Depositing money into a certificate of deposit (CD) account will require some sacrifice on behalf of the saver. To earn the interest the account offers, savers will need to keep their money untouched in the account for the full CD term (or length). Withdraw even a portion of it before the account matures, and you'll get stuck with an early withdrawal penalty that could wipe out all or most of the interest earned on the account to date. While this can be manageable for small amounts with CD terms of just a few months, it becomes much more challenging to do so with large deposit amounts and accounts of longer terms, such as one year or more.

But will that loss of accessibility be worth it? If you're considering a five-figure deposit, like $20,000, into a 2-year CD account, for example, it could be. The interest-earning possibilities here are significant and could be valuable for many savers, especially those looking for a reliable return and stability in today's unpredictable economic climate. To better determine this type of CD account's worth, then, it can be useful to calculate the interest earnings. Savers may be surprised at how much they can potentially make.

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How much will a $20,000 2-year CD account earn if opened now?

Opening a CD account online makes sense, especially in today's rate climate, in which rate cuts are widely expected later this summer. Online banks tend to have lower maintenance costs than banks with physical locations. Those savings can then be passed on to savers in the form of higher interest rates on CDs and high-yield savings accounts. A quick look around online, then, shows 2-year CD account rates comfortably over 4%. Here's what a $20,000 deposit would earn for each readily available rate:

• $20,000 2-year CD at 4.10%: $1,673.62 for a total of $21,673.62
• $20,000 2-year CD 4.15%: $1,694.45 for a total of $21,694.45
• $20,000 2-year CD at 4.40%: $1,798.72 for a total of $21,798.72

So savers can earn at least $1,673 with a $20,000 2-year CD if opened this June, and potentially more if they take the time to shop around for a high-rate CD online. That said, with the likelihood of interest rate cuts growing for when the Federal Reserve meets this summer, and the chances of those rate cuts impacting what savers can earn with CDs, it behooves savers who are considering this type of account to be proactive. These high rates and great returns may not last much longer.

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What about a $20,000 1-year CD account?

While the potential to earn more than $1,600 on your funds may sound attractive, it can be daunting to keep your money frozen for 24 months in a CD. If that doesn't sound manageable, a 1-year CD account will cut the time you lose access to your funds in half – and still result in a sizable return, albeit a lower one than the 2-year CD. Here's what earnings on a $10,000 1-year CD account would look like instead:

• $20,000 1-year CD at 4.40%: $880.00 for a total of $20,880.00
• $20,000 1-year CD at 4.45%: $890.00 for a total of $20,890.00
• $20,000 1-year CD at 4.66%: $932.00 for a total of $20,932.00

Although the returns here aren't as high as the 2-year CD option, they're still significant and they'll allow savers to earn more on their money while still giving them protection for the next year against any market uncertainty, which may be all savers require right now.

The bottom line

A $20,000 2-year CD account comes with returns over $1,600 if opened now while a 1-year CD account for the same amount comes with interest over $800. But these rates and the interest-earning opportunities won't be around forever – or even, potentially, into the fall. So, if you want to earn more on your money and can afford to keep it frozen in an account for a year or longer, a long-term CD could be the smart place to park your funds right now.