Whether it took you years or just months, whether it was via an inheritance, a tax refund or via a clever investment, if you've been able to save $35,000 in today's economy, then you're going to want to protect and grow it as best you can. And with inflation surging, wages softening and market uncertainty especially high right now, just dumping it into a traditional savings account with a variable rate averaging 0.38% currently, isn't the way to do so. Fortunately, there are still viable, lucrative options to choose from now, and you can do so quickly by shopping around online.

A certificate of deposit (CD) account is one of the better ones to explore, especially if there's $35,000 at play. Interest rates on this account type are fixed, and they're high, both exponentially higher than what you can secure with a traditional savings account and a few basis points above most of the top high-yield savings and money market accounts. And CDs are FDIC-insured up to $250,000 per account, giving you ample protection for an account of this size. 

To better determine the value it offers, however, it helps to begin with the interest-earning potential. That's simple to calculate thanks to that fixed rate. Below, we'll crunch the numbers that savers should know before getting started.

See how much more interest you could earn with a high-rate CD account here.

How much interest will a $35,000 CD account earn now?

While CDs come with fixed interest rates, they will vary based on lender and the term, or length, of the account. Here's how much interest a $35,000 deposit will earn based on six different rates and terms and the assumption that the account holder maintains the account through the maturity date to avoid any early withdrawal penalties:

• $35,000 3-month CD at 3.95%: $340.62 upon maturity
• $35,000 6-month CD at 4.10%: $710.29 upon maturity
• $35,000 9-month CD at 4.00%: $1,044.84 upon maturity
• $35,000 1-year CD at 4.15%: $1,452.50 upon maturity
• $35,000 18-month CD at 4.20%: $2,227.99 upon maturity
• $35,000 2-year CD at 4.16%: $2,972.57 upon maturity

Savers will earn over $100 per month with this account if they open a 3-month version, close to $3,000 if they open a 2-year alternative and somewhere in between those amounts should they want a different term. Just understand that an early withdrawal fee could be equivalent to most or all of the interest earned on the account to that point, so be sure to only open an account with a term that you can comfortably see through to its maturity date. Otherwise, that penalty could bring you right back to where you began.

Get started with a CD account online now.

Is a money market account better for your $35,000?

Money market account interest rates are variable and tend to top out around 3.90% right now, but does that make it an inferior choice compared to a CD account? Not necessarily. With a variable rate, savers will be positioned for additional rate hikes and cuts in a way that they wouldn't with a CD. And if rates rise later this year, which seems possible now, money market account holders will likely see their rate increase, too. 

At the same time, money market accounts won't restrict access to your funds, and you'll also be able to write checks with this account in a way that you won't be able to with a CD, helping to streamline your banking needs. In other words, right now, a money market account rate may be slightly lower than most CD accounts, but that can change, and if you want more flexibility than a CD offers, this could still be a viable account to consider.

The bottom line

A $35,000 CD account can generate a return ranging from $341 to $2,973 for savers right now. And that's guaranteed interest as long as savers maintain the account through the maturity date. But with a money market account offering similar returns with greater accessibility, albeit not quite as high, savers should pause first and evaluate all of their high-rate options before getting started. It's critical that you earn as much as you can with that $35,000. So keep it out of the traditional account and in one or both of these accounts instead now.