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A new month offers savers the ability to reset their approach and start earning more interest on the money they've already accumulated. And that's relatively simple to do now that the (and unchanged). A high federal funds rate, after all, helps maintain the status quo, which means on savings vehicles like will remain valuable for savers. But with as short as a few months and as long as a few years, savers will need to be strategic in their approach now. 

That's especially true with long-term CDs, which will require savers to forgo access to their funds for an extended period to earn today's high rate. Withdraw funds early, and a will be issued, potentially negating all of the interest earned to that point. So it's critical that savers considering a long-term CD now, with rates remaining on pause, do so in a measured way. That means making some nuanced but critical long-term CD moves now.

Below, we'll examine three worth making as interest rates remain paused for the foreseeable future.

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Here are three effective long-term CD moves savers should contemplate making as interest rates remain stuck this August:

Short-term CD rates are generally higher than long-term ones now (), but thanks to the extended interest-earning timeline, savers will be poised to earn more with a long-term CD. It makes sense, then, to deposit as much as possible for as long as possible to exploit this opportunity. 

Take the time to determine how much you can deposit and with which CD term. Essentially, you should be trying to put as much money as you can into the highest rate long-term CD as possible without jeopardizing your daily budget or risking having to pay an early withdrawal penalty .

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Not only are high rates on pause now, but they're likely to remain so at least until the central bank meets again in mid-September. That means savers have a bit more time to shop around to find a long-term CD account with a high rate and attractive terms than they may have in a month in which pending rate-cutting action appeared imminent. 

Use August to look around then, and consider offers from specifically, which may be able to provide substantially better rates than those coming via your local bank branch. Since these banks don't have the same overhead costs as those with physical locations do, they're often able to pass on those savings to customers via higher rates on CDs and other savings accounts.

Not every savings account is created equal. And with rates on long-term CDs upward of 4% now, it makes sense to re-evaluate where your other money is being held and, just as importantly, consider shifting into one of these unique CD types now. With rates on and well-positioned to decline alongside rate reductions later this year and an average interest rate of just on traditional accounts, you may be overdue to re-evaluate your savings strategy. You may even be by not making a move now.

While the above list is not exhaustive, it marks a well-informed and strategic starting point for savers looking to take advantage of the benefits long-term CDs offer this August, now that rates remain paused. By making these moves this month, these savers can protect and grow their money for 18 months or longer, giving them the security and predictability that many desire in today's still unpredictable rate environment.