In today's unique economic climate, millions of Americans find themselves uncertain about their next steps. With inflation surging to its highest level in three years, but with high interest rates on hold and stock market performance strong, it's not exactly clear what savers should and shouldn't be doing right now. But it's also important to avoid indecision, especially considering that rates are elevated on select savings accounts, meaning that you can likely be earning more interest on your money both now and potentially for months and years still ahead.

One of the better ways to do so is with a certificate of deposit (CD) account. This account type comes with a high, fixed interest rate that will hold steady in today's volatile economic climate. That will allow savers to earn a large and reliable return as they'll be able to calculate their interest earnings with precision in advance. That said, this account type isn't the right fit for every saver, and an early withdrawal penalty can be costly and will need to be avoided, especially now. 

To better determine if a CD account makes sense for you now, it helps to know some signs that it could be the right move to make. Below, we'll examine three specific ones worth knowing right now.

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

3 signs that it's time to open a CD account now

Not sure if now is the right time to put some money into a CD account? Here are three signs that it actually may be:

You're earning an interest rate under 4%

Savers can secure a CD rate with a 1-year term of around 4.10% right now. A traditional savings account rate, however? That's just 0.38%. So the CD is exponentially more profitable and, unlike the traditional savings account rate, the CD will hold even if rates rise or fall during the account's term. 

But even if you don't want to lock your money away for a year, there are multiple terms that are longer or shorter with rates around 4% now. It doesn't make sense, then, to keep your money in an account that earns less interest. And with online marketplaces listing rates, lenders, terms and more all in one place, you can reverse course and start earning more interest on your money right now.

Get started with a CD account online today.

You're tired of monitoring interest rate changes

If you don't have the time or patience to continue to monitor the interest rate climate for an ideal time to act, then a CD account could be the right type for you right now. No longer will you need to worry about an inflation rate change or a Fed rate move impacting the interest rates on your savings. 

Instead, thanks to the account's fixed rate, you can take a "set it and forget it" approach by depositing your money and leaving it to accumulate interest until the maturity date arrives. And with CD terms ranging from as short as three months to as long as 10 years, there's likely a term that fits your current needs.

You have a set amount of money that you're comfortable leaving frozen

Do you always have a baseline level of money in your bank account that you don't touch? If you do, that could be a sign that it's worth moving those funds into a CD instead. Since you'll need to keep the money in a CD account frozen to earn one of today's elevated rates, it makes sense to do so with an untouched amount that you already have sitting in an alternative account. 

It won't impact your daily banking needs, but it will grow your bottom line in the interim. That said, the larger the amount of money, the larger the early withdrawal fee will be, so it's critical that you do the math in advance to ensure your ability to keep the account frozen until it matures.

The bottom line

The above list is not exhaustive, but if you're a saver noticing one or more of these signs, it could indicate that a CD account is the right move for your money this June. Consider speaking with a banking representative, who can help you proceed with an account opening. They can tailor your strategy to your personal needs and goals. They can also ensure that you open an account with the right rate, term and deposit size, reducing your chances of needing access to the money before the maturity date arrives.