Yet another interest rate pause from the Federal Reserve this week may not have been the news millions of borrowers were hoping for. But it will likely maintain the status quo for savers, and that's a good thing for those accustomed to earning a competitive rate on their money. With savings account interest rates of 4% or higher ubiquitous lately and those offers unlikely to change now that the Fed is holding steady (there won't be another meeting again until June), savers who have yet to take advantage may want to seriously consider doing so now. And that's especially true for those looking for a home for a large, five-figure amount such as $40,000.

Returns on a deposit of this size can be significant. And while a certificate of deposit (CD) account will require savers to sacrifice access to those funds, albeit temporarily, other accounts won't. High-yield savings and money market accounts, for example, come with rates competitive with the best CDs while still allowing savers to maintain access to their funds as needed. Before depositing your $40,000 into any of these accounts, it helps to start with the interest-earning capacity each now comes with. 

Specifically, between a $40,000 CD, a high-yield savings and a money market account, which will actually earn more interest? Below, we'll crunch the numbers that savers need to know.

Start earning more interest on your money with a high-rate CD account here.

$40,000 CD vs. $40,000 high-yield savings account vs. $40,000 money market account: Here's which will earn more now

Calculating the interest-earning potential of a high-yield savings or money market account over the short term can be simple since the variable rate each employs isn't likely to change substantially in just a few months. Long-term projections, however, will require a bit more speculation. 

Here's how much interest $40,000 can earn with these three account types, then, calculated on the assumption that the variable rates hold steady and that no fees or penalties are issued that will reduce the interest earnings:

• $40,000 3-month CD at 3.90%: $384.42
• $40,000 high-yield savings account at 4.03% after three months: $397.05
• $40,000 money market account at 3.90% after three months: $384.42
• Most profitable account: The high-yield savings account

• $40,000 6-month CD at 4.10%: $811.76
• $40,000 high-yield savings account at 4.03% after six months: $798.04
• $40,000 money market account at 3.90% after six months: $772.54
• Most profitable account: The CD account

• $40,000 9-month CD at 4.05%: $1,208.95
• $40,000 high-yield savings account at 4.03% after nine months: $1,203.01
• $40,000 money market account at 3.90% after nine months: $1,164.39
• Most profitable account: The CD account

Since the money market account has the lowest available interest rate out of these three options now, it will earn savers the least amount of interest on their $40,000, assuming that rates here stay consistent. That noted, money market and high-yield savings account rates can rise, too, and CD account rates won't once they're locked in. So, savers should take a broader look at the interest rate climate to not only determine which of these accounts is set to be most profitable now but which is most likely to be most profitable over the next nine months and beyond.

Compare your top savings account options here to learn more.

The bottom line

If you want to earn the most interest on a $40,000 deposit now, then a CD is likely the better way to do it, compared to money market and high-yield savings account alternatives. Still, there's no guarantee that, over time, the latter two account rates won't change, perhaps in a way that makes them more profitable than the CD. Examine all three carefully before getting started with any, and consider the advantages of splitting your funds between two or even three of these savings accounts, as they each have unique advantages and disadvantages that could be valuable for you now.