It can take a long time to save money, especially if you are aiming to secure a five-figure sum. And in the economic climate of the last five years, in which inflation soared and borrowing costs surged alongside it, saving money while keeping debt low was made even more difficult. There was one silver lining, however: elevated rates on interest-earning savings accounts. A certificate of deposit (CD) account, in particular, saw rates as high as 6% and 7%.

So, you may have been able to save $70,000 with the help of a CD. Or a high-yield savings or money market account. Either way, saving those funds is only part of the equation. Knowing where to store them now, especially with inflation growing again, is equally important. Savers, then, may be reconsidering the merits of a CD account, especially given that the Federal Reserve has elected to keep interest rates higher for longer. 

Against this backdrop, it can be helpful to understand the interest-earning potential a CD currently offers. But how much interest can a $70,000 CD account actually earn now? That's what we'll examine below.

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How much interest can a $70,000 CD account earn now?

CD accounts employ fixed interest rates, which can make interest-earning projections simple to complete with precision. Using the readily available high rates on six different CD terms, here's how much interest a $70,000 CD account can earn if opened now:

• $70,000 3-month CD at 3.90%: $672.74 upon maturity
• $70,000 6-month CD at 4.10%: $1,420.59 upon maturity
• $70,000 9-month CD at 4.00%: $2,089.67 upon maturity
• $70,000 1-year CD at 4.11%: $2,877.00 upon maturity
• $70,000 18-month CD at 4.15%: $4,402.40 upon maturity
• $70,000 2-year CD at 4.16%: $5,945.14 upon maturity

Savers can earn just under $675 with a CD account of this size in around 90 days or just under $6,000 if they keep it untouched for the next 24 months. Keeping it frozen is critical, however, as savers who attempt to access the funds prematurely will incur an early withdrawal penalty. And with an account of this size, that fee could be costly, easily negating most or even all of the interest earned to that point. If you can maintain the account with financial comfort, however, this could be the right savings account at the right time now.

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What to do with your traditional savings account

If you've been maintaining your $70,000 in a traditional savings account – or any amount – consider moving it out and into a better alternative quickly. The average rate on a traditional account is just 0.38% now, according to the FDIC. But the top CD account rates are all exponentially higher. 

High-yield savings and money market accounts also have similar rates to the top CDs, and they won't require savers to sacrifice access to their funds (though both have variable rates subject to change over time). By keeping any sizable savings in a traditional account, though, not only are you failing to keep pace with inflation, but you're technically losing money by not taking advantage of the multiple, more profitable alternatives you still have access to.

The bottom line

A $70,000 CD account can earn savers hundreds of dollars and thousands of dollars over an extended period, as long as they can maintain the account through the maturity date. But with high rates also available on other account types (minus the accessibility restrictions CDs come with), there's no reason to keep your money in a low-rate traditional account. Consider making the move soon, then, to start earning more interest on your hard-earned money. It likely took a lot of work and time to build your $70,000 so it makes sense to earn as much interest on it as possible right now.