How much interest can a $50,000 5-year CD account earn now?
A CD will require losing access to your money for a period. But the return on a $50,000 5-year CD could be worth it.
The Federal Reserve's latest interest rate hike has led to higher rates on various borrowing products and select savings accounts, including certificate of deposit (CD) accounts. These accounts typically offer rates in the low 4% range, but with the Fed's recent decision, CD rates could potentially increase further. If a saver deposits a significant amount, such as $50,000, into a CD account, the interest-earning potential can be substantial, especially if the funds are left untouched for the full term of the account, which could be five years.
For a $50,000 5-year CD, the interest earnings can range from approximately $11,863 to $12,160, depending on the interest rate. This substantial interest income makes a $50,000 5-year CD account an attractive option for some savers in the current 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.
