By MATT KRANTZ

CD rates are decent — hovering around a top end of about 4.5%. So what's up with the CD you're hearing about that pays an impressive 9.5%?

Turns out you need to jump through more hoops than a trained seal to get that rate. It's a promotional CD rate from California Coast Credit Union filled with caveats and asterisks. First of all, the 9.5% CD only has a five-month term. That means your money would be up for renewal at market rates in just five months.

But that's not the only small print on this offer.

The promotion is limited to new money invested at the credit union up to $3,000. That's much less than the amount most savers put into a CD. Additionally, you're required to open a regular checking or savings account at the credit union.

And if you don't do that or can't as you don't quality for an account, you must put at least $5,000 into a money market or regular CD at the credit union. Yes, the amount you must have in a secondary account just to qualify for the teaser rate is larger than the amount you can put in the promotional CD. And the credit union's standard rate on a five-month CD is just 5% — roughly half the promotional rate.

So What Are More Realistic CD Options?

If you're unable or unwilling to jump through all those hoops, there are other options. But the rates on these CDs are at going market rates.

It pays to shop around. The national average one-year CD rate is just 2.01%, says Bankrate.com. But Northern Bank and Trust is paying 4.6% on a one-year CD. United Fidelity Bank is right behind with a one-year CD yield of 4.55%. Interestingly, both banks offer comparable rates on six-month CDs, which might be a better option if you think rates will rise.

Keep in mind, too, the yield on the Vanguard Total Bond Market ETF (BND) is 3.8%. And you can take your money out at any time. If you don't want to risk your principal, you can get 3.65% from Vanguard's Cash Plus accounts.

But unless you're a very unusual saver, it's best to know that a 9.5% CD rate is mostly a pipe dream for now.

Best Six-Month CD Yields

Source: Bankrate

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