To start, if market rates rise after the CD term begins, you will be stuck with the lower rate for the entire length of the CD. 19 months: current yield up to 4.95% Annual Percentage Yield (APY).15 months: current yield up to 4.95% Annual Percentage Yield (APY).11 months: current yield up to 4.90% Annual Percentage Yield (APY).7 months: current yield up to 4.80% Annual Percentage Yield (APY).Now, get a higher rate of return by locking in an exclusive rate on balances up to $250,000: Grow your money with a Certificate of Deposit account at U.S. The downside is you have to deposit a minimum amount for a set period of time - usually a year or more - to get the highest rate. Bank are offering CDs with rates up to 4.95% Annual Percentage Yield (APY). This makes a CD a predictable way of earning interest on your savings-but, there are pros and cons to stashing your money in a CD. The CD interest rate is locked when the term begins and remains the same until the term ends. Still, with a CD, you commit a lump sum for an agreed-upon amount of time (called a term), during which you can neither deposit nor withdraw from the account.ĬD terms are typically between 6 months and 5 years. With a traditional savings account, you can deposit and withdraw money as needed (within the account’s limits). Certificate of deposit (CD)Īnother way to earn higher interest on your savings is to put your money into a certificate of deposit, or CD. In this instance, depositing $1,000 into a traditional account with a 0.19 percent APY would earn $1.9, whereas depositing that same amount into a 3.75 percent HYSA would earn $37.5. The difference in earnings can be significant. For example, a traditional savings account might have an annual percentage yield (APY) of 0.19 percent, whereas a high-interest savings account could have an APY of 3.75 percent.
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