$30,000 CD vs. $30,000 high-yield savings account vs. $30,000 money market account: Which will earn more interest?

Saving a sizable amount of money can feel incredibly difficult. But there has been one component that’s helped lift some of that burden from savers in recent years – high interest rates on select savings accounts. While an elevated interest rate landscape hurts borrowers, it also can serve as a boon for savers, many of whom have taken advantage in recent years via accounts with rates as high as 6% or 7%. So, if you have thousands or tens of thousands of dollars in a traditional savings account, there are still viable alternative homes in which to keep it. 

And if you have a five-figure amount such as $30,000, the interest-earning potential can be substantial, especially accounting for compounding interest. That said, while there may be three primary account types in which to keep this money, the interest-earning potential will vary. That’s because certificate of deposit (CD) accounts have different rates than high-yield savings accounts, which, in turn, have different rates than money market accounts.

To best determine which account makes the most sense for your $30,000, then, it helps to know which of these three will earn the most interest if opened right now. Below, we’ll crunch the numbers that savers should know before making a deposit.

See how much interest you could be earning with a CD account here.

$30,000 CD vs. $30,000 high-yield savings account vs. $30,000 money market account: Which will earn more interest?

Calculating the precise interest-earning capability of a CD account can be done with ease because the account has a fixed interest rate. But there will be some speculation involved with high-yield savings and money market accounts, both of which have variable rates that will change over time. Here’s how much interest each account will earn with a $30,000 deposit now, assuming the high-yield savings and money market account rates hold steady over the next nine months:

• $30,000 3-month CD at 3.90%: $288.32
• $30,000 high-yield savings account at 4.03% after three months: $297.79
• $30,000 money market account at 3.90% after three months: $288.32
• Most profitable account: The high-yield savings account

• $30,000 6-month CD at 4.10%: $608.82
• $30,000 high-yield savings account at 4.03% after six months: $598.53
• $30,000 money market account at 3.90% after six months: $579.40
• Most profitable account: The CD account

• $30,000 9-month CD at 4.05%: $906.71
• $30,000 high-yield savings account at 4.03% after nine months: $902.26
• $30,000 money market account at 3.90% after nine months: $873.29
• Most profitable account: The CD account

Savers can earn close to $300 after three months with a high-yield savings account and a little over $900 with a 9-month CD account. The money market account is the least profitable of these three options right now, but only marginally so. And, if you want to streamline your banking needs thanks to the check-writing feature these accounts come with, it could prove to be your best option even if the interest earnings are slightly lower. Evaluate all three carefully, then, and don’t discount the advantages of splitting your funds into two or even all three now.

Compare your top savings account options online here.

The bottom line

A $30,000 deposit into a CD, high-yield savings or money market account has the potential to generate between $300 to $900 over the next nine months, if secured now. But potential isn’t always a guarantee. So, for savers who want a guarantee, a CD may still be their best option. Others, however, who need to maintain access to their funds, may find the alternative accounts outlined here to be better for their needs and budget. Still, with credible, lucrative options to choose from, savers with $30,000 in their bank account must make a switch to one or more of these alternatives as they’re likely losing money by keeping it in a traditional savings account (which comes with an average rate of just 0.38% currently).