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How much interest would a $15,000 CD earn in 3 years?
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Are you looking for a good place to store $15,000 that’s both safe and provides a meaningful return? Certificates of deposit (CDs) are compelling savings vehicles. They typically offer stronger returns than traditional savings accounts, but they’re just as safe. In fact, just like a savings account, most CDs come with FDIC or NCUA insurance on balances up to $250,000.
So, what’s the difference?
When you deposit money into a CD, you’ll need to wait until the account’s term ends to access it or you may pay a penalty. But, there’s a bright side to that. As inflation cools and interest rate cut expectations circulate, CDs give you a way to lock in today’s strong interest returns for years to come.
So, if you’re looking for a home for $15,000 in savings, you should strongly consider a 3-year CD. Not only will you earn a meaningful return, you’ll be able to count on that return for the next three years. But, how much money would you actually make? That’s what we will calculate below.
Earn a strong return by opening a 3-year CD now.
How much interest would a $15,000 CD earn in 3 years?
“Since the Federal Reserve has raised the benchmark interest rate several times to fight inflation, it has helped CD rates,” explains Steve Azoury, ChFC, and owner of the financial services firm Azoury Financial. So, what can you expect to earn on a $15,000 3-year CD?
Some of the highest paying 3-year CDs on the market are paying between 4.50% and 4.61% APYs. Here’s how much you would earn by depositing $15,000 into one of these accounts:
- A 3-year CD at 4.61% APY: Your account would generate $2,171.60 in interest over its 3-year term. That means your total balance would be $17,171.60 at the end of your term.
- A 3-year CD at 4.50% APY: Your account would generate $2,117.49 in interest over its 3-year term. That means your total balance would be $17,117.49 at the end of your term.
So, depending on the the APY you lock in, you could earn anywhere from $2,117.49 to $2,171.60 in interest by opening a 3-year CD with a $15,000 deposit today. But, you may want to act quickly. “Locking it in now, if you’re anticipating rates going down, would be beneficial,” says Azoury.
Open a 3-year CD now so you don’t miss out on today’s high rates.
Here’s how much you would have made by depositing $15,000 into a 3-year CD in June 2021
To truly understand the importance of locking in a high, long-term CD rate now it helps to look to the recent past. Specifically, what do those high interest rates mean in terms of actual returns when compared to rates experienced just a few years ago?
According to the Federal Reserve Bank of St. Louis, a 3-year CD paid 0.35% APY in June of 2021. At that rate, your CD would earn just $158.05 in interest over its 3-year term, bringing the total account value to $15,158.05 upon maturity.
So, by opening a $15,000 3-year CD with a leading financial institution today, you’ll earn between $1,959.44 and $2,013.55 more than you would have earned by opening a 3-year CD three years ago.
Earn a meaningful return with a 3-year CD today.
The bottom line
You can earn more than $2,100 in interest by opening a $15,000 3-year CD with leading financial institutions at the moment. That’s more than 10 times more interest than you would have earned by opening a similar account just three years ago. And, with inflation cooling and interest rate cuts expected ahead, it may be a good time to take advantage of today’s high rates while they’re still here. Compare top-paying CDs now.
The Republican National Committee’s 2024 platform, approved by its platform committee and released Monday, is influenced heavily by presumptive presidential nominee and former President Donald Trump, and in a change from prior years, it backs the rights of states to make their own abortion laws.
The 2016 RNC platform mentioned the word “abortion” 35 times and backed a constitutional amendment to ban abortion: “[W]e assert the sanctity of human life and affirm that the unborn child has a fundamental right to life which cannot be infringed,” the RNC’s 2016 platform said. “We support a human life amendment to the Constitution and legislation to make clear that the Fourteenth Amendment’s protections apply to children before birth.”
The Republican Party did not release a platform in 2020. And the 2024 platform only mentions the word once.
“We proudly stand for families and life,” the 2024 platform says. “We believe that the 14th Amendment to the Constitution of the United States guarantees that no person can be denied life or liberty without due process,” but it goes on to say, “the states are, therefore, free to pass laws protecting those rights.”
The platform has been initially approved by the RNC committee, but is expected to go to a full vote Tuesday and be officially approved the first day of the Republican National Convention next week.
It also goes on to express opposition to late-term abortion and support for “policies that advance prenatal care, access to birth control, and IVF (fertility treatments).”
Ralph Reed, founder and chairman of the Faith and Freedom coalition, previously expressed concerns about removing abortion language, but he appeared to fall in line and back the GOP platform as released.
“The Republican Party platform makes clear the unborn child has a right to life that is protected by the Constitution under the due process clause of the 14th Amendment,” Reed said in a statement. “That language has been in the GOP platform for 40 years and reflects the view of Ronald Reagan. While aspirational, it applies to both the states and the federal government. The proposed ban on late-term abortion also implies federal as well as state action. It is an unapologetically pro-life position, and we are grateful to President Trump and the Republican Party for standing for life.”
RNC Chairman Michael Whatley and Co-chair Lara Trump focused on the economy and the border in their statement on the platform.
“Only President Trump can restore our economy, restore our southern border, and restore America’s standing in the world,” the two RNC leaders said in a joint statement. “His 2024 Republican Party Platform is a bold roadmap that will undo the devastating damage that Joe Biden’s far-left policies have done to this country, power President Trump to a historic victory in November, and Make America Great Again.”
The platform is titled, “2024 GOP Platform: Make America Great Again!” It bears clear signs of the former president’s influence, emphasizing enforcing border security and stopping the “migrant crime epidemic.” The platform includes a goal to carry out “the largest deportation operation in American history.”
The platform also proposes building a “great iron dome missile defense shield over our entire country.”
Trump and his campaign have also adopted a new proposal in recent months — eliminating taxes on tips. Trump mentions it frequently at rallies, and it appears in the RNC 2024 platform, along with a promise to end inflation, which has been easing.
The GOP also states in the platform that there will be no cuts to Social Security or Medicare and no changes to the retirement age. It also says that the push for electric vehicles should be canceled and regulations should be cut. And it calls for “same day voting, voter identification, paper ballots, and proof of citizenship” as means to “secure our elections.”
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