How much interest will a $15,000 long-term CD account earn if opened this July?

Millions of savers are keeping their money in traditional savings accounts, earning an average of just 0.38% APY. With inflation currently at 4.2% annually, these accounts are not only failing to grow wealth but are actively losing purchasing power.

While savings accounts offer easy access, they are not the best option for maximizing returns. The Federal Reserve has maintained steady interest rates since early 2026, leading many banks and credit unions to offer competitive Certificates of Deposit (CDs). These CDs provide yields several times higher than savings accounts, presenting a low-risk, predictable option for savers.

Choosing the right CD involves considering both the interest rate and the term length. Longer terms can help lock in current yields if interest rates are expected to fall. For instance, a $15,000 deposit in an 18-month CD at 4.20% APY would earn $954.85. However, extending that to a 10-year CD at 4.30% APY could yield over $7,852.53, demonstrating a significant difference in earnings over time.