Here’s how much interest a $90,000 long-term CD account will earn if opened this July

Whether you slowly grew your money to a large, five-figure amount such as $90,000, inherited it or made it by selling property, accumulating that much money is often only half of the goal. The next step revolves around where to store it. And that’s not always an easy decision to make, but especially so in today’s unique economic landscape. With inflation surging, high interest rates on pause and other financial factors to weigh, you must keep your $90,000 in the right account for the right amount of time.

Fortunately, a certificate of deposit (CD) account can help with both. This account employs a high, fixed interest rate that will hold through the account’s maturity date. And that date could be anywhere from three months or longer, depending on the account term you choose. In today’s economy, however, a long-term CD that matures in 18 months or longer can be especially attractive as it will allow you to earn today’s big returns for an extended period of time while protecting the $90,000 from any adverse market conditions.

To better determine the merits of a CD account of this size and length, then, it helps to start with the interest-earning potential it offers. So, how much interest can a $90,000 long-term CD account earn if opened with the top rates available this July? That’s what we’ll calculate below.

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How much interest will a $90,000 long-term CD account earn if opened this July?

With interest rates on the top long-term CD accounts similar now, if not identical, savers will need to determine which term is easiest for them to see through to its maturity date, as an early withdrawal penalty on an account of this size could be substantial. Here’s how much interest a $90,000 long-term CD account will earn if opened this July, calculated against the top rates associated with five different terms:

• $90,000 18-month CD at 4.20%: $5,729.12 upon maturity
• $90,000 2-year CD at 4.20%: $7,718.86 upon maturity
• $90,000 3-year CD at 4.15%: $11,676.74 upon maturity
• $90,000 5-year CD at 4.20%: $20,555.69 upon maturity
• $90,000 10-year CD at 4.30%: $47,115.20 upon maturity

Interest earnings on a CD account of this size will be worth thousands of dollars in just 18 months and tens of thousands of dollars over the next five years. But it’s not just the interest earnings that savers should note here, as the account will also protect their $90,000 principal in a way that investments or variable-rate savings account alternatives will not. That said, it’s important to pick a term that you can easily see through to its maturity date to avoid having to pay that early withdrawal fee, which can negate all of the interest earned on the account to that point.

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The bottom line

Between $5,729 and $47,115, approximately. That’s how much interest a $90,000 long-term CD account can earn if opened against the top interest rates available this July. That said, savers may be able to find slightly higher rates and more profitable returns by shopping around online. Online banks, in particular, tend to offer more competitive rates than banks with physical branch locations. So, consider beginning your search there now and start earning more interest on your money as soon as possible.