3 CD account moves savers should make before the June Fed meeting

June 17. That's when the next Federal Reserve meeting will conclude. And millions of Americans will be focused on what does and doesn't happen in that meeting, which will be led for the first time by new chairman Kevin Warsh. While an interest rate cut at the meeting is widely unexpected, comments made at the conclusion of the two-day conference will give savers and borrowers an approximate idea of what to anticipate in the interest rate climate moving ahead.

For savers, in particular, the time leading up to this meeting should be used strategically. Interest rates on an account like a certificate of deposit (CD) can and likely will rise once the meeting has concluded. While that uptick is expected to be marginal, it can contribute to greater returns on your money, so it's critical that you're positioned to take advantage if that dynamic becomes a reality. 

To better ensure CD account success, it helps to know a few timely moves to make right now, before the June Fed meeting even begins. Below, we'll detail three moves to strongly consider making.

Start by seeing how much interest you could be earning with a high-rate CD account here.

3 CD account moves savers should make before the June Fed meeting

With CD account interest rates elevated now and with the potential for them to rise even further after the June Fed meeting, savers should strongly consider making these three strategic moves now:

Start shopping for rates and lenders now

Shopping around for high CD rates is always an integral part of the process for savers, but especially now, as different banks will interpret today's market conditions in different ways. By shopping around for the highest rate and best terms now, however, you'll know which bank you want to use before the Fed's next meeting. T

hen, once the meeting concludes and the bank adjusts its offers to savers, you'll be better prepared to act – and start earning more on your money right away – versus waiting to shop around later in June. And with online marketplaces listing rates, banks, terms and fees all in one location, it's easier than ever to start your search.

Shop for high-rate CD accounts online today.

Determine how much you can comfortably deposit

A CD has multiple advantages for savers, but flexibility and accessibility aren't two of them. To earn the high rate CDs come with savers will need to leave their money in the account untouched until the maturity date hits the calendar. To regain access before then, savers will need to pay an early withdrawal fee, which will negate the benefits of storing the funds in the CD in the first place. 

To avoid this – and to be prepared this June – it helps to know how much you can comfortably afford to deposit now. For some savers, that may be as little as $5,000, while others may reasonably be able to temporarily part with a five-figure sum. By having an amount in mind now, however, you'll be one step closer to being ready to open an account in a few weeks.

Prepare the funds in advance

Once you've found a bank you want to use and once you've determined how much you want to deposit, you should start preparing those funds now, so that you're actually ready to lock in a high CD rate after the June Fed meeting. This means knowing where the funds are coming from and having the appropriate information (like account and routing numbers) so that you can easily transfer them into the new CD. 

Considering that it may take multiple business days to complete, it makes sense to get these funds ready now, especially if you're taking them out of a maturing CD with an abbreviated grace period. 

The bottom line

The Federal Reserve meeting this June isn't likely to end in an interest rate cut, but it may very well lead to a marginal interest rate hike for savers, even without a formal hike from the central bank. To take advantage of the timely opportunity with a CD account, however, savers should start shopping around now, understand how much they can comfortably deposit and prepare the funds for the new account. This will allow them to lock in an improved rate when it becomes available in June and, perhaps more importantly, allow them to start earning more interest on their money as quickly as possible.