While the stock market yo-yos and the future of interest rates remains in question, 1-year CDs are becoming an attractive safe haven for guaranteed returns.

Right now, some banks are offering 4.00% APY or higher, which means a $10,000 deposit could earn about $400 in a single year -- without taking on any risk.

What you could earn from a 1-year CD right now

The national average for 1-year CDs is just 1.75% APY, according to the FDIC. But the top CD rates available today are in the 4.00% range.

Here's a quick breakdown of how much a $10,000 deposit can earn in a 1-year CD, depending on the rate:

That makes today's top offers around 4.00% a huge upgrade -- potentially $225 more interest for simply picking a better bank.

Ready to earn more on your savings? Compare today's best 1-year CD rates here and lock in a top-tier APY.

Is a 1-year CD right for you?

A 1-year CD is a nice middle ground between short-term flexibility and long-term returns. You won't be locked in for multiple years, but you'll still earn a solid rate without any volatility or surprises.

Here's when a 1-year CD makes a lot of sense:

• You have cash you won't need for the next 12 months
• You want a fixed, guaranteed return (no market risk)
• You think rates might drop soon, and want to lock in while they're still high

One thing to keep in mind: CDs typically charge a penalty for early withdrawals. So make sure you won't need that money until the CD matures.

A more flexible option: High-yield savings accounts

Not sure about locking up your money for a whole year? A high-yield savings account (HYSA) gives you many of the same benefits -- with more flexibility.

Top HYSAs right now are also offering around 4.00% APY, and you can generally withdraw or transfer money anytime without penalty. The downside however, is that rates can change quickly, so returns are never guaranteed.

If rates hold steady, you could still potentially earn $400 in interest with a $10,000 deposit.

Yes, a CD can lock in that return. But the HYSA gives you freedom to move money throughout the next year. If flexibility is a priority, the HYSA might be the better bet.

Put your savings to work

Whether you choose a 1-year CD or a high-yield savings account, either one is a huge upgrade from letting your money sit in a low-rate account.

Make the switch now to keep your savings safe -- and earn the most interest while rates are still high.