Interest rates are on the rise from their rock-bottom lows following the last recession, but they’re nowhere near great.

That makes figuring out where to park your cash a hard decision. One product that might be able to provide a higher rate than a savings account with the same kind of safety and guaranteed return is a 5-year CD.

Here are the top nationally available 5-year CD rates. Compare these offers, then calculate how much interest you would earn when your CD matures.

Top nationally available 5-year CD rates
Institution APY Minimum deposit
Communitywide Federal Credit Union 3.30% $2,000
Connexus Credit Union 3.25% $5,000
Mountain America Credit Union 3.15% $500
M.Y. Safra Bank 3.06% $5,000
Popular Direct 3.05% $10,000

The best 5-year CD rates available from banks and credit unions pay more than 2.5 times the national average of 1.24 percent APY, according to Bankrate’s most recent national survey of banks and thrifts.

Today’s top nationally available 5-year CDs pay 3.30 percent APY (for balances of $25,000 or less). This may be a good place to invest money for long-term financial obligations, like your child’s college tuition.

Finding the best 5-year CD rates

Savers looking for the best CD rates probably want to venture online. Even if a bank is relatively small or not well-known, as long as it’s a member of the Federal Deposit Insurance Corp., you can rest easy knowing your deposits will be returned. The same goes for credit unions backed by the National Credit Union Administration.

One thing to look for, though: ease of use. Banks that make it difficult or time-consuming to deposit and withdraw funds may waste so much of your time that it outweighs the benefit of a few extra basis points of interest on your savings.

Top account details

  • Communitywide Federal Credit Union is based in South Bend, Indiana. It was established in 1967 and earned five out of five stars in the latest review of its financial health.
  • Connexus Credit Union is based in Wausau, Wisconsin, but offers CDs nationwide. Membership involves making a one-time $5 donation to the Connexus Association. The credit union earned five out of five stars in the latest review of its financial health.
  • Mountain America Credit Union was founded in 1934 and is based in West Jordan, Utah. Membership is open to anyone who joins the American Consumer Council. The credit union earned five out of five stars in the latest review of its financial health.
  • M.Y. Safra Bank is based in New York City. Initially established as T. Rowe Price Savings Bank, it changed its name and moved from Baltimore, Maryland in 2013.
  • Popular Direct is an online division of Popular Bank, which was formerly known as Banco Popular North America or Popular Community Bank, a subsidiary of Popular Inc.

5-year CDs more versatile than you think

With a 5-year CD, savers earn a premium in addition to the normal risk-free rate they get on a conventional savings account. The catch, of course, is that you’ll pay a penalty if you try to withdraw your money.

But assuming you can find a CD with a low penalty of just a few months’ interest, higher interest rates offered on 5-year CDs may make them a good pick over shorter maturities, even if you think you might need to cash in the CD early.