This guest post is by Richard Barrington, CFA, senior financial analyst for MoneyRates.com.

The latest cruel trick played on savers is that while mortgage rates have started to rise, bank deposit rates haven’t budged. If you want higher interest rates on your deposits, you’re going to have to do something about it yourself.

According to the FDIC, five-year CD rates (certificates of deposit or CDs) are currently averaging just 0.75 percent nationally. Fortunately though, not all CDs are created equally. Here are 10 CDs that offer at least double the interest income that today’s average account provides:

(Rates current as of September 14, 2014 unless stated otherwise)

  1. iGOBanking. Forget the awkward name and focus on the rate: At the time of original writing over a year ago, an annual percentage yield (APY) was 2.05 percent on a five-year CD. It is now only 0.35 percent for the five-year CD. iGOBanking is the online division of Flushing Bank. Though Flushing Bank is quite small, with deposits of less than $600 million according to FDIC data, it was trying to make a splash in online banking with an aggressively high rate offer and a comprehensive online presence. We’re not sure why that changed, but at least with a minimum deposit of just $1,000, the iGOBanking CD is readily accessible. The penalty for early withdrawal is 12 months now. (Rates as of September 14, 2014.)
  2. EverBank. EverBank has made a commitment to offering high interest rates by pledging to keep its CD rates in the top 5 percent of comparable products. With a 2.30 percent APY on its 5-year CD, it seems to be living up to that pledge. (Rates as of September 14, 2014.) EverBank’s 17 branches are all in Florida, but its products are available to a national audience online, and with more than $10 billion in deposits, they have built up a fairly substantial customer base. The minimum to open is a reasonable $1,500, but the only catch is a hefty penalty for early withdrawal — equal to 900 days of interest on its five-year CD.
  3. Nationwide Bank. This online banking affiliate of the insurance giant offers a five-year CD with a 2.11 percent APY for balances between $0 and $9,999.99 and a minimum of $500 to open. That APY bumps up to 2.16 percent for deposits of $100,000 or more. These strong rates do require a long-term commitment, since the early withdrawal penalty is 360 days of interest. (Rates as of September 14, 2014.)
  4. Barclays Bank. Barclays is an international banking powerhouse, and it offers a very competitive five-year CD with a 2.25  percent APY. This rate applies to its online CD, which has the added advantages of having no minimum balance requirement and the  penalty for early withdrawals is 180 days. (Rates as of September 14, 2014.)
  5. GE Capital Bank. GE Capital’s five-year CD has a 2.25 percent APY and a user-friendly $500 minimum deposit to open. There is a 270-day early withdrawal penalty, so make sure you are committed for at least a couple years if you choose this product. (Rate as of September 14, 2014.)
  6. BBVA Compass. Though most of these highest-yielding CDs are found at online banks, BBVA Compass also offers a traditional, branch-based alternative with 716 locations. The account minimum is just $500, and the rates may reach as high as 2.00 percent APY for a five-year term, depending on which branch location you visit. Rate collected within: Birmingham, AL.(Rates as of September 14, 2014.)
  7. Ally Bank. One of the leaders in online banking, Ally has built itself up to more than $40 billion in deposits. The 2.00 percent APY on its five-year CD is well over twice the national average, but there is a 150-day early-withdrawal penalty. Still  this CD is an excellent choice  even if you think that rates might rise within the next five years. (Rates as of September 14, 2014.)
  8. Sallie Mae. Sallie Mae is probably better known for student loans, but it also offers online deposit products, including a five-year CD with a 2.10 percent APY and a $2,500 minimum deposit. The early withdrawal penalty is equal to 180 days of interest. (Rates as of September 14, 2014.)
  9. Discover Bank. Though the Discover name is more commonly linked to credit cards, Discover Bank also has more than $40 billion in deposits. Its five-year CD rate offers an APY of 2.10 percent with a $2,500 minimum desposit to open and an early withdrawal penalty equal to can be up to 18 months of interest. (Rates as of September 14, 2014.)
  10. Doral Bank. Doral Bank is based in Puerto Rico, but it has locations in New York and Florida and some of its products are available online throughout the U.S. Its five-year CD has a 1.75  percent APY, an accessible $500 minimum and a manageable 180-day interest penalty for early withdrawal. (Rates as of September 14, 2014.)

The above are not necessarily the 10 highest-yielding five-year CDs in the country. They were chosen because their rates are at least twice the national average, they are available in multiple states and they have relatively user-friendly websites. You may find additional options in your area, but the points discussed above can still provide you with some framework for what criteria to consider — including rates, minimums and penalties — when choosing a CD. Happy hunting!

This article is about Banking, Investing, Retirement, Savings