"Comparing High-Yield Savings and CD Rates for 2024"

With the current high interest rate environment, a 5-year CD at 4.5% APY or better can earn significant interest, with potential earnings ranging from $246.18 for a $1,000 deposit to $6,154.55 for a $25,000 deposit over five years. Opening a CD now can lock in high returns despite potential future interest rate cuts, provide stability in turbulent economic climates, and help achieve savings goals, with early withdrawal penalties serving as an incentive to leave the money untouched for the full term.