Here's how much interest a $90,000 long-term CD account will earn if opened this July
Summary
If you put $90,000 into a long-term certificate of deposit (CD) this July, you can earn significant interest depending on the term length. CDs pay a fixed interest rate and protect your money until the CD matures, which can range from 18 months to 10 years.Key Facts
- A CD is a savings account with a fixed interest rate that lasts until the set maturity date.
- Opening an 18-month CD at 4.20% interest can earn about $5,729 in interest.
- A 2-year CD at 4.20% interest can earn about $7,718 in interest.
- A 3-year CD at 4.15% interest can earn about $11,677 in interest.
- A 5-year CD at 4.20% interest can earn about $20,556 in interest.
- A 10-year CD at 4.30% interest can earn about $47,115 in interest.
- Early withdrawal from a CD can lead to penalties that reduce your earned interest.
- Online banks often offer better CD rates than traditional banks with physical branches.
Read the Full Article
This is a fact-based summary from The Actual News. Click below to read the complete story directly from the original source.
