How much interest will a $20,000 1-year CD earn if opened this August?
Transferring $20,000 into a 1-year CD account makes sense this August. Here's how much interest you'd earn if you do.
If you deposit $20,000 in a one-year CD account, you can earn interest ranging from $830 to $880 by the time the account matures in August next year. This interest, which is guaranteed, comes from the account's fixed rate structure. Rates can vary slightly between CD providers, hence the range. Additionally, CD accounts are FDIC-insured up to $250,000, providing extra security.
While keeping your money in a CD limits its accessibility for a short period, it also offers a secure and reliable way to grow your money in a low-risk manner.
Written by urgent.news from CBS News's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
