Interest rates have been high but fairly stable lately. While that's not great for those who need to borrow cash or take on credit right now, it is good for those looking to earn as much interest as possible on their savings. After all, today's high rates can translate into meaningful interest earnings, especially if you choose your accounts wisely.

While there are several options for earning interest on your savings, certificate of deposit accounts (CDs), in particular, are generally a smart option for this goal. Unlike traditional or high-yield savings accounts, a CD account will allow you to lock in today's high interest rates for months or even years down the road. 

But should you lock in that CD rate now, or wait a little further into summer to maximize your CD earnings? Here's what experts say is on the agenda for CD rates in the next few months. 

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Will CD account interest rates rise this summer? Here's what experts say

Overall, the experts we spoke to think CD rates will continue to hold steady this summer. That means savers are likely to continue seeing a national average CD rate of between 0.21% and 1.50%, depending on the CD's term, and about 4.10% to 4.15% on some of the highest-paying CD account options.

"After trending downward earlier in the year, rates have started to level off as banks respond to mixed economic signals and a lack of movement in rate changes by the Federal Open Market Committee," says Mary Grace Roske, head of marketing at CD Valet. "As it stands now, with inflation markers, geopolitical factors, and other economic indicators sending mixed signals, financial institutions are taking a measured approach overall, and the recent slowdown in aggressive rate cuts reflects that ongoing caution."

As Roske notes, the FOMC, which determines the Federal Reserve's federal funds rate, has a lot to do with where CD rates go. The group has voted to keep rates steady at every meeting thus far this year, and it is not currently expected to change rates at its upcoming June 17 meeting either, at least according to the CME Group's FedWatch Tool. 

Still, an increase in CD rates is possible. About 57% of recent CD rate changes were increases, while 43% were cuts, according to CD Valet data. Whether that becomes a trend will depend heavily on inflation and what the Fed decides to do about it at its next few meetings.

"The true direction for the summer will solidify after the FOMC meeting concludes on June 17," says Raisin CEO Alastair Wood. "If inflation remains sticky and stubbornly above the Fed's 2% target, it will likely force a hawkish revision to the Fed's future rate outlook. This would signal to the banking sector that a rate-cutting cycle is being pushed further down the road, and that a rate hike may even be in the cards for 2026, removing downward pressure on yields and prompting institutions to maintain or raise CD rates to remain competitive."

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How to lock in a high CD rate right now

CD rates could remain right where they are, and it would still be pretty good news for consumers. Today's rates are fairly high, historically speaking, and with the ability to lock in those rates for years, they offer a good opportunity to earn some decent earnings on savings you don't need for a while

"With inflation remaining above the Fed's long-term target, today's stable CD yields still offer a significant and meaningful real return over inflation," Wood says. "By locking in rates now, savers buy insurance against future rate declines, protecting their yields if the Fed resumes rate cuts later this year."

You can also maximize your rate by shopping around for your CD. Not only do rates vary by institution, but they also diverge quite a bit by term length, too. 

Just make sure you know when you'll need to access the funds before choosing your term. Withdrawing from your CD before maturity can come with hefty penalty fees.

"Right now, shorter- to mid-term CDs are particularly competitive," says Amanda Erebia, director of retail banking at Amegy Bank. "A smart strategy is to use a CD ladder, which spreads funds across different terms to balance strong yields with flexibility."

According to CD Valet data, the most competitive rates offered over the last month have been on 12-, 24-, and 36-month CD terms. Some institutions are also running CD rate promotions, which can help you secure a better rate than you might find elsewhere. 

"The best way to secure a high CD rate over the summer is to do your research," says Brittany Pedersen, director of deposit and payment operations at Georgia's Own Credit Union. "Find out what financial institutions are offering specials and be sure to read the fine print."

The bottom line

CDs aren't your only option if you want to earn some interest on cash you don't need right away. There are also high-yield savings accounts, which allow you to earn a higher-than-average interest rate while leaving your money liquid. 

Money market accounts are an option, too. These act as a mix of savings and checking accounts and usually have higher interest rates than traditional savings accounts.

"If you want competitive returns but need a bit more day-to-day flexibility, money market accounts and high-yield savings are excellent alternatives to look at. They give you easier access to your funds, while still putting your money to work," Erebia says.