"Maximizing Your Earnings: Navigating the Best CD Rates in 2024"

A 5% interest rate on a certificate of deposit (CD) can generate significant returns based on the deposit amount and the CD term, with potential earnings ranging from $25 for a $500 deposit to $1,000 for a $20,000 deposit over a 12-month period. However, it's important to consider potential changes in interest rates, as the Federal Reserve's actions can influence CD rates. Opening a CD account with a high rate now can lock in that rate for the full CD term, providing a proactive approach to maximizing savings.