How to Lock In Today's High Rates Before They Disappear

It feels like déjà vu. Every time rates finally climb high enough to make saving money exciting, they don't stick around for long. And with the Fed hinting at cuts in September, today's "too good to last" deals on CDs, savings accounts, and annuities could be the highest you'll see for a while.

Here's the truth: The people who move quickly when rates peak are the ones who come out ahead. Waiting until after the Fed cuts is like showing up at the store the day after a sale.

Here's how to take advantage of today's rate before they start to slip.

CDs for guaranteed returns

Certificates of deposit (CDs) are one of the easiest ways to snag today's rates and keep them locked for months or years. Right now, plenty of banks are offering 4%+ APYs on CDs, and those rates are fixed for the entire term.

If you've got money you don't need to touch for 6 to 60 months, a CD is a safe way to guarantee that return, no matter what the Fed does next. Just make sure you shop around: Big banks like Bank of America might offer 0.03%, while online banks are paying more than 100x that.

We've compiled some of the best CD rates available right now for you on our best CD rates page.

High-yield savings accounts (for flexibility)

While savings account rates can drop as soon as the Fed cuts, they're still worth checking out today if you want easy access to your money. The trick here is speed. If you're still parking cash in a near-zero account, moving into a high-yield savings account now means you'll at least capture these elevated rates while they last.

Think of this as the "bridge" move: You get strong returns right now, but keep flexibility for when something even better comes along. And even after the Fed cuts rates, high-yield savings accounts routinely offer rates around 10 times higher than the national average. If you're still using a big bank, check out how much higher HYSA rates are than what you're earning now.

Deferred fixed annuities for long-term income

Here's one most people overlook: deferred fixed annuities. These products let you lock in a guaranteed interest rate for multiple years, and current offerings can stretch above 5%. That's higher than even top CDs. And unlike savings accounts, annuity rates stay put once you've signed.

They're not for everyone. Annuities usually mean tying up money for several years, and you'll want to compare fees and surrender charges carefully. But for people who want a reliable, locked-in stream of growth leading into retirement, they can be a clever way to grab today's rates before they vanish.

A clever combo: Laddering

If you're not sure how long you can afford to lock up money, that's where a ladder strategy shines. Instead of putting all your money in one 3-year CD, you might split it into 1-, 2-, and 3-year terms. That way, you get access to some funds each year while still capturing higher returns for longer commitments.

You can do the same with annuities. Staggering start dates spreads out risk and ensures you're not locking everything in at one single rate.

The window is closing

When rates are falling, waiting is usually the worst move. The banks and insurance companies know exactly when to start trimming payouts -- and they rarely wait for the Fed's official announcement to act.

If you've been thinking about CDs, high-yield savings, or annuities, now is the time to shop around and secure something that works for you. Even a small move, like shifting $10,000 into a CD with a 4.00% APY, can mean hundreds more in your pocket compared to leaving it in a near-zero account.

Acting now doesn't just lock in today's rates. It protects you from tomorrow's drops.