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
Connexus Credit Union 3.00% $5,000
United States Senate Federal Credit Union 2.70% $20,000
Latino Community Credit Union 2.65% $500
DollarSavingsDirect 2.65% $1,000
Popular Direct 2.65% $10,000

The best 5-year CD rates available from banks and credit unions pay nearly three times the national average of 1.04 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

  • Connexus Credit Union is headquartered in Wausau, Wisconsin. It was originally founded in 1935 to provide products and services to employees of an insurance company. Membership is open to anyone who joins the Connexus Association and makes a one-time $5 donation. The credit union earned five out of five stars in Bankrate’s latest review of its financial health.
  • The United States Senate Federal Credit Union was founded in 1935. Formerly known as the United States Senate Employees Federal Credit Union, it currently serves employees of several government bodies, select employer groups and anyone who donates $50 to the 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.
  • Latino Community Credit Union has been committed to educating and empowering members since it launched in 2000. Today, it offers services to anyone interested in joining the Latino Community Development Center. The credit union, which is based in Durham, North Carolina, earned five out of five stars in Bankrate’s latest review of its financial health.
  • DollarSavingsDirect is an online division of Emigrant Bank. In addition to CDs, it offers an online savings account. Emigrant Bank, which has served New Yorkers for more than a century, earned four out of five stars on Bankrate’s latest review of its financial health.
  • Popular Direct is a subsidiary of Popular Inc., a financial services firm serving the United States, Puerto Rico and the Caribbean that was founded in 1893. Popular Direct accounts are opened through Banco Popular North America, which earned four out of five stars in Bankrate’s 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.