousands. To better understand the value this account now offers, however, it helps to know the interest-earning potential associated with those accounts that have rates of 4.20% right now. Below, we'll calculate the returns that savers can expect to see.
Start earning more interest on your money with a CD account now .
How much interest can you earn with a 4.20% CD account now?
While the top CD interest rates range from 3.95% to 4.30% right now, depending on the term and lender, there are two primary accounts that offer a 4.20% rate currently: 18-month and 5-year CDs. Here's how much interest you can earn with both, calculated using six different deposit amounts for each term: