Just under 90%. That’s what the odds are of an interest rate cut when the Federal Reserve meets again in September, according to the CME Group’s FedWatch tool, as of late August. And while that projection can and likely will change as the meeting date nears, it’s likely to grow higher, not lower, especially after Fed chair Jerome Powell recently hinted at a cut to come in the month.

While a lower federal funds rate – currently at a range between 4.25% to 4.50% – will be welcomed by borrowers saddled with expensive rates, it will be greeted less enthusiastically by savers who have been able to exploit a higher rate climate to earn more interest on their money. This is especially true for certificate of deposit (CD) account holders, some of whom were able to secure rates as high as 6% in recent years. A cut in rates, then, will inevitably reduce what these savers can earn with CD accounts in the future.

But that doesn’t mean a CD can’t still be valuable. Instead, savers will just need to be a bit more strategic in their approach. And that extends to making some select moves now, before a September Fed rate cut is formalized. Below, we’ll break down three worth considering.

See how much more you could be earning with a high-rate CD here.

CD moves to make before a September Fed rate cut

Here are three CD moves savers should make now, before a September Fed rate reduction is officially announced:

Shop around online for the highest rate

The highest CD account rates are often found online, not via your local banking branch. That’s because online banks have fewer maintenance costs than those with local branches, in which operating costs can run high. Thanks to that savings differential, then, online banks tend to pass on those savings to account holders in the form of higher CD interest rates. So start shopping around online for the highest rate, not at your local bank. With rate cuts looming and the reality that banks don’t need to wait for a formal cut to reduce what they offer to savers, it makes sense to start this process sooner rather than later.

Start shopping for high-rate CD accounts online now.

Determine how much you can afford to deposit

CDs aren’t exactly risk-free. You will have to pay an early withdrawal penalty if you take your money out before the account has matured. To avoid doing that, you should do the math now to precisely determine how much you can afford to deposit. A high interest rate may be attractive, but all of the interest earned via that rate can easily be negated if you ultimately decide you need your funds before the account has its maturity date. So, once you’ve found a bank offering high rates, start calculating how much money you can actually afford to open it with.

Look for the longest-term CD that you can afford

Currently, rates on short-term CDs are generally higher than their long-term counterparts (a reversal from historic trends). But thanks to the elongated interest-earning potential, savers stand to earn more with long-term CDs. So look for the longest-term CD that fits your budget right now. Not only will this allow you to maximize your returns, but it will also protect your principal from a still unpredictable economic climate, making it a rare win-win for your money.

The bottom line

With a Fed rate cut likely less than a month away, savers who still want to take advantage with a CD should be proactive and smart in their approach now. By shopping around online for the highest CD rates, precisely calculating how much you can afford to deposit and by looking (and securing) the longest-term CD that fits your budget, you can improve your chances of CD success both in September and, theoretically, for months and even years ahead.