How much interest can a 3-month CD account earn this May?

A 3-month CD account has multiple advantages for savers this May. /iStockphoto Long-term financial protection can be ideal for savers, but in some cases, it may not actually be needed. Sometimes, savers just need protection for a few weeks or months. And, if they can earn a decent interest rate on their money, that can serve as an added incentive. Take today's current economic landscape as an example. With inflation surging again, high interest rates remaining paused and borrowing costs subsequently elevated, short-term protection for your money takes precedence now … or at least until economic conditions begin to improve. This is when a short-term certificate of deposit (CD) account can help. A 3-month CD, for example, will protect your money for approximately 90 days with a high, fixed interest rate that won't change even if the interest rate climate does. This will allow you to budget properly, knowing exactly how much interest you'll earn once the account has matured . And it will allow you to protect your principal deposit until you have a better understanding of where the economy is heading. To better decide on the value of this unique savings account and term length, however, it helps to know the precise interest-earning potential. So, how much interest can a 3-month CD account earn if opened this May? Below, we'll do the math. Start earning more interest on your money with a CD account here . …