economy
How much interest can a $70,000 CD account earn now?
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TL;DR
- A $70,000 CD account can earn substantial interest, with potential earnings ranging from $672.74 in 3 months to nearly $6,000 in 2 years.
- Current high CD rates, some reaching 6% and 7%, are significantly higher than the average traditional savings account rate of 0.38%.
- Accessing CD funds before maturity incurs penalties that can negate earned interest.
- High-yield savings and money market accounts offer competitive rates without the withdrawal restrictions of CDs, though their rates are variable.
- Keeping large sums in traditional savings accounts means missing out on potential earnings and falling behind inflation.