Here's how much interest a $10,000 3-month CD will earn savers right now
Summary
A 3-month certificate of deposit (CD) with $10,000 can earn about $94 to $97 in interest at current rates near 4%. Alternatively, a high-yield savings account offers a similar return with more flexibility but a variable interest rate.Key Facts
- A 3-month CD locks in money for the term but offers fixed interest rates around 3.8% to 3.95%.
- Interest earned on a $10,000 3-month CD is roughly $94 to $97 by maturity.
- This means savers earn about $1 per day during the 3-month period.
- High-yield savings accounts currently offer around 4.10% interest with about $100 earned in three months.
- Unlike CDs, savings account rates can change over time and money remains accessible.
- Traditional savings accounts offer much lower rates, about 0.38%, which may not keep up with inflation.
- Online banks often provide better CD rates than banks with physical branches.
- Savers should compare options because both CDs and high-yield savings accounts are better than regular savings accounts right now.
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