Here's how much interest a $10,000 18-month CD will earn savers who act now

January 2028 may feel like a long way off, but for some savers, that could be the whole point.

In today's economic climate, in which inflation is surging, borrowing costs are elevated and the likelihood of either declining in the short term appears low, savers understandably find themselves looking for ways to protect and grow their money. Fortunately, this is where a certificate of deposit (CD) account can come in handy.

A long-term, 18-month CD, in particular, can offer savers extended protection on their principal while still growing their interest with a rate ranging from 4.15% to 4.20%, approximately. And that rate will be fixed and held until the account matures in early January 2028. So, if you have a five-figure amount such as $10,000 saved right now and aren't sure of where to deposit it, this could be a viable, secure and profitable option worth serious consideration. 

Still, locking up this much money for this long shouldn't be done recklessly either. An early withdrawal fee could negate all of the interest earned to that point, so you'll want to make sure that this is the right fit for you now, before transferring your money. To determine the value an account of this size and length offers, then, it helps to start with the interest-earning potential. And that's easy to calculate thanks to that fixed interest rate.

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Here's how much interest a $10,000 18-month CD will earn savers who act now

The top CD rates available with 18-month CD accounts now top out at 4.20%, though you may find options a bit lower or higher when shopping around online. Here's how much interest a $10,000 deposit will earn, calculated against three readily available rates now:

• $10,000 18-month CD at 4.10%: $621.66 upon maturity
• $10,000 18-month CD at 4.15%: $628.91 upon maturity
• $10,000 18-month CD at 4.20%: $636.57 upon maturity

Savers stand to earn between $622 and $637, approximately, with a $10,000 18-month CD account now. And while that return won't necessarily make savers rich, it will grow their bottom line while still protecting their principal through today's elevated market uncertainty. 

But it won't lock their money away for so long that they won't be able to pivot in early 2028, as they would be prevented from doing with other long-term CDs. So, if you want to earn a competitive return and maintain flexibility to pivot in just 18 months, this could be the account worth considering.

Get started with a CD account online now.

How much interest will a $10,000 high-yield savings account earn after 18 months?

High-yield savings accounts come with interest rates competitive with the top CDs right now, and they won't require savers to sacrifice access to their funds the way a CD account does. The caveat here, however, is a critical one. This account type has a variable interest rate that will change based on market conditions, making long-term interest-earning projections impossible to complete with precision. 

That said, the top high-yield savings account rate of 4.10% now will result in that same $621.66 earned after 18 months — assuming that it doesn't rise or fall before that point. If you prefer certainty, however, and can afford to lose temporary access to your funds, the $10,000 18-month CD may still ultimately be preferable.

The bottom line

A $10,000 18-month CD will produce approximately $600 worth of interest if opened now and maintained through the maturity date without issue. But with high-yield savings accounts offering a similar return without the required loss of access, savers should carefully compare before making a final decision. For some savers, the CD may still be preferable, while others may want to pursue the high-yield savings account, and while others may find splitting the funds between both to be the most advantageous approach. Whatever you decide to do, however, just be sure to keep the funds out of a traditional savings account. With the average rate there comfortably under 1% now, you're essentially losing money by not making the switch into one of these high-rate alternatives instead.