The last 18 months or so have been rough for borrowers. That's due, in large part, to inflation, which led the Federal Reserve to hike its benchmark rate to a 22-year high. And that, in turn, led borrowing rates to skyrocket. These days, if you want to borrow money, you're going to pay a lot more in interest than you would have just a few years ago. So, many would-be borrowers are opting to sit on the sidelines instead. 

But while borrowers may want to wait out today's high-rate environment, there's one group that may want to take advantage of today's elevated rates: savers. Right now, there are lots of good options for earning big interest returns on your savings, including high-yield savings accounts to certificates of deposit (CDs) — both of which offer above-average rates. 

However, if you're planning to open one of these accounts, you may want to move quickly. The most recent Labor Department report shows that inflation cooled in November, and many experts expect interest rates to decline at some point in 2024. But if you make your move now to lock in a top rate on a short- or long-term CD, you won't have to worry about how future interest rate fluctuations could impact your earnings. And you can start by considering the best short- and long-term CD options outlined below.

Compare the top CD rates you could lock in today here.

The best short- and long-term CDs to open in December 2023

There are lots of CD options to choose from this month, no matter what CD term you're looking for: 

The best short-term CDs to open in December 2023

• West Town Bank & Trust 6-month CD – 5.88% APY: This 6-month CD from West Town Bank & Trust has a $10,000 minimum opening deposit requirement; the early withdrawal fee is equal to three months of interest
• TotalDirectBank 6-month CD — 5.76% APY: This 6-month CD from TotalDirectBank has a $25,000 minimum opening deposit requirement; the early withdrawal fee is equal to one month of interest
• Limelight 1-year CD — 5.75% APY: This 1-year CD from Limelight has a $1,000 minimum opening deposit requirement; the early withdrawal fee is equal to 90 days of interest
• BluPeak Credit Union 6-month CD — 5.75% APY: This 6-month CD from BluPeak Credit Union has a $250 minimum opening deposit requirement; the early withdrawal fee is equal to three months of interest
• INOVA Federal Credit Union 6-month CD — 5.75% APY: This 6-month CD from INOVA Federal Credit Union has a $200 minimum opening deposit requirement; the early withdrawal fee is equal to three months of interest
• Popular Direct 1-year CD — 5.67% APY: This 1-year CD from Popular Direct has a $10,000 minimum opening deposit requirement; the early withdrawal fee is equal to 270 days of simple interest
• CIBC Bank USA 1-year CD — 5.66% APY: This 1-year CD from CIBC Bank USA has a $1,000 minimum opening deposit requirement; the early withdrawal fee is equal to 30 days of interest
• Dow Credit Union 3-month CD — 5.65% APY: This 3-month CD from Dow Credit Union has a $500 minimum opening deposit requirement; the early withdrawal penalty is equal to three months of interest
• TotalDirectBank 3-month CD — 5.66% APY: This 3-month CD from TotalDirectBank has a $25,000 minimum opening deposit requirement; the early withdrawal penalty is equal to one month of interest
• Boeing Employees Credit Union 3-month CD — 5.60% APY: This 3-month CD from Boeing Employees Credit Union has a $500 minimum opening deposit requirement; the early withdrawal penalty is equal to one month of interest

Find out more about today's best CD rates here.

The best long-term CDs to open in December 2023

• Workers Credit Union 3-year CD — 5.50% APY: This 3-year CD from Workers Credit Union has a $500 minimum opening deposit requirement; the early withdrawal fee is equal to 50% of the interest that would have been earned
• Luana Savings Bank 3-year CD — 5.32% APY: This 3-year CD from Luana Savings Bank has a $2,000 minimum opening deposit requirement; the early withdrawal fee is equal to six months of interest
• SouthEast Bank 3-year CD — 5.25% APY: This 3-year CD from SouthEast Bank has a $1,000 minimum opening deposit requirement; a penalty is charged for early withdrawal
• Workers Credit Union 5-year CD — 5.25% APY: This 5-year CD from Workers Credit Union has a $500 minimum opening deposit requirement; the early withdrawal fee is equal to 50% of the interest that would have been earned
• U.S. Senate Federal Credit Union 3-year CD — 5.23% APY: This 3-year CD from U.S. Senate Federal Credit Union has a $1,000 minimum opening deposit requirement; the early withdrawal fee is equal to 120 days of interest
• The Federal Savings Bank 5-year CD — 5.12% APY: This 5-year CD from Federal Savings Bank has a $5,000 minimum opening deposit requirement; the early withdrawal fee is equal to 365 days of interest
• Farmers Insurance Federal Credit Union 5-year CD — 5.00% APY: This 5-year CD from Farmers Insurance Federal Credit Union has a $500 minimum opening deposit requirement; the early withdrawal fee is equal to a minimum of six months of interest
• Apple Federal Credit Union 10-year CD — 4.00% APY: This 10-year CD from Apple Federal Credit Union has a $500 minimum opening deposit requirement; the early withdrawal penalty is equal to the lesser of the dividends earned since issuance or renewal or 1,095 days dividends
• Credit Human Federal Credit Union 10-year CD — 4.00% APY: This 10-year CD from Credit Human Federal Credit Union has a $500 minimum opening deposit requirement; the early withdrawal penalty is equal to 365 days of interest
• Discover Bank 10-year CD — 3.80% APY: This 10-year CD from Discover Bank has a $2,500 minimum opening deposit requirement; the early withdrawal penalty is equal to 15 months of interest

The bottom line

If you're trying to maximize the returns on your savings, you may want to make your move now. There are plenty of good CD options to choose from, whether you're looking for a short- or long-term CD. But the key is to avoid procrastinating. Today's economic environment is uncertain, and it's tough to predict whether rates will remain where they are or decline slightly in the future. But if you lock in a rate on a CD now, you're guaranteed to earn interest at the same rate for the full CD term, which is a big benefit for most savers.