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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.
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Kamala Harris will speak with “60 Minutes” tomorrow. Here’s what to know for the interview.
Voters will get the chance to hear from Vice President Kamala Harris on Monday as she presents her case for why she should be president in a “60 Minutes” election special.
For decades, “60 Minutes” has featured both Republican and Democratic nominees for presidents, but this year, former President Donald Trump backed out after previously indicating he would be on the show. Correspondent Scott Pelley, who’d been set to interview Trump, will instead travel to Arizona’s Maricopa County, home to more than 60% of Arizona’s voters and a critical battleground in a key swing state.
One thing is certain about the election; with the U.S. deeply involved in both the wars in Ukraine and the Middle East, whoever wins on Nov. 5 will become a wartime president.
What Harris will discuss
Israel’s war started one year ago after Hamas launched a surprise terror attack and correspondent Bill Whitaker will discuss the ongoing war with Harris.
Harris will also discuss the economy, immigration, her record as vice president and the differences between herself and Trump.
Democratic vice presidential candidate Gov. Tim Walz will also appear.
Whitaker joined the Democratic ticket on the campaign trail this week to gain insight into their platform’s priorities and values, and what the candidates believe voters should know.
Why Trump pulled out of the “60 Minutes” interview
Leading up to the candidate hour, Trump, through campaign spokespeople, was the first candidate to accept the “60 Minutes” request to be interviewed for the special, according to CBS News. It had been agreed that both candidates would receive equal time during the broadcast.
Trump last sat down with 60 Minutes in 2020. He walked out during the interview with Lesley Stahl. Trump referenced the incident on Tuesday night at a Milwaukee press conference when asked about his decision not to participate in the Oct. 7 “60 Minutes” election special.
“Well, right now, I went to – they came to me and would like me to do an interview, but first I want to get an apology, because the last time I did an interview with them, if you remember, they challenged me on the computer,” Trump said. “They said the ‘laptop from hell’ was from Russia, and I said it wasn’t from Russia. It was from Hunter, and I never got an apology, so I’m sort of waiting. I’d love to do ’60 Minutes.’ I do everything.”
The Republican nominee for president emphasized that he felt he was owed an apology from “60 Minutes.”
“Let’s see if they do it. I wouldn’t mind doing 60,” Trump continued. “I’ve done ’60 Minutes’ a lot.”
In a statement on Tuesday, Trump campaign communications director Steven Cheung said that Trump’s team had not agreed to an interview.
“Fake News,” Cheung said in a post on X. “60 Minutes begged for an interview, even after they were caught lying about Hunter Biden’s laptop back in 2020. There were initial discussions, but nothing was ever scheduled or locked in. They also insisted on doing live fact checking, which is unprecedented.”
Previous Trump, Harris appearances on 60 Minutes
Trump previously sat down with “60 Minutes'” Mike Wallace in 1985, Pelley in 2015 and Lesley Stahl twice in 2016, first in July of that year and then again in November of 2016. He also spoke with Stahl again in 2018 and 2020.
Harris previously sat down with Whitaker last year. She also was interviewed by Norah O’Donnell, “CBS Evening News” anchor and “60 Minutes” contributing correspondent, in 2020.
How to watch the “60 Minutes” election special
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