How much interest can a $20,000 CD earn now that the Fed cut rates?

A $20,000 CD account can still earn savers substantial interest, but they'll need to act quickly to secure a high rate. MARINA BOGACHYOVA/Getty Images

An interest rate cut issued in mid-September, while in a relatively small amount, immediately opened new opportunities for borrowers. Previously saddled with high interest rates on everything ranging from mortgages to credit cards, a Fed rate cut at least increases the chances of gaining some financial relief. And that was seen in the mortgage rate space as rates there dropped to a three-year low just hours before the Fed's decision was announced.

But a rate cut can harm savers, particularly those who saw big returns with certificate of deposit (CD) accounts in recent years. At one point, some savers were even able to qualify