Interest rates are high at the moment. And, that may be good news for savers. That is, as long as those savers make wise moves with their savings. One such move is to open a $10,000 three-year certificate of deposit (CD). 

That’s because CDs offer fixed returns for the entire term of the account. And, with today’s interest rates being so high, a three-year CD makes it possible to lock in today’s strong returns for years to come. But, what do those strong returns mean in quantifiable terms? How much interest could you earn by opening a three-year CD with a $10,000 deposit right now? That’s what we will calculate below.

Compare the top-paying CDs on the market now. 

How much interest would a $10,000 CD earn in 3 years?

Three of the top three-year CDs on the market right now are offered by First Internet Bank of Indiana, Popular Direct and Quontic Bank. When you open three-year CDs with these institutions, you’ll enjoy 4.61%, 4.50% and 4.40% APYs, respectively. Here’s how much money would you earn in three years by depositing $10,000 into these accounts: 

• First Internet Bank of Indiana – 4.61% APY: A $10,000 three-year CD with a 4.61% APY would earn $1,447.74 in interest for a total balance of $11,447.74 at the end of your term. 
• Popular Direct – 4.50% APY: A $10,000 three-year CD with a 4.50% APY would earn $1,411.66 in interest for a total balance of $11,411.66 at the end of your term. 
• Quontic Bank – 4.40% APY: A $10,000 three-year CD with a 4.40% APY would earn $1,378.93 in interest for a total balance of $11,378.93 at the end of your term. 

So, as long as you open your three-year CD with one of these three banks, you stand to earn anywhere from $1,378.93 to $1,447.74 in interest on a $10,000 deposit. But, what if you wanted to earn even more? 

Earn a strong return with a three-year CD today. 

How to earn $2,500 on a $10,000 CD

What if you want to earn $2,500 on a $10,000 CD? In this case, you’ll need to extend your term. First Internet Bank of Indiana offers a 4.50% APY on its five-year CD term. If you were to deposit $10,000 into this account, you would earn $2,461.82 in interest in five years, just shy of your $2,500 goal. 

To get as close as possible to your $2,500 goal, you would need your five-year CD to offer a 4.57% APY. At this rate, you would earn $2,503.61 on $10,000 after five years. 

How to earn $2,500 on a 3-year CD

On the other hand, what if you want to earn $2,500 on a three-year CD? In this case, you would need to deposit more than $10,000. At today’s current rates, you could earn around $2,500 in interest on a three-year CD by depositing $17,500 with one of the leading financial institutions mentioned above. For example, if you deposit $17,500 into a three-year CD with First Internet Bank of Indiana at 4.61%, you would earn $2,533.54 in interest – bringing your total CD value to $20,033.54 at the end of your term. 

Get more out of your savings with a CD now. 

The bottom line

You could earn between $1,378.93 and $1,477.74 in interest on a $10,000 three-year CD with the aforementioned leading financial institutions. And, if you’d like to earn more, simply adjust your term or deposit amount. For example, if you want to earn $2,500 in interest, you may be able to do so by depositing $10,000 into a five-year CD or by depositing $17,500 into a three-year CD. Compare today’s top-paying CDs now.