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If you're sitting on extra cash and looking for a low-risk way to grow it, this may be a good time to do so. Interest rates are still elevated right now, after all, and that has led more savers to weigh the pros and cons of locking their money away in (CD) versus keeping it liquid in . Both options offer stability and better returns than a standard savings account, but the right choice for you depends on your timeline and flexibility.

Right now, money market accounts are offering surprisingly competitive rates, and in some cases, the rates tied to these accounts have surpassed . That's a shift from the past, when CD accounts generally came with higher yields than other options in exchange for . And, for savers trying to decide which route will help their $5,000 deposit work harder, the difference could be significant.

So, how do the numbers actually stack up when comparing long-term CDs and money market accounts? Let's break down what you could earn with a $5,000 investment in either a long-term CD or a money market account over a few different time frames.

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The numbers tell a clear story, at least on paper. Here's how a $5,000 investment would perform across different timeframes, assuming the money market rate stays constant:

In every scenario outlined above, the money market account edges out the CD, though only slightly. But while at first glance the difference in earnings between a long-term CD and a money market account may seem small, it's worth understanding how these accounts work so you can make the right choice for your goals.

The key difference is that while the money market account slightly outperforms the CD in each scenario based on current rates, CD rates are fixed, meaning your earnings are locked in . Money market accounts, on the other hand, have variable rates, meaning that if the rate environment cools over time, your returns could shrink. On the flip side, if rates climb higher, you could earn even more than projected with this type of account.

This distinction is crucial. CDs offer stability and predictability, while money market accounts provide flexibility but carry some rate uncertainty, so you'll need to weigh which factor you prioritize as part of your decision.

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While money market accounts are offering a small interest advantage right now, there's more to consider than just the numbers. Here's what to consider as you weigh your options:

Both long-term CDs and money market accounts are safe ways to grow your savings, especially if you're wary of market volatility. Right now, though, money market accounts have a slight edge in earnings and they offer more flexibility. But if you value a guaranteed return and won't need to touch your funds, a long-term CD still deserves a look now, considering that if you make your move quickly, you could lock in a top rate on this type of account before rates fall.