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High interest rates will remain elevated, at least for a bit longer. That was the message the Federal Reserve gave on Wednesday when they announced yet another freeze to the federal funds rate, keeping it untouched at a range between 5.25% and 5.50%. Already at its highest point in 23 years, the Fed raised the rate to combat inflation. But with inflation significantly cooled, the need to keep the rate high is starting to wane.

“In assessing the appropriate stance of monetary policy, the Committee will continue to monitor the implications of incoming information for the economic outlook,” the Fed said in a statement following the two-day meeting. “The Committee would be prepared to adjust the stance of monetary policy as appropriate if risks emerge that could impede the attainment of the Committee’s goals.”

While Federal Reserve chairman Jerome Powell stopped short of committing to an interest rate cut when the Fed meets again in September, that’s looking increasingly likely now (the CME FedWatch tool has it pegged at 85.6% likelihood). Understanding this, then, savers should consider making some smart moves now to take advantage of today’s rates while they still can. Below, we’ll break down three effective ways to do so.

Start by seeing how much interest you could be earning with a top-rate CD account here now.

How to take advantage of high interest rates while you still can

Haven’t made today’s high interest rates work for you? There’s still time. Here are three things to do right now:

Open a CD

CDs, or certificates of deposit, have rates as high as 6% right now, depending on the term chosen and the lender used. That’s a major advantage for savers when compared to the minimal 0.45% rate they can obtain with a traditional savings account. And while the Fed doesn’t directly dictate what lenders offer on CDs, they do influence them. So as interest rate cuts look more likely, lenders may begin lowering their returns on these accounts in anticipation. And when a formal cut comes, rates will fall even further. It makes sense, then, to lock in a high rate for as long as possible right now.

Get started with a top CD here now.

Open a high-yield savings account

High-yield savings accounts also offer high rates to savers now, although not quite as high as the best CDs. Rates on these accounts are also variable and subject to change as the rate climate does, unlike CDs, which lock rates in until the account has matured. Still, with rates approaching 6% right now and the accessibility savers are already accustomed to with a regular savings account, it makes sense to open one of these account types instead to earn more interest. 

See what high-yield savings account rate you could secure here.

Open a high-yield checking account

While not as ubiquitous as high-yield savings accounts, high-yield checking accounts are also worth exploring now. They operate like traditional checking accounts, albeit with the ability to earn high interest rates on your money in the interim. That noted, there may be some minimum deposit requirements in order to earn the interest rate. You also may need to commit to a direct deposit setup and a select amount of withdrawals and deposits to become eligible. But it’s worth investigating now, before the high rate climate declines.

Learn more about your high-yield checking account options here now.

The bottom line

A changing rate climate is good news for borrowers but could wind up hurting savers who have yet to take advantage. But with September still weeks away (the Fed won’t meet again until September 17), there’s still a small window of opportunity to exploit today’s high rates. By opening a CD, high-yield savings account and a high-yield checking account, savers can start earning more interest on their money right now, positioning themselves for financial success both today and in the months to come.