While inflation may be rising according to recent reports and is now at its highest point in three years, there has been a silver lining for savers. Largely because of this surge, elevated interest rates are holding steady. And, depending on how the economy adapts, interest rate hikes could even be back in consideration later this year. While savers won't be able to exploit these conditions with a traditional savings account, which comes with an average rate of just 0.38% now, they can effectively do so with alternative account types. A certificate of deposit (CD) is one of the better choices.

CD interest rates remain high now, with many savers able to lock in a rate over 4% currently. And the rate is fixed, meaning that it will hold through the account's maturity date even if rates decline before then (though that seems unlikely based on current economic projections). Understanding this, savers with five-figure amounts of money may want to consider shifting it out of that traditional account and into a high-rate CD instead. 

Because the account is locked, however, and because savers will need to pay an early withdrawal fee to regain access before that maturity date hits, it's critical to start with an understanding of the interest-earning potential. So, how much interest will a $15,000 CD account earn now? That's what we'll break down below.

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Here's how much interest a $15,000 CD account can earn now

Calculating the interest earnings of a CD, no matter the deposit amount, is simple to do thanks to that fixed interest rate. Here's how much interest a $15,000 CD account can earn right now, calculated against eight different CD terms, the rates for each and the assumption that no early withdrawal penalties or fees are issued against the account:

• $15,000 3-month CD at 3.90%: $144.16
• $15,000 6-month CD at 4.10%: $304.41
• $15,000 9-month CD at 4.00%: $447.79
• $15,000 1-year CD at 4.10%: $615.00
• $15,000 18-month CD at 4.09%: $929.60
• $15,000 2-year CD at 4.16%: $1,273.96
• $15,000 3-year CD at 4.13%: $1,936.31
• $15,000 5-year CD at 4.15%: $3,381.78

Savers can earn as little as $144, approximately, and as much as $3,380 with a CD account of this size, depending on the term. And while these returns won't make you rich, they are guaranteed, which can be advantageous in today's uneven economic climate. Plus, if you shop around for banks and look at online institutions, specifically, you may be able to find rates that are slightly higher than those outlined above.

Shop for high-rate CD accounts online here.

Should you wait to open a CD account?

Just a few months ago, when the likelihood of interest rate cuts was elevated, the answer to this question was a clear "no." This spring, however, the merits of waiting are less clear. While the chances of an interest rate hike are still relatively low, that can easily change based on the trajectory of inflation, oil prices, and overseas conflicts and geopolitical tensions. 

That said, waiting for a rate hike that's not even guaranteed to be issued means leaving interest earnings on the table right now. And that's something that should generally be avoided if you still have plentiful ways to earn 4% on your money right now. Still, every saver's circumstances are different, and if you're confident that higher interest rates are on the horizon, then waiting could make sense for you.

The bottom line

A $15,000 CD account opened today could result in hundreds and potentially thousands of dollars in interest, depending on how long you keep the account frozen. This interest is guaranteed, too, in a way that alternative savings vehicles can't offer. Consider your CD account options carefully, then, as now could still be a smart time to get started. And with online marketplaces making it easier than ever to compare rates, terms and fees all in one location, you can get started with a high-rate account at home now.