How much interest can a 6-month CD earn now?

A 6-month CD account could be worth opening for many savers this June. Muhammad Labib Adilah/Getty Images A certificate of deposit account has multiple advantages for savers in today's economy. For starters, the account comes with an elevated interest rate of around 4% right now. That makes it exponentially more profitable than a traditional savings account with a rate under 0.40% . That interest rate is also fixed , meaning that it will hold until the account matures, even if the overall interest rate climate cools during that period. And CDs are safe and FDIC-insured up to $250,000 per account, adding another layer of protection for savers. To secure these benefits, however, savers will have to commit to leaving their funds in the account through the maturity date. Taking the money out early will lead to an early withdrawal penalty worth most or all of the interest earned on the account to that point. This is where the advantages that a 6-month CD account provides come into consideration. Rates on accounts with this term are still high, but the term won't be so lengthy as to prevent savers from pivoting their strategy later in the year. They'll also protect their principal from the market swings that they would otherwise be vulnerable to by keeping their funds in select investments. To best determine the value this account offers savers now, it helps to begin with the interest-earning potential. And that's easy to calculate thanks to the account's fixed rate. …