How much interest can a $10,000 CD account earn if opened this July?

We may receive commissions from some links to products on this page. Promotions are subject to availability and retailer terms.

Most savers assume the safest place for a five-figure sum is wherever it already is — a checking account, a low-rate savings account or maybe a money market fund they opened years ago and haven't touched since. That assumption is costing a lot of savers real money right now, though — particularly those who have a hefty sum in savings. After all, the account you already have isn't necessarily sitting in the account working hardest for you, and the difference in earnings can run into the hundreds or even thousands of dollars.

Part of the reason that gap has widened is the unusual position the Federal Reserve has held on rates over the past couple of years. Deposit rates rose sharply during the central bank's rate-hiking cycle, and while the Fed has since shifted toward a more cautious, wait-and-see posture, bank rates haven't collapsed the way many savers expected. That's kept certificate of deposit (CD) yields elevated well above what can be earned with traditional savings accounts, even as the broader rate outlook remains uncertain.

And, for anyone with $10,000 ready to deposit, though, the potential earnings from a CD account are substantial enough to warrant a closer look. While the amount you'll earn ultimately depends on the account and term you choose, today's top CD rates can generate meaningful, predictable returns without exposing your principal to market volatility.

Compare today's top CD accounts and lock in a high rate here.

CD rates aren't uniform across terms, and for a $10,000 deposit, that variation adds up to a meaningful difference in dollars earned. Here's what that deposit would generate at today's typical CD rates, assuming the money stays untouched for the full term:

While the differences between today's top short-term and long-term CD rates may appear relatively small, the longer repayment period gives your money more time to generate earnings. That's why a 10-year CD can produce more than $4,000 in interest on a $10,000 deposit, even though its rate is only slightly higher than what's currently available on shorter-term CDs.

That doesn't automatically make the longest term the best choice, however. CDs require you to leave your money untouched until the maturity date if you want to avoid early withdrawal penalties. So, before locking your funds away for several years, make sure to weigh whether you'll need access to that money for emergencies, major purchases or other financial goals.

For many save