How much interest can a $15,000 1-year CD account earn now (and is it worth opening)?

A report released earlier in July showing inflation elevated and the potential for a Federal Reserve rate hike in September growing – the first such increase in more than three years – should serve as motivation for savers to take strategic action. And that's as true for those with a few hundred dollars saved as it is for those with thousands of dollars sitting in a savings account. With interest rates on certificate of deposit (CD) accounts sitting around 4% now, for example, it can make sense to transfer some money into one to take advantage while rates are still high and returns are still substantial.

A 1-year CD, for example, could be particularly advantageous for those with $15,000 in a traditional account. Those accounts come with an average rate of just 0.38% now, but CDs come with rates close to 4%, meaning that you're essentially losing money by not making the shift now. And with a 1-year CD in particular, you won't need to sacrifice access to your funds for an extended period as you would with many alternatives. To understand the value a CD of this size and length offers, however, it helps to begin with the interest-earning potential.

See how much interest you can earn with a CD account here.

How much interest can a $15,000 1-year CD account earn now?

The top 1-year CD interest rates range from 4.10% to 4.17% now, though savers may be able to find even higher rates by diligently shopping around online. This is how much interest savers can earn by depositing $15,000 into this account, calculated against three different rates and the presumption that no early withdrawal penalties reduce your interest earnings:

• $15,000 1-year CD at 4.10%: $615.00 upon account maturity
• $15,000 1-year CD at 4.15%: $622.50 upon account maturity
• $15,000 1-year CD at 4.17%: $625.50 upon account maturity

Savers stand to earn between $615 and $625 with a $15,000 1-year CD account that's opened now with one of today's elevated rates. That interest will be guaranteed, too, thanks to the account's fixed rate. Just be confident in your ability to see the account through to its maturity date with ease as an early withdrawal fee could be worth all or most of the interest earned to date, depending on the bank you use. 

Get started with a CD account online now.

Is a $15,000 1-year CD account worth opening?

With more than $600 in guaranteed interest-earnings associated with a CD of this size and length, it can be worth opening for those savers who want to earn an elevated return without having to give up access to their money for too long. CD terms, after all, can be as long as 10 years, so this one should be relatively easy to maintain. 

That said, CDs are not well-positioned to take advantage of interest rate hikes as the rate here will be fixed and will hold until the account matures next summer. If you want to earn as much as you can, then, and believe that rates will rise later this year, high-yield savings or money market accounts may be more valuable as both have variable rates that will be responsive to market conditions. Don't discount the advantages of splitting your funds between one, two or even all three of these accounts, as well, to take advantage of the unique features each offers savers in today's rate environment.

The bottom line

A $15,000 1-year CD account can produce a return worth between $615 and $625 for savers now, calculated against today's top rates. That's more than $50 per month or more than $1 per day, every day, for a full year earned simply by transferring this much money into one of today's top 1-year accounts. But with high-yield savings and money market accounts both offering similar returns with the potential to make more thanks to the way they're structured, savers should evaluate those alternatives, too. By carefully considering all three they can determine which makes the most sense for their money and, most importantly, start earning more interest as soon as possible.

Edited by Angelica Leicht