A doesn't just produce a sizable return without any effort on behalf of the saver. In exchange for interest earnings that are exponentially higher than what can be secured with a traditional savings account, savers will need to commit to locking their funds into the account for the full . Withdraw it early and you could see all of the interest earned to that point negated via an early withdrawal penalty. So if you have a large, five-figure amount such as $40,000 to work with now, you'll want to ensure that it's deposited into a CD with a term that you can easily see through to maturity.

Fortunately, that's simple to do as range here from as short as three months to three years or longer. A 9-month CD, in particular, merits serious consideration right now. Rates here are competitive, interest earnings can be robust and you'll regain access to your money before next summer, allowing you to both protect your money through today's market uncertainty and maintain the ability to pivot your savings strategy relatively quickly.

Still, while a CD account does have multiple benefits, arguably the most important is the interest earnings savers can expect to see. And that could be substantial with a $40,000 9-month CD, in particular. Below, we'll crunch the numbers that savers can expect to see.

Here's how much interest a $40,000 9-month CD will earn savers now

The top 9-month CD interest rates range from 3.80% to 4.10% this August, though savers may be able to find slightly higher options by diligently shopping around online now. Here's how much interest a $40,000 deposit will earn, calculated against three of the top rates available now and the assumption that no early withdrawal fees or penalties are issued throughout the full term:

• $40,000 9-month CD at 3.80%:
• $40,000 9-month CD at 4.00%:
• $40,000 9-month CD at 4.10%:

Savers stand to earn between $1,135 and $1,224, approximately, with a $40,000 9-month CD account opened this August. That's more than $1,110 – earned by next May – simply by moving this money out of a traditional or high-yield savings account and into a high-rate CD alternative instead. It's critical, however, to be comfortable with your ability to keep these funds locked into the account for the full nine months. If you think you'll need access before that point, then the high-yield savings or even a money market account may be preferable.

The bottom line

Savers with $40,000 in their bank account may be tempted to invest in stocks, bonds or real estate right now. But in today's elevated interest rate environment, one of the better and strategic moves may be to simply deposit it into a 9-month CD instead. With returns here worth more than $1,100, that interest being guaranteed in a way that other account types can't provide and the flexibility of being able to pivot in less than a year, this could be the right account with the right deposit to consider now. And with online marketplaces making it easier than ever to compare your account options, you can get started with an account – and start earning more interest on your $40,000 – right away.