If the returns on the best savings accounts won’t do, look toward a certificate of deposit (CD).

CDs are safe vehicles for investors. If you keep your funds locked up for an entire term, you can expect to end up with your initial deposit plus interest.

A 12-month CD won’t pay the highest rates in the market. But when your account comes due, you’ll be able to reinvest your funds in a CD with a more attractive yield.

Here are the top nationally available 1-year CD rates. Compare these offers then calculate how much interest you would earn when your CD matures.

Best 1-year CD Rates in May 2018

Bank APY Minimum deposit
Air Force Federal Credit Union 2.30% $1,000
KS StateBank 2.27% $500
VirtualBank 2.27% $10,000
Banco do Brasil Americas 2.25% $1,000
iGObanking 2.25% $1,000

The best 1-year CD rates pay almost four times the national average of 0.59 percent APY, according to Bankrate’s most recent national survey of banks and thrifts.

Today’s top nationally available 1-year CDs pay 2.30 percent APY. That’s not enough to retire on, but it’s a good vehicle to meet short-term financial obligations (like saving for a down payment on a mortgage) that can let your money grow near the rate of inflation without having to worry about missing out on better deals that arrive after you invest.

Finding the best 1-year CD rates

CD rates remain low by historical standards, but you can find significantly better deals than at the big national bank that handles your checking account if you’re willing to shop around. Researching rates at several local banks, as well as reputable online banks, will usually yield the best rate.

Top account details

  • Air Force Federal Credit Union, which is based in San Antonio, Texas, was chartered in 1952. The credit union serves more than 43,000 members around the world. It earned three out of five stars in Bankrate’s latest review of its financial health.
  • KS State Bank is based in Manhattan, Kansas, it’s an FDIC-insured institution that was founded in 1969. The bank, which was originally known as the Kansas State Bank of Manhattan, earned five out of five stars in the latest review of its financial health.
  • VirtualBank was founded in 2000. Today, it operates as an online division of IBERIABANK, an FDIC-insured institution based in Lafayette, Louisiana. IBERIABANK earned four out of five stars in Bankrate’s latest review of its financial health.
  • Banco do Brasil Americas is headquartered in Miami. Its holding company has been around for more than 200 years. The Florida-based bank is a federally-insured institution that earned four out of five stars in Bankrate’s latest review of its financial health.
  • iGObanking is one of the online divisions of Flushing Bank, a New York-based financial institutions founded more than 80 years ago. In Bankrate’s latest review of its financial health, Flushing Bank earned four out of five stars.

Keep your goals in mind

A 1-year CD is only useful if you don’t plan to touch your savings for a full 12 months. Breaking the contract you made with a bank or credit union and dipping into your account before it matures could cost you quite a bit of interest.

Something that’s more liquid — like a money market account — could be a better place for your funds. You’ll be stuck with a lower interest rate, but you’ll have the flexibility to use your savings to cover a last-minute trip or an emergency expense.