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With news that inflation ticked up again last month, relief for borrowers again looks to be delayed. While hope for interest rate cuts was high at the start of 2024, disappointing inflation news has seemingly pushed those reductions off to an unknown time in the future. But while borrowers will need to contend with higher rates on mortgages, personal loans and other products, savers will be continue to be able to take advantage with high returns on their accounts.

High-yield savings and certificates of deposit (CD) account rates, for example, have surged in recent years and are exponentially higher than what regular accounts offer. CDs, in particular, have high rates, and those rates are locked for the full CD term, giving savers an extra layer of security in today’s volatile climate. 

And, if they shop around, they can find an account with a rate close to 6% right now — resulting in thousands of dollars of earned interest over the life of the CD. But how, exactly, can someone earn thousands of dollars with a CD now? That’s what we’ll demonstrate below.

See how much more you could be earning on your money with a top CD here now.

How to earn thousands of dollars with a CD now

The amount of interest earned on a CD will depend on how much you deposit, the term (or length) of your account and the interest rate you secure when opening it. Early withdrawal penalties could come into play, too, if you take your funds out before the CD has matured. That noted, here are four ways savers can earn thousands of dollars with a CD now. 

Deposit $20,000 into a 12-month CD

Rates on short-term CDs are higher right now than long-term ones (a reversal from historic trends). It makes sense, then, to take advantage of this trend by depositing a large sum of money in an account that will mature relatively quickly. With a $20,000 deposit into a 12-month CD with an APY of 5.40%, you’ll make $1,080 on your funds, for a total of $21,080 after the CD term has concluded.

Deposit $10,000 into a 2-year CD

If you’re comfortable leaving your money in a CD for the next 24 months you could earn more than $1,000 in interest. By depositing $10,000 into a 2-year CD with an interest rate of 5.25%, you could make $1,077.56 for a total of $11,077.56 after the account has matured. 

Start exploring your long-term CD options now and start earning more money.

Deposit $7,500 into a 3-year CD

If you’re OK with the length of a long-term CD but prefer to keep more of your money liquid, consider a smaller deposit into a slightly longer CD. By depositing $7,500 into a 3-year CD with an interest rate of 5% right now, savers can make $1,182.19 for a total of $8,682.19 at the end of the CD term. 

Deposit $20,000 into a 5-year CD

If you know you’ll need a large sum of money in the years to come — but can afford to lock it away until that time — a 5-year CD can be advantageous right now. With a deposit of $20,000 into a 5-year CD with a rate of 4.60%, you can make $5,043.12 for a total of $25,043.12. That’s more than a 25% growth rate, earned simply by transferring funds from one account type to another.

Learn more about your CD options here today.

The bottom line

It’s not difficult to earn hundreds — or even thousands — of dollars with one of today’s top CDs. You’ll just need to shop around to find the right rate and term and be willing to leave your money untouched for the full CD term. That said, today’s rates are bound to change and could be different before the summer is out, so it makes sense to act now. And be sure to understand the tax implications with any CD interest you earn so you can make an informed decision about which account is best for you.