In some economies, you'll want to maintain as much access to your money as possible. In some others, however, it makes more sense to lock your funds away and to protect them as long as you can. Increasingly, many Americans are unfortunately finding themselves in the latter camp. With inflation surging to its highest level in more than three years, wages softening, the potential for an interest rate hike growing and market uncertainty pronounced, protecting your money isn't just something you would like to do. It's increasingly something you'll need to do, especially for large, five-figure amounts like $20,000. 

This is precisely where a certificate of deposit (CD) account can help. Interest rates on this account type are high, and they're fixed, allowing savers to earn a predictable return even if the interest rate climate changes again. And, with a long-term CD, in particular, savers will be positioned to earn that rate for 18 months or longer, making it an ideal account to keep your $20,000 in until the economy shifts again.

To better understand the value a long-term CD account offers savers with $20,000 to work with, it helps to start with the interest-earning potential. And that's easy to determine thanks to that account's fixed rate. Below, we'll calculate the returns to know before making a deposit.

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

How much interest can a $20,000 long-term CD account earn if opened now?

CD interest rates will change based on the term and the lender in question. Here's how much interest a $20,000 long-term CD will earn based on the top rates available with five different terms and the assumption that no early withdrawals are made (and that no fees are issued):

• $20,000 18-month CD at 4.20%: $1,273.14 upon maturity
• $20,000 2-year CD at 4.16%: $1,698.61 upon maturity
• $20,000 3-year CD at 4.15%: $2,594.76 upon maturity
• $20,000 5-year CD at 4.20%: $4,567.93 upon maturity
• $20,000 10-year CD at 4.30%: $10,470.04 upon maturity

Savers can easily earn more than $1,200 with a CD account of this size over the next 18 months and thousands of dollars more, depending on how long their CD term is. With a 10-year CD, for example, savers will grow their money by more than $10,000, though the term will only be appropriate for those who can comfortably afford to part with their money for that length of time. 

Still, there are plenty of profitable options to choose from now, ensuring that your money will be both safeguarded and growing for years to come.

Compare your long-term CD account options here to learn more.

Is a $20,000 high-yield savings account the better choice now?

A high-yield savings account comes with an interest rate comparable to those outlined above. And it won't require savers to sacrifice access to their $20,000 the way a CD would. But does that make it the better choice right now? Not necessarily. 

Rates on high-yield savings accounts are variable and likely to change over time. While that may not be a concern in today's steady (and elevated) rate climate, it will be over an extended period, as the interest-earning potential may wane compared to what savers will be guaranteed to earn with the CD. 

Savers are also more likely to withdraw money from this type of account than they would be with a CD, which will issue an early withdrawal penalty for doing so. So saving your money could be more difficult, too. In the end, keeping your money in a high-yield savings account will come down to personal preference, though you're more likely to keep it safe and immune from market conditions with any of the CD accounts outlined above instead.

The bottom line

Savers stand to earn more than $1,000 and, potentially, more than $10,000 with a $20,000 long-term CD account that they open right now. That profit will be guaranteed, the protection will be long-term, and your financial focus can then shift to other priorities by knowing that this money is secured. This makes it a clear option worth serious consideration in today's economy. Just be sure to choose a term that you can easily see through to the maturity date, as an early withdrawal fee issued on a long-term CD with this much money in question could be costly.