Your savings will grow faster in this account. Kristina Kokhanova/Getty Images
Until recently, reviewing the interest earned on my savings account was a snoozefest. If I was lucky, my balance increased a whole cent or two each month.
Interest rates -- like temperatures -- are high right now. You just need to look in the right place. Instead of the meager annual percentage yield I'm getting with my current savings account, I can net up to 4.5% APY with one of today's top CDs. That means my interest earnings can grow exponentially, instead of limping along like they are now.
But, as with temps, what goes up must eventually go down. The Federal Reserve held interest rates steady at last week's meeting, but it could begin cutting rates as early as July. So, I'm moving my money to a CD ASAP, before things start to cool.
Read more: This Shockingly Simple Trick Doubled My Savings in One Year
Low risk, guaranteed returns? Yes, please!
CDs aren't exciting, and they won't make you rich overnight. But boring and predictable can be a good thing, especially in today's economy, when people are scared to invest and nervous to spend. Stock market swings, tariff fallout and stupidly high prices are making savers run to safety.
When you lock up your savings into a CD for a set term and leave it untouched, your earnings are guaranteed. Your APY won't drop even if overall interest rates drop. It's a quiet, easy way to get a little extra cash, kind of like discovering a $10 bill in your jeans pocket every month.
Watch this: These Are the Safest Places to Keep Your Money Right Now 03:56
Why now's the time to lock in your APY
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