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Interest rates will largely remain on hold until September 17, after the Federal Reserve elected to keep its unchanged at a range of 4.25% to 4.50% this week. And while that rate is just one deciding factor determining which rates lenders offer savers and borrowers, it's a major one. An extended pause here, then, ensures that rates on high-interest-earning vehicles like will remain high through the rest of the summer. 

That noted, are not quite as high as they were one year ago, either. So if you've been considering a large deposit, like $10,000, into a CD, it helps to crunch the interest-earning potential before getting started. It also helps to know how that's changed over the past year to better understand if this truly is your ideal savings option right now. 

Below, we'll break down how much interest a $10,000 CD, specifically, can earn right now and compare it to what could've been earned with the same account last August. With these numbers accessible, you'll be better informed about your next steps. 

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CD interest rates are , unlike , which have similarly high rates now but are subject to change thanks to their variable rate structure. So it was easy to determine how much a $10,000 would earn when opened last August, and similarly simple to calculate now. 

That said, have declined significantly compared to what's available now. Here's what the difference looks like tied to a variety of :

While a $10,000 deposit into a CD account in 2024 would have earned more with each of the CD terms above, the difference in earnings is less stark for short-term CDs than it is for long-term ones. Still, today's rates and returns are markedly different, so that will need to be accounted for. But with variable rates on alternatives like high-yield savings and subject to decline alongside future rate cuts and the reality of an for traditional savings accounts now, a CD is arguably still your ideal home for a $10,000 deposit this August, even if it's not quite as profitable as it was one year ago.

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The difference between the earnings savers can secure with a $10,000 deposit into a CD now versus last August should serve as a wake-up call. Instead of pivoting from what's still considered a high rate, albeit lower than it was, savers should take the time to shop around to find the highest rate for the longest term they can afford. With rate cuts on the horizon and lower CD returns that will inevitably follow, the ideal approach arguably requires aggressive action to lock in a high (fixed) rate while still readily available. Just be sure to do so with an amount, $10,000 or different, that you can afford to keep locked away for the full term to avoid paying any or fees.