Interest rates are on the rise from their rock-bottom lows following the last recession, but they’re still not 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
United States Senate Federal Credit Union 3.47% $20,000
KS StateBank 3.37% $500
Communitywide Federal Credit Union 3.30% $2,000
State Department Federal Credit Union 3.29% $500
Interior Federal Credit Union 3.29% $500

The best 5-year CD rates available from banks and credit unions pay more than 2.5 times the national average of 1.3 percent APY, according to Bankrate’s most recent national survey of banks and thrifts.

Today’s top nationally available 5-year CDs pay 3.47 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

  • The United States Senate Federal Credit Union was founded in 1935. It currently serves employees of select employee groups and members of the U.S. Capitol Historical Society. The credit union earned five out of five stars in Bankrate’s review of its financial health.
  • KS StateBank is headquartered in Manhattan, Kansas. The bank, which was founded in 1969, was known as the Kansas State Bank of Manhattan until 2015. In Bankrate’s latest review of its financial health, the bank earned five out of five stars.
  • 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.
  • Also founded in 1935, State Department Federal Credit Union is based in Alexandria, Virginia. Membership is open to employees of the U.S. State Department and other organizations. It’s also open to anyone who joins the American Consumer Council. In the latest review of its financial health, the credit union earned four out of five stars.
  • Interior Federal Credit Union was founded in 1935. It’s based in Washington D.C. Membership is open to anyone who joins the New Mexico Wildlife Federation. The credit union earned four out of five stars in the latest review of its financial health.

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.