There's no downside to the report this week, although the gains aren't anything to get excited about. Nevertheless, the very cautious upside trend remains intact.

The average yield for one-year CDs rose by 1 basis point to 2.29 percent; as did the five-year average, which now stands at 3.46 percent. The one-year jumbo held steady at 2.57 percent, and the five-year jumbo gained 2 basis points rising to 3.75 percent.

There are some interesting deals in CD land. Bank of America is paying 4 percent APY on a seven-month CD, and Wachovia has a special offer of 4.25 percent APY on a one-year CD. You may as well take advantage of institutions that are trying to increase deposits, but remember to stay within the FDIC insurance limits.

Money market accounts regressed this week, shedding 1 basis point to come in at 0.71 percent.

The Federal Reserve's Open market Committee meets next week; we're not expecting any change in key interest rates. That won't do CD rates any favor; but it shouldn't hurt the trendline. A lot of banks need deposits!

Make the most of your CD dollars by staying short-term and checking out Bankrate's database for high-yield CDs and money markets.

-- Laura Bruce

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