They're movin' on up! The average yield for a one-year CD, as surveyed by Bankrate.com, is 2.23 percent, 5 basis points higher than last week and up 23 basis points since May 7. The average five-year yield stands at 3.38 percent, up 8 basis points in a week and 55 basis points since early May.

A quarter percent, and certainly a half percent, can make a significant difference in return even for a relatively modest investment. But is 2.23 percent worth locking up your money for a year? Probably not. The Fed heads decided at the latest meeting not to cut short-term interest rates and indicated that downside risks to economic growth remain, but have diminished somewhat, while upside risks to inflation have increased.

That sounds like they're itching to raise rates. Who knows when they'll get that opportunity, but I suspect it will be in less than a year.

Meanwhile, the jumbos are certainly going along for the ride. The one-year jumbo CD yield rose 6 basis points to 2.43 percent, and the five-year spiked 8 basis points to 3.54 percent. Money markets held at 0.71 for the second week in a row after spending four weeks locked in at 0.73 percent.

Do better than that -- visit Bankrate's database for high-yield CDs and money markets.

-- Laura Bruce

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