If you think you might withdraw the money before one year's time, either find a CD with no penalties, or stay liquid and put it into savings. The current interest rates for savings are laughably. Unless you know a secret...
A large, established, well respected bank offers savings accounts which earn 3.75%. No strings attached, at all. They can do this because their business is mostly done through the Internet, which saves them millions in overhead.
Some CDs pay as much as 4.50% for one year. The drawback is, there's usually a monetary penalty for early withdrawal.
A ballpark figure of what $1 million would earn in a savings account or CD in one year?
Around $20,000 (2% interest), or around $38,000 (3.75% interest), depending on the bank and its methods.
There are also other ways to invest, such as mutual funds
(large range of interest rates).
A seasoned financial planner would help you find the product with the best return.
You should definitely check out these helpful links:
A generous 3.75% interest rate on a savings account.
Banx provides Real-Time bank rates for each of the 50 states
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