Waiting to build up your savings before shifting your funds into a high-rate account may seem like the smart move to make now, but a quick look at the interest you're currently accumulating with a traditional savings account should cause you to quickly pivot. With the average rate on a traditional account just 0.38% (an actual decline from March when it was 0.39%), not only are you not earning nearly as much interest as you should, you're technically not even keeping pace with inflation, which recently moved past 3%. And with rates on certificate of deposits (CDs), high-yield savings and money market accounts all exponentially higher, there's no reason to wait any longer.

So, while you may have been waiting to grow your $3,000, for example, into $5,000 or $10,000 before making a strategy shift, the reality is that you're losing interest earnings in the interim. To fix this issue, it helps to know which account type will be most profitable with a switch. Will a $3,000 deposit into a CD be the best choice now? Or will it earn more with a high-yield savings or money market account? Below, we'll do the math that savers need to know.

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

$3,000 CD vs. $3,000 high-yield savings account vs. $3,000 money market accounts: Here's which is most profitable now

Calculating the interest earnings of a CD is simple to do accurately, as the account employs a fixed interest rate that won't change. High-yield savings and money market accounts, however, have variable rates that will rise or fall based on market conditions, requiring some speculation from savers trying to determine their interest-earning ability. 

Here's how much interest each account can earn with a $3,000 deposit, assuming rates on the latter two account types hold steady and that no fees or penalties are issued against any of the accounts:

• $3,000 3-month CD at 3.90%: $28.83
• $3,000 high-yield savings account at 4.03% after three months: $29.78
• $3,000 money market account at 3.90% after three months: $28.83
• Most profitable account: The CD and money market accounts will earn the same amount of interest

• $3,000 6-month CD at 4.10%: $60.88
• $3,000 high-yield savings account at 4.03% after six months: $59.85
• $3,000 money market account at 3.90% after six months: $57.94
• Most profitable account: The CD account

• $3,000 9-month CD at 4.05%: $90.67
• $3,000 high-yield savings account at 4.03% after nine months: $90.23
• $3,000 money market account at 3.90% after nine months: $87.33
• Most profitable account: The CD account

The CD is the most profitable option for your $3,000 in two of these three timelines, and it will be tied with a money market account – assuming the money market account rate holds – after three months. At the same time, the interest-earning differential between all three accounts isn't so stark as to negate the benefits money market and high-yield savings accounts offer. 

Consider all three carefully, then, and look to online banks specifically. Since these institutions tend to have less maintenance costs than banks with in-person branch locations, they're often able to pass on those savings to accountholders in the form of higher interest rates.

Shop for the top savings accounts online today.

The bottom line

A $3,000 deposit made into a CD, high-yield savings or money market account will earn a similar return right now. But similar won't be identical, and the interest will only be locked with a CD. Savers should consider all three carefully and understand the limitations of each before getting started. Still, with the massive differential in interest earnings compared to what savers have been accustomed to with a traditional savings account, it makes sense to make a shift now, while rates on all three alternative account types are still competitive.