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It wasn't that long ago that some savers could find interest rates on accounts . At certain points in 2023 and 2024, select savers could even be eligible to open accounts with or . 

But the interest rate climate this September is markedly different. While are still competitive and relatively high, they generally top out in the . And they could fall further if the Federal Reserve's new interest rate cut campaign, widely expected to relaunch this week, continues in the months ahead.

Against this backdrop, it's worth exploring long-term CDs, which can lock in today's high rates for 18 months or longer. That extended interest-earning timeline will earn savers more money than they'd get with a short-term CD and it would protect them against volatility in the rate climate. A 2-year CD can effectively do both while also allowing you the freedom to pivot your savings strategy in just 24 months. 

Before getting started, it's important to understand how much interest a 2-year CD can earn if opened this September. Fortunately, this is easy to calculate thanks to the account's . Below, we'll do the math.

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The more money you deposit into a CD, the better your return will be, and that's not different with a 2-year CD. Still, thanks to the extended term, it's important that you only deposit an amount that you can comfortably afford to part with, as the on an account with this term could be costly. 

Here's how much interest a 2-year CD could earn if opened this September, calculated against one of today's top rates and the assumption that no fees or penalties are levied against the account:

It's important to note that the above 2-year CD rate is on the high end and may require a bit of research to locate and lock in now. However, if you take the time to , which tend to offer more competitive rates than banks with in-person locations, you should be able to find accounts with rates this high or even slightly greater.

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Those savers who prefer to maintain access to their funds may instead want to explore variable rate account alternatives like and . Both options come with rates that are competitive with the top CDs, and both will allow savers to make withdrawals and deposits (money market accounts may even allow for check-writing). 

But neither is well-positioned to continue earning in the face of rate cuts ahead, which will diminish the rates both account types currently come with. That inevitability, then, will need to be carefully measured against the guaranteed returns CD accounts come with. The decision between all three will largely depend on your goals and budget.

A 2-year CD opened now can potentially earn savers hundreds and even thousands of dollars, depending on the initial deposit amount. And while that will require sacrificing some flexibility, the ultimate interest reward may be worth it. So carefully consider the benefits of this unique account type now, but with rate cuts looming, don't wait too long to take action either, as today's top CD rates may not remain this high for much longer.