How much interest can a 9-month CD earn savers who open an account this August?
Interest tied to a CD of this length could be substantial and accessible relatively quickly for savers who act now.
Nine-month certificate of deposit (CD) accounts are gaining popularity as savers seek competitive interest rates amid rising inflation. In August 2023, the top 9-month CD rates hover around 4.10%, although some online offerings may be slightly higher. This fixed rate provides a reliable return that won't be outpaced by inflation.
Various deposit amounts, from $1,000 to $100,000, can earn between $30.60 and $3,059.50 in interest, respectively, assuming no fees or penalties. Online banks often offer more competitive rates than traditional banks with physical branches. Savers must be comfortable locking their funds for nine months to avoid early withdrawal fees, but the potential return makes a 9-month CD a compelling option for short-term savings growth in today's economic climate.
Written by urgent.news from CBS News's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
