When considering your savings account options, the timing behind opening an account is key. If you had acted in 2020 or 2021, for example, when interest rates had plummeted, the returns on most savings accounts were barely existent. But as the pandemic faded and inflation surged, interest rates rose in tandem. That’s resulted in rates on high-yield savings and certificates of deposit (CD) accounts growing exponentially. 

And, while many were hopeful that interest rates would be cut by this point in 2024, a series of disappointing inflation reports has caused the Federal Reserve to keep rates paused at a 23-year high. While that’s bad news for borrowers, its been a huge boost for savers with high-yield savings accounts and CDs. The latter type comes with slightly higher rates right now – and those rates will be locked, offering savers protection and predictability should rates eventually come down later this year or in 2025.

To understand the benefits of opening a CD this spring, however, it helps to know exactly how much you can earn in interest. Below, we’ll break down, in dollars and cents, precisely what you can make by opening a CD now.

See what CD interest rate you can secure online now.

How much can you make with a CD this spring?

Multiple factors will determine what you can make with a CD this spring. The interest rate is critical. But so is the term (or length) of the CD you choose and the amount you deposit upon opening the account. For the below calculations, we also assumed no fees or early withdrawal penalties would apply. 

That said, here’s how much you can make by opening a CD this spring based on a few different opening deposit amounts and available rates:

3-month CD at 5.50%

• $1,000: $13.48 for a total of $1,013.48 after three months
• $5,000: $67.38 for a total of $1,067.38 after three months
• $15,000: $202.13 for a total of $15,202.13 after three months

6-month CD at 5.50%

• $1,000: $27.13 for a total of $1,027.13 after six months
• $5,000: $135.66 for a total of $5,135.66 after six months
• $15,000: $406.98 for a total of $15,406.98 after six months

See how much you could make with a 6-month CD here now.

12-month CD at 5.38%

• $1,000: $53.80 for a total of $1,053.80 after 12 months
• $5,000: $269.00 for a total of $5,269.00 after 12 months
• $15,000: $807.00 for a total of $15,807.00 after 12 months

18-month CD at 5.30%

• $1,000: $80.54 for a total of $1,080.54 after 12 months
• $5,000: $402.72 for a total of $5,402.72 after 12 months
• $15,000: $1,208.16 for a total of $16,208.16 after 12 months

2-year CD at 5.30%

• $1,000: $108.81 for a total of $1,108.81 after two years
• $5,000: $544.05 for a total of $5,544.05 after two years
• $15,000: $1,632.13 for a total of $16,632.13 after two years

3-year CD at 5.75%

• $1,000: $182.16 for a total of $1,182.16 after three years
• $5,000: $913.04 for a total of $5,913.04 after three years
• $15,000: $2,739.13 for a total of $17,739.13 after three years

5-year CD at 4.70%

• $1,000: $258.15 for a total of $1,258.15 after five years
• $5,000: $1,290.76 for a total of $6,290.76 after five years
• $15,000: $3,872.29 for a total of $18,872.29 after five years

Learn more about your CD options online today.

The bottom line

Depending on the amount you deposit, the term you agree to and the interest rate you secure, you can make anywhere from $13.48 to $3,872.29 by opening a CD this spring. That said, it will take time to earn these returns, with the lower amount available in just three months. With rates high right now, however, and the forecast for rate cuts unknown, it makes sense to lock in a rate as soon as possible. That said, tax implications will need to be considered when opening these accounts, so be sure to consult an accountant or financial advisor before filing your taxes next spring.