Savers are in a unique position right now. Thanks to the Federal Reserve's rate decisions over the last couple of years, interest rates are sitting at levels not seen in decades. In turn, both high-yield savings accounts and certificates of deposit (CDs) are a smart bet, as many of these accounts now offer rates of 5% or higher on your money. 

But while both options can be worth considering, savers may want to pay close attention to what long-term CDs, in particular, can offer. Unlike high-yield savings accounts, which come with variable rates that can change over time, a CD lets you lock in today's high rates for the full term. So by opening a long-term CD, you'll ensure that your money earns the same great rate until the account matures.

That feature could also come in handy now that inflation is cooling. After all, the Fed is likely to start cutting rates as soon as next month. When that happens, the rates on interest-bearing accounts are likely to drop in tandem — but that won't impact you if your CD rate is already locked in. So how much could you earn by opening a long-term CD this fall?

See how much more interest you could be earning with a top CD here.

How much can you earn with a long-term CD this fall?

There are a range of factors that could impact your CD earnings, including the interest rate, the term length and the amount you deposit into the account. Any early withdrawal penalties or other types of fees could also impact your earnings, so it's important to take those into account when comparing your options. 

Today's best long-term CD rates include:

• 1-year CD: 5.15%
• 18-month CD: 5.10%
• 2-year CD: 5.72%
• 3-year CD: 5.75%
• 5-year CD: 4.50%
• 10-year CD: 3.50%

Let's break down how much you could earn with these CDs based on different deposit amounts. We'll calculate the interest earned and the total balance at maturity for deposits of $1,000, $5,000 and $15,000. These calculations assume that no fees or early withdrawal penalties apply.

1-year CD at 5.15%

• $1,000 deposit: You would earn $51.50 for a total balance of $1,051.50
• $5,000 deposit: You would earn $257.50 for a total balance of $5,257.50
• $15,000 deposit: You would earn $772.50 for a total balance of $15,772.50

18-month CD at 5.10%

• $1,000 deposit: You would earn $77.47 for a total balance of $1,077.47
• $5,000 deposit: You would earn $387.34 for a total balance of $5,387.34
• $15,000 deposit: You would earn $1,162.01 for a total balance of $16,162.01

2-year CD at 5.72%

• $1,000 deposit: You would earn $117.67 for a total balance of $1,117.67
• $5,000 deposit: You would earn $588.36 for a total balance of $5,588.36
• $15,000 deposit: You would earn $1,765.08 for a total balance of $16,765.08

3-year CD at 5.75%

• $1,000 deposit: You would earn $182.61 for a total balance of $1,182.61
• $5,000 deposit: You would earn $913.04 for a total balance of $5,913.04
• $15,000 deposit: You would earn $2,739.13 for a total balance of $17,739.13

5-year CD at 4.50%

• $1,000 deposit: You would earn $246.18 for a total balance of $1,246.18
• $5,000 deposit: You would earn $1,230.91 for a total balance of $6,230.91
• $15,000 deposit: You would earn $3,692.73 for a total balance of $18,692.73

10-year CD at 3.50%

• $1,000 deposit: You would earn $410.60 for a total balance of $1,410.60
• $5,000 deposit: You would earn $2,052.99 for a total balance of $7,052.99
• $15,000 deposit: You would earn $6,158.98 for a total balance of $21,158.98

Find the best CD rates available to you here.

The bottom line

Many long-term CDs offer attractive returns this fall, with potential earnings ranging from over $51 to over $6,000 on deposits between $1,000 and $15,000, depending on the term chosen. Given these high potential returns and the guaranteed rates, these interest-bearing deposit accounts can be an appealing option for savers who can commit their funds for a longer duration.

As you plan your savings strategy for the fall, just be sure to carefully weigh the benefits of these higher returns against the reduced liquidity of long-term CDs. With proper planning, though, long-term CDs can be an excellent tool for growing your savings in the current economic climate.