By locking their money into a high-rate CD account now, savers can still earn a sizable return. the_burtons/Getty Images

Short, simple and effective. Those are three characteristics that will generally be hard to find for savers but especially so in today's cooling interest rate climate.

Leaving their money in a traditional savings account, for example, will require them to leave the fund untouched for years to earn a barely noticeable return (thanks to an average rate of just 0.40% ). High-yield savings accounts , meanwhile, come with significantly higher rates but with returns that will change based on market conditions, making long-term interest-earning projections impossible to accurately complete.

A certificate of deposit (CD) account , however, has all three characteri

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