A deposit certificate may be a great place for you to not have to touch cash for the moment. Unlike savings account rates that can be changed at any time, CDs provide a fixed interest rate locked when opening an account. So even if the interest rate drops after that, you will continue to earn the same interest.
Today’s The best CD Has annual percentage up to 4.65% – more than three times National average Some terms. To give you an idea of how much interest this is, this is what you earn when you put $10,000 into a top CD today. (If you don’t have too much deposit, rest assured. We’ll consider some other quantities, too.)
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How much money can you make by depositing $10,000 into a CD?
If you deposit $10,000 into one Six months,,,,, One year,,,,, Three years and Five Years CD. We are calculating your earnings based on the maximum APY currently available for each CD term based on the bank we track on CNET.
Income from a $10,000 CD deposit
| semester | Top APY | bank | Interest income | CD value at maturity |
|---|---|---|---|---|
| 6 months | 4.65% | Communitywide Federal Credit Union | $229.86 | $10,229.86 |
| 1 year | 4.45% | Communitywide Federal Credit Union | $445.00 | $10,445.00 |
| 3 years | 4.15% | The first credit union in the United States | $1,297.38 | $11,297.38 |
| 5 years | 4.25% | The first credit union in the United States | $2,313.47 | $12,313.47 |
As of February 27, 2025, according to banks we tracked on CNET. The gain is based on APY and assumes that interest is more complex every year.
this National average The CD for one year is 1.80% APY, while the average CD for CNET-based banks is 4.09% APY. If you deposit $10,000 into a one-year CD that pays 1.80% of the APY, the value due will be $10,180.00. If you deposit $10,000 into a one-year CD, which earns 4.45% (the highest APY on our list), it is worth $10,445.00 at expiration.
No $10,000? no problem. This is what you can earn with a smaller deposit
You don’t have to pay $10,000 to get competitive interest rates in your savings. Most CD accounts on our list do not have the minimum deposit required to lock in the high CD rate. Here is something you can earn with other deposits:
Income from smaller CD deposits
| semester | Top APY | $500 deposit | $1,000 deposit | $2,500 deposit | $5,000 deposit |
|---|---|---|---|---|---|
| 6 months | 4.65% | $11.49 | $22.99 | $57.46 | $114.93 |
| 1 year | 4.45% | $22.25 | $44.50 | $111.25 | $222.50 |
| 3 years | 4.15% | $64.87 | $129.74 | $324.35 | $648.69 |
| 5 years | 4.25% | $115.67 | $231.35 | $578.37 | $1,156.73 |
As of February 27, 2025, APY is based on the highest APY offered by banks we track on CNET. Earnings assume interest increases every year.
How to calculate CD interests
When you open the CD, APY represents the actual rate of return you will earn in your deposit within one year. APY reflection Complex interestswhich means you will earn interest not only on your initial deposit—your interest can earn interest as well.
Some banks increase interest every day, while others compound interest every month, quarter or six months. The more interest you are, the more money you make.
You can use the composite interest calculator to figure out how much money you can grow in your CD. We recommend using this calculator SEC.
One of the biggest trade-offs for most CDs is to withdraw the penalty early. If you need to take out the money early, most CDs charge you an early withdrawal fine that is comparable to the value of a certain period. These fines may bring in your interest income. If you need to get your money as soon as possible, a high yield savings account may be more appropriate.
Still increasing your savings? High yield savings accounts can help
If you have saved money, CDs are a great option and you don’t need to touch within a set time. Most of us don’t have thousands of years to separate for a few years in exchange for a fixed interest rate. It doesn’t matter.
one High yield savings account or Money Market Account If you still Increase your emergency fundachieve your savings goals or want to withdraw your money as needed. These accounts allow you to build savings as much as possible while still being able to use your money if needed.
A monthly donation of just $100 can help you save up to $1200 a year. If you can contribute more, like $250 a month, you can build an emergency fund of $3,000 a year. This is not about calculating your interest, and your savings are the most important thing. Although the interest rates on savings accounts are variable – meaning they can rise and fall based on the economy and your bank discretion – experts expect savings rates to remain high throughout the year. Now you can earn up to 5% of APY Online high yield savings account.
It takes time to add a savings account. Focus on the contribution you can make and develop the habit of saving to make it a routine. You can also use Automatic saving toolsuch as reviews and automatic transfers, so as to increase savings faster without spending time. CNET Money Editor is Ally Bank’s automatic savings featurebut many online banks also offer useful savings features.
