The decision to open a certificate of deposit (CD) account in recent years was often a straightforward one. 

Interest rates on this account type had grown exponentially from where they were at the beginning of the decade. Accordingly, some savers were able to secure rates as high as 6% or 7%, if they met certain criteria. With rates on these accounts fixed, these became profitable and secure options for savers during a period of heightened economic uncertainty, decades-high inflation and higher everyday costs.

But the economic terrain this spring has changed once again. Interest rate cuts are on hold and the need for a safe and profitable home for your money is once again a top concern with inflation surging to its highest point in years. Against this backdrop, if you have an existing CD account set to mature this June, you may be wondering about your next move (or lack thereof). You shouldn't wait until that date arrives, however, as diligent planning now can ensure continuity and profitability in your savings strategy. Below, we'll detail three moves to consider making if your CD account maturity date is quickly approaching.

See how much interest you could be earning with one of today's top CD accounts here.

What to do if you have a CD account set to mature this June

If your current CD account has a maturity date set for sometime this June, consider making these three strategic moves right now:

Don't let it automatically rollover

CD account holders are often given a grace period of approximately two weeks, depending on the bank, to determine their next steps. Once the grace period has concluded, however, the funds in the account will automatically rollover into a new CD, potentially one with a lower interest rate and less favorable terms than your current one. Don't let that happen. Instead, inform the bank of your plans now to avoid having your funds get locked into a less profitable account. And be ready to withdraw the funds once the maturity date arrives, even if it means temporarily storing them in a traditional savings account until you find a more permanent home.

Learn about the top savings account options available to you now.

Start exploring your alternative CD account options now

There are multiple CD account options with rates around 4% or higher right now, some of which may even be slightly higher compared to what your current CD account rate is, depending on when you opened it. Start exploring these alternative CD account options now, then, so that you know which one is worth pursuing once you regain access to your funds. This could mean shopping around online or using a different bank than the one that's currently maintaining your CD account. Online banks, in particular, tend to offer more competitive rates than those with physical, in-person locations. While that may mean less flexibility, it may not matter as much with a CD as you'll need to commit to keeping the funds untouched anyway (or risk having to pay an early withdrawal penalty).

Don't put it back into a traditional savings account

While savers can have reasonable disagreements about what to do with the funds from a maturing CD account in today's turbulent economy, most can agree on one thing – it's not worth depositing back into a traditional savings account. The average interest rate on a traditional savings account is just 0.38% right now. With a 6-month CD, however, you can lock in a rate of 4.10% currently, making the latter around 980% more profitable than the former. Avoid keeping any sizable amount of money in the traditional savings account, then, unless it's just going to function as a temporary home before being moved into a more profitable alternative.

The bottom line

A CD account maturing in a declining interest rate climate leaves savers with limited options. But that's not the landscape many find themselves in this June. With interest rates here still high and unlikely to decline anytime soon, savers still have viable ways to grow and protect their money. If they don't let these funds automatically rollover and, instead, start exploring their alternative CD account options now, they can continue to earn a big return on their money without having to worry about the minimal returns they'd otherwise receive with a traditional savings account. That said, the clock is ticking toward your maturity date now, so it makes sense to take an informed and strategic approach as soon as possible.