While the rate climate in recent years has hurt all types of borrowers, it’s been a boost for savers with select accounts. With rates on high-yield savings and certificates of deposit (CD) accounts less than 1% in 2020 and 2021, savers had no real way to grow their funds with these vehicles. But as the pandemic faded and inflation surged, the federal funds rate rose in tandem. That caused rates on both savings accounts to rise exponentially. As of May 2024, savers can now earn upward of 5% with either (or both) of these accounts. That said, 5% may not seem like a substantial amount but when viewed as dollars and cents, savers can gain a better perspective on what they stand to earn.

Right now, the very best rates are typically offered on CDs. And you won’t need to deposit an exorbitant amount or keep your money locked away forever to realize a significant return. Still, before getting started, it helps to see what your bottom line will be after the account matures. To that end, below we’ve broken down exactly how much a $10,000 deposit into a 6-month CD would earn at today’s elevated rates.

See how much more you could be earning with a top CD account here now.

How much interest would a $10,000 6-month CD earn now?

To determine precisely how much a $10,000 6-month CD will earn if opened this month, you’ll have to know the interest rate it’s opened with. Since different lenders offer different rates based on the term (or length) of the CD, this could vary. That understood, here’s what the account will earn based off of some common 6-month CDs rates available online now:

• 5.35%: $264.01 in interest for a total amount of $10,264.01 after six months. 
• 5.30%: $261.58 in interest for a total amount of $10,261.58 after six months. 
• 5.25%: $259.14 for a total amount of $10,259.14 after six months.
• 5.00%: $246.95 for a total amount of $10,246.95 after six months. 

As can be seen, rates on six-month CDs are in the same range right now across lenders. But if you’re truly after the highest rate possible, consider opening a CD with an online bank versus one with physical branches. Since online banks often don’t have the overhead costs of maintaining physical locations, they can frequently offer higher rates to customers than their counterparts with banks in different parts of the country.

Start exploring your 6-month CD account options online today.

The bottom line

While the above returns are substantial, savers stand to earn even more if they make a larger deposit or extend the term past six months. By doing either, savers can potentially earn hundreds of dollars more than illustrated and even thousands with the right strategic approach. 

But it’s important to remember that early withdrawal penalties will apply if you take your money out of the account before it matures, so only deposit an amount you’re comfortable parting with for the full term. And be cognizant of tax implications as you may have to pay taxes if the interest you earn on a CD surpasses a certain threshold. But if you understand these nuances – and account for them in advance – you can earn a few hundred dollars right now simply by transferring some money into one of today’s top 6-month CD accounts.