Should you open multiple CDs or a jumbo CD account? Experts weigh in

There are valid reasons for opening multiple CDs and jumbo accounts in today's economy. the_burtons/Getty Images

In the current environment, certificates of deposit (CDs) continue to offer competitive interest rates. Some traditional CD accounts and jumbo CD accounts offer an attractive annual percentage yield (APY) of around 4.50% or higher. While you can maximize your returns with these higher yields now, change is likely on the horizon.

After lower jobs report , there's a high likelihood of a rate cut from the Federal Reserve later this month. Projections from the CME Group's FedWatch tool show that a rate cut is all but certain in September. For savers with significant cash reserves, then, opening a CD account now while you can still lock in a high rate makes sense. B