A certificate of deposit is a deposit account that offers a fixed rate for a specific time, or term. In exchange for fixed growth, you agree not to withdraw your money before the term ends. The main benefit of a CD is that your money grows over time at a predetermined APY. Top CDs currently earn APYs as high as 4.5%.

If the Fed cuts interest rates later this year, savings and CD yields will likely fall too. Here’s what the central bank is projecting right now.

If you're looking to maximize returns and get the greatest yield, the most beneficial CD term for you right now is likely a short-term CD, experts say. While you'd typically get higher returns with a long-term CD, that's not the case in the current rate environment.