How Much Interest Does $1 Million Earn Per Year?

Shawn Plummer, CRPC

Chartered Retirement Planning Counselor

When saving money, most people consider putting away a small amount of cash each month. But what if you had a million dollars saved up? How much interest would that earn you per year? In this guide, we will answer that question and give you a few tips on how to grow your savings!

How Much Interest Does $1 Million Earn Per Year?

For most people, $1 million is an unattainable amount of money. But for those lucky enough to have that kind of cash on hand, the question becomes – how do you make it work for you?

  • One option is to invest it in Certificates of Deposit (CDs), which typically offer low-risk returns of around 2% per year.
  • Fixed annuities are another option, which can provide higher returns (around 3-4.5% per year) but may come with more risk.
  • High-yield savings accounts and money market accounts provide around 1% per year.
  • For those willing to take on a bit more risk, fixed index annuities offer the potential for higher returns (around 4-7% per year).

Ultimately, the best way to invest $1 million will depend on your individual goals and risk tolerance.

But with a little research, you can find an investment to help you reach your financial goals.

Our Favorite Rates To Grow Your Money

TermSavings AccountInstitutionAPY
N/AMoney Market AccountUNCLE Credit Union5.26%
N/ASavings AccountCloudbank 2475.26%
12 MonthsCDBread Savings5.25%
5 YearsFixed AnnuityWichita National6.30%

Disclaimer: This is a comparison review. The Annuity Expert is not associated with a bank or credit union. We aim to help you find the highest interest rates for your savings. We may receive a small referral fee if you purchase something using a link in this guide.

Calculate How Much Interest Does $1 Million Earn Per Year

You may wonder how much interest it will earn per year if you have a million dollars. The answer depends on several factors, including the interest rate and the length of time that the money is invested. You can use an online interest calculator to calculate the interest earned on a million dollars.

Simply enter the interest rate and the length of time that the money is invested, and the calculator will do the rest.

For example, if you invest your million dollars at an interest rate of 3% for ten years, you will earn $300,000 in interest.

Of course, this is a hypothetical example; actual interest rates and investment periods will vary. But using an interest calculator can give you a good idea of how much interest your million dollars could earn.

Compound Interest Calculator
$
%
Years
Months

Additional deposits

$

Totals

$

$

$

$

$

$

Next Steps

If you have a million dollars saved up, congratulations! You are in a great position to reach your financial goals. Contact us for a quote if you’re interested in finding the best interest rates with ideal terms.

How Much Interest Does $1 Million Earn Per Year

Request A Quote

Get help or a quote from a licensed financial professional. This service is free of charge.

Contact Us
First
Last

Related Reading

Shawn Plummer, CRPC

Chartered Retirement Planning Counselor

Shawn Plummer is a Chartered Retirement Planning Counselor, insurance agent, and annuity broker with over 14 years of first-hand experience with annuities and insurance. Since beginning his journey in 2009, he has been pivotal in selling and educating about annuities and insurance products. Still, he has also played an instrumental role in training financial advisors for a prestigious Fortune Global 500 insurance company, Allianz. His insights and expertise have made him a sought-after voice in the industry, leading to features in renowned publications such as Time Magazine, Bloomberg, Entrepreneur, Yahoo! Finance, MSN, SmartAsset, The Simple Dollar, U.S. News and World Report, Women’s Health Magazine, and many more. Shawn’s driving ambition? To simplify retirement planning, he ensures his clients understand their choices and secure the best insurance coverage at unbeatable rates.

The Annuity Expert is an independent online insurance agency servicing consumers across the United States. The goal is to help you take the guesswork out of retirement planning and find the best insurance coverage at the cheapest rates

Scroll to Top