Have $10,000 to put into a 3-year CD? Here's how much interest you could earn now
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TL;DR
- Top 3-year CD rates currently range from approximately 4.35% to 4.50% APY.
- A $10,000 deposit at 4.50% APY for 3 years could earn $1,411.66 in interest.
- CDs offer predictable, fixed returns, unlike variable-rate savings accounts.
- The main disadvantage is the lack of liquidity, as early withdrawals incur penalties.
- Comparing rates, penalties, and minimum deposit requirements across multiple institutions is advised.
- CDs are best suited for funds that are not needed for the entire 3-year term.