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How much interest would a $5,000 18-month CD earn now?
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Certificates of deposit (CD) accounts come with various interest rates and terms (or lengths) for savers to explore. While rates have traditionally been higher on long-term accounts, that hasn’t been the case in the rate climate of recent years. In 2023 and 2024, for example, rates have been higher on short-term CDs, sometimes by a significant margin.
That said, rates on long-term accounts are also high now and, like all CDs, they’ll be locked until the account has matured. This is a major incentive currently, as cuts to the federal funds rate and, thus, rates on CDs, are expected to drop later this year. And while long-term CDs often come with terms of multiple years, there is one type that can still provide some flexibility: 18-month CDs.
These accounts will lock your money in at today’s high rates while weathering rate adjustments to come over the next year and a half. And by depositing $5,000 into one of these accounts now, you can potentially earn hundreds of dollars, depending on the lender selected. Before getting started, however, it helps to know exactly how much interest a $5,000 18-month CD can earn if opened now. That’s what we’ll break down below.
Start earning more interest on your money with a top CD account here today.
How much interest would a $5,000 18-month CD earn now?
Interest rates on CDs change often, but, right now, savers can secure a rate between 4.50% and 5.00% for an 18-month account if they shop around. Here’s what that looks like calculated with an opening deposit of $5,000:
- 4.50%: $341.27 for a total of $5,341.27 after 18 months
- 4.75%: $360.45 for a total of $5,360.45 after 18 months
- 5.00%: $379.65 for a total of $5,379.65 after 18 months
The more you deposit into one of these accounts, however, the more you’ll make. Here’s what savers can expect to earn if they double their deposit:
- 4.50%: $682.54 for a total of $10,682.54 after 18 months
- 4.75%: $720.90 for a total of $10,720.90 after 18 months
- 5.00%: $759.30 for a total of $10,759.30 after 18 months
Get started with an 18-month CD online now.
Why you should open a CD account online
While your local bank branch may offer CD accounts now, the rates they provide are unlikely to be as high as those provided by online lenders. That’s because the former has to pay for the maintenance of physical, brick-and-mortar locations while the latter doesn’t. That added savings typically (but not always) results in higher rates that online banks can then provide to savers, both on CDs and other vehicles like high-yield savings accounts.
Online banks will also frequently eliminate maintenance fees or penalties if savers meet certain requirements. Still, some requirements will likely remain unchanged regardless of whether you use an online bank or not. So don’t withdraw your CD funds early, for example, because either type of lender will charge you an early withdrawal penalty for doing so.
The bottom line
If you deposit $5,000 into an 18-month CD now, you’ll gain protection against a volatile rate climate while earning hundreds of dollars in interest in the interim. But today’s high CD rates are unlikely to stay this elevated for much longer, underlining the importance of being proactive by opening one now. When you do so, consider an online bank instead of one with physical locations and be sure to only deposit as much as you feel comfortable parting with for the full CD term to avoid getting stuck with an early withdrawal penalty.
Washington — The House Ethics Committee has quietly voted to release its report on the investigation into former Rep. Matt Gaetz regarding allegations of sexual misconduct and obstruction, two sources familiar with the matter said, reversing course after Republicans originally blocked its release.
The report will likely be unveiled in the coming days, after the final votes of the 118th Congress, the sources said. Lawmakers face a Friday deadline to approve new government funding and avoid a shutdown before heading home for the holidays. CNN first reported on Thursday that the committee voted behind closed doors to release the report earlier this month.
House Republicans recently blocked two Democratic resolutions that would have compelled the Ethics Committee to release the potentially damaging report on its investigation into Gaetz, voting to refer the matter back to the committee.
Gaetz resigned from Congress shortly after President-elect Donald Trump said he planned to nominate Gaetz to be attorney general in November. But Gaetz soon withdrew from consideration, facing a likely contentious confirmation process. Gaetz has said he does not intend to take the oath of office for the same seat in the 119th Congress, and is launching a new show on the pro-Trump One America News Network in January.
It’s highly unusual, but not unprecedented, for the House Ethics Committee to release a report on a member who is no longer in office. Congressional leaders, including some Democrats, have expressed concerns about the precedent set by unveiling the Gaetz report.
In June, the committee released a statement saying it was investigating allegations against Gaetz that included sexual misconduct, illicit drug use, and bribery.
Multiple sources at the time told CBS News that four women had informed the Ethics Committee that they had been paid to go to parties that included sex and drugs, and that Gaetz had also attended. The committee has Gaetz’s Venmo transactions that allegedly show payments for the women.
Gaetz has repeatedly denied wrongdoing and has called the committee’s investigation a “frivolous” smear campaign.
Some of the sexual misconduct allegations under review by the committee were the subject of a previous Department of Justice probe into Gaetz. Federal investigators sought to determine if Gaetz violated sex trafficking and obstruction of justice laws, but no charges were filed.
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Monkeys have been spotting roaming in unusual places in central Florida recently — and the police are warning residents to stay away.
The Orange City Police Department said on social media that it had received “multiple reports of monkey sightings” in the town, which is in Volusia County. People who see monkeys should not feed or approach them, the department said, but should contact the Florida Fish and Wildlife Conservation Commission.
A viral video from a river near Orange City, taken by a river tour operator, shows a monkey hanging out on a wooded bank.
“I looked up into a tree and kind of went, ‘What’s that!?'” Colin Innes of St. John’s River Eco Tours, told CBS affiliate WKMG. “I got a little bit closer and realized that I had a monkey probably about 30 feet from me. And trust me, that’s not something you see out here on a regular basis whatsoever, so I was shocked.”
Meanwhile, a Volusia County elementary school principal had to warn parents about a monkey after seeing one run through the school’s drop-off area on Wednesday, according to WKMG.
An area woman told WKMG that she saw a monkey climbing on her fence. First, she thought the animal was a cat, but then she realized how large it was.
“I have three cats and so I looked at his body and was like, ‘Wow that’s really big,'” said Evelyn Coira Arquette. “I mean, we’re talking about four feet probably long.”
Officials have not commented on what species of monkey is being spotted. WKMG said officials have not confirmed if residents are spotting multiple monkeys or if they’re seeing the same primate in multiple locations.
Police have told residents not to feed the monkeys, which is prohibited by a Florida Fish and Wildlife Conservation Commission rule passed in 2017. Monkeys are more likely to return to an area and may become aggressive if they are fed by people, WKMG reported.
Residents should also take care to dispose of uneaten food and garbage in closed trash containers, so monkeys can’t access them. Any sightings should be reported, and if a monkey is seen in the area, children should be kept close and pets should be leashed. If bitten or scratched by a wild monkey, seek medical attention immediately.
Last month, 43 monkeys escaped from a research facility in South Carolina, prompting warnings for nearby residents to secure their doors and windows. Four of the monkeys are reportedly still on the loose.