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How much can you make with a CD this spring?
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.
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This week on “Sunday Morning” (December 22)
The Emmy Award-winning “CBS News Sunday Morning” is broadcast on CBS Sundays beginning at 9:00 a.m. ET. “Sunday Morning” also streams on the CBS News app beginning at 11:00 a.m. ET. (Download it here.)
Hosted by Jane Pauley
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To watch a trailer for “A Complete Unknown,” click on the video player below:
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SUNDAY PROFILE: Darren Criss
Kelefa Sanneh reports.
You can stream the holiday album “A Very Darren Crissmas” by clicking on the embed below (Free Spotify registration required to hear the tracks in full):
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MUSIC: A Darren Criss performance
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FROM THE ARCHIVES: Hollywood Legends IV (YouTube Video)
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Andrew Cuomo sues woman who accused him of sexual harassment for defamation
Former New York Gov. Andrew Cuomo filed a lawsuit Thursday against a former aide who alleged he sexually harassed her in 2020. His legal filing came just days after she withdrew her own lawsuit against him.
In the filing, Cuomo’s lawyers claimed Charlotte Bennett, a former executive assistant in his office, lied about him making sexual advances toward her.
“Governor Cuomo did not make any sexual advances toward Bennett and did not sexually harass her,” his lawyers wrote in a notice filed in New York state court on Thursday.
Bennett was the second woman to accuse the then-governor of sexual harassment, which she said included telling her he was “lonely” and asking her if she would be open to sex with an older man. She described Cuomo as “a textbook abuser” who made her “deeply uncomfortable.”
After Bennett went public with her allegations in March 2021, Cuomo held a press conference where he said he felt “embarrassed” and that he “never knew at the time I was making anyone feel uncomfortable.”
In Thursday’s filing, his lawyers wrote the former governor faced “a cascade of harm” as a result of Bennett’s allegations.
Cuomo resigned in August 2021 after New York’s attorney general released the results of an investigation that concluded he had sexually harassed at least 11 women, including Bennett.
When that investigation came out, Cuomo denied ever sexually harassing women. “The facts are much different than what has been portrayed,” Cuomo said at the time. “I never touched anyone inappropriately or made inappropriate sexual advances.”
Last week, Bennett dropped a separate federal suit she had filed in 2022 accusing Cuomo of sexual harassment. In a statement posted by her attorney on X, Bennett cited “invasive discovery requests” made by Cuomo’s legal team that included her medical records from more than a decade ago.
In their filing today, Cuomo’s attorneys note that their discovery requests fell “under the rules that govern all federal lawsuits. They alleged Bennett dropped her suit to avoid being deposed and to “shield the overwhelming evidence of her false claims from ever becoming public.”
Cuomo’s notice said “Bennett’s claims were … exposed as a sham through the discovery process.”
As part of her statement last week, an attorney for Bennett said she would still be pursuing a case against the state of New York, her employer at the time of the alleged harassment. In a separate statement, Bennett called Cuomo’s legal filings “abusive.”
“Throughout this extraordinarily painful two-year case, I’ve many times believed that I’d be better off dead than endure more of his litigation abuse, which has caused extraordinary pain and expense to my family and friends,” Bennett said. “I desperately need to live my life.”
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