3 options for your maturing CD account to explore this September

There are multiple savings accounts for savers to research if they have a CD account set to mature soon. Guido Mieth/Getty Images

The recent era of high interest earnings on select savings vehicles appears to be approaching its end. 

Not only were interest rates reduced multiple times in the final months of 2024, thus reducing the interest earning capacity on accounts like certificates of deposits (CDs), but additional cuts now seem likely for when the Federal Reserve meets again this month. And with new unemployment data raising additional concerns, it's possible that a cut when the bank finishes its next meeting on September 17 will be larger than anticipated earlier this year.

This is a concern for current CD account holders approaching their accounts maturity date, as they will enter a rate climate perhaps markedly different from the one they opened their account in. And, if they simply let their account rollover into a new one, they could risk having it locked away at a much lower rate. That noted, there are still viable options worth exploring for your maturing CD account this September. Below, we'll examine three to consider now.

Start by seeing what rates are available with the top high-yield savings accounts here.

3 options for your maturing CD account to explore this September

While a cooler rate climate will impact all savings vehicles, cuts to come could be the incentive you need to shift strategies. Here are three options for your maturing CD account that may now be beneficial to you:

High-yield savings accounts

High-yield savings accounts come with rates as high as some of the top CD accounts now (around 4.35%) but they have a lot more flexibility as you're able to make deposits and withdrawals as needed without having to pay a penalty. That noted, rates on these accounts are variable and subject to decline as the overall rate environment does. So you'll need to weigh that inevitability against the flexibility the account offers. But with rates on traditional savings accounts under 0.40% now, this account type still offers savers a safe and reliable way to grow their money.

Get started with a high-yield savings account online now.

Money market accounts

Do you prefer to earn a high interest rate, maintain access to your funds and have the ability to do more with your money? Then a money market account, which comes with rates between 4.30% and 4.40%, could be the option for you. This account type, which allows you to write checks as you would with a traditional checking account, has both high interest earning potential and multiple uses for savers. Just be aware of the variable rate it employs, which can and likely will change alongside rate cuts still to come.

Long-term CD accounts

Directly moving your money into a new, long-term CD may feel counterintuitive now, especially knowing that rates here are lower than they were. But long-term CDs have two features the other accounts on this list do not: A fixed interest rate that will be undisturbed by market conditions and extended interest earning potential and security against market changes. That security won't just be until the next market shift, as it would with a high-yield savings or money market account, either. Instead, it will last as long as the CD does, which can be multiple years if desired.

Learn more about your long-term CD account options here.

The bottom line

A CD account that's set to mature now, or in the weeks ahead, isn't ideal for savers. But there are still profitable ways to grow their funds, whether in a new account type or by adjusting their CD strategy. By exploring these three options savers can better position themselves for continued growth and earnings, even if they're not quite as robust as they once were.