If you have $20,000 sitting in an accessible savings account right now, locking it into a may not seem to be the best decision. With still sticky, poised to rise as soon as next month and stock market performance uneven, maintaining flexibility is critical for many savers now. That's especially true when it comes to a large, five-figure amount such as $20,000. An early withdrawal penalty on a CD of this size could be costly.

But what if you deposited it into a 1-year account, which will mature next August? Rates on accounts of this length are some of the most competitive available now. At the same time, the won't be so long as to prevent a savings strategy shift as soon as next summer. In the interim, you'll protect your principal and earn a competitive rate that will grow your money even further, all while allowing you to shift your focus to other, more pressing economic concerns now.

Before getting started, it helps to understand the interest-earning capacity that a $20,000 1-year CD account offers savers now. Thanks to the , that will be easy to determine. Below, we'll do the math.

Here's how much interest a $20,000 1-year CD will earn if opened this August

CD interest rates will vary based on term and the lender being used, meaning that savers looking to secure the most competitive return will need to shop around to see what's available. Committing to the first bank they find could mean leaving interest earnings unaccounted for.

Here's how much interest a $20,000 1-year CD can earn if opened this August, calculated using three of the top available rates and the assumption that the account is maintained without penalty until it matures next summer:

• $20,000 1-year CD at 4.15%:$830 upon account maturity
• $20,000 1-year CD at 4.25%:$850 upon account maturity
• $20,000 1-year CD at 4.40%:$880 upon account maturity

Savers stand to earn a guaranteed return ranging between $830 and $880 if they open a $20,000 1-year CD account this August – and potentially more if they take the time to shop around and ultimately find an account offering an even higher rate. Fortunately, with online marketplaces making it easier than ever to thoroughly research your options, you can start this process from home or via your phone as soon as today.

Is a CD account safe to open now?

In today's unpredictable economic climate, savers may be concerned about the safety associated with a CD account. But it's actually one of the more secure types to consider. Not only is your interest here guaranteed thanks to the account's fixed rate structure, but it's also FDIC-insured up to $250,000, giving you ample protection for a $20,000 deposit.

The fixed rate, meanwhile, isn't available with alternatives like high-yield savings or money market accounts. And insurance isn't something you can obtain by investing. So, yes, a CD account is both safe and lucrative now, as long as you can afford to temporarily part with your money to secure that competitive return.

The bottom line

A $20,000 1-year CD account can produce a guaranteed return worth over $800 if opened this August. And with that interest being predictable and reliable and with a CD being FDIC-insured up to $250,000, this account type merits serious consideration now. While it may feel counterintuitive to lock a portion of your money away in today's economy, the advantages of doing so with this specific account type can easily outweigh those concerns, especially if you elected for an account that will mature in one year or less.