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
Mountain America Credit Union 3.00% $500
Utah First Federal Credit Union 3.00% $500
American Bank 3.00% $500
Quorum Federal Credit Union 3.00% $1,000
Service Credit Union 3.00% $1,000

The best 5-year CD rates available from banks and credit unions pay nearly 2.5 times the national average of 1.14 percent APY, according to Bankrate’s most recent national survey of banks and thrifts.

Today’s top nationally available 5-year CDs pay 3 percent APY. 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

  • Membership in Mountain America Credit Union is open to anyone who joins an association such as the American Consumer Council. The credit union, based in West Jordan, Utah was founded in the 1930s as the Salt Lake Telephone Employees Credit Union. It earned five out of five stars in Bankrate’s latest review of its financial health.
  • Utah First Federal Credit Union is based in Salt Lake City. Membership is open to anyone who joins the Community Volunteers of Utah. The membership fee is just $5. The credit union earned five out of five stars in the latest review of its financial health.
  • American Bank is headquartered in Allentown, Pennsylvania. Though it’s a community bank, it offers products to consumers nationwide. The bank earned five out of five stars in Bankrate’s latest review of its financial well-being.
  • Quorum Federal Credit Union has more than 70,000 members and is based in Purchase, New York. Membership is open to anyone who joins the American Consumer Council. The credit union earned two out of five stars in the latest review of its financial health.
  • At Service Credit Union, membership is open to current or former members of  the U.S. Armed Services and the Department of Defense and their family members. The credit union is based in Portsmouth, New Hampshire.

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.