You can earn far more from a top-paying savings account than you can from most short-term CDs.

The average return on 12-month certificates of deposit has fallen to a measly 0.77% APY, and the average return on 24-month CDs has plunged to 1.19% APY.

But Colorado Federal Savings Bank is paying 1.70% APY on its savings account.

A minimum deposit of $2,500 must be maintained to qualify for that rate, but the account can be opened online and is available to savers nationwide.

Although accounts can be jointly held, you aren't allowed to name beneficiaries in the case of death, which is a deal-breaker for some savers.

Although the Web site for this online bank based in Greenwood Village, Colo., says this is a fixed-rate account, we checked and that's wrong.

Like all savings accounts, the rate at Colorado Federal is variable and could be reduced at any time.

But there's no long-term commitment with a savings account, so if you become disenchanted with your rate, you can always withdraw your money and move on.

The next-best rates on nationally available savings accounts as of Feb. 4 are:

1.60% APY from Bank of Internet, an online bank based in San Diego. You need only $100 to open an account, and there are no minimum balance requirements.

1.50% APY from American Express Bank, the online bank owned by the credit card company. No minimum deposit is required.

1.50% APY from Ultima Bank Minnesota, with locations in Fosston and Winger, Minn. A minimum deposit of $1,000 is required and must be maintained to earn interest.

1.50% APY from Dollar Savings Direct, the online division of Emigrant Bank, which has dozens of locations in the New York City area. A $1,000 account balance minimum is required.

Most money markets currently pay less than savings accounts, with one notable exception: the Mega Money Market Account pays 2.00% APY and is available from three jointly owned banks in Oklahoma.

Compare these rates with the best savings and money market rates from scores of other banks in our extensive database.

By Carolyn Siegel

Interest.com Associate Editor