Another week of very slight erosion in CD yields. There's still considerable flight to safety as the stock market gyrations continue. Bank CDs are benefiting from that fear and that may keep downside pressure on CDs for the time being.

This isn't to hazard a guess as to when the stock market may bottom out, but there does appear to be some bottom-fishing taking place. An awful lot of money is sitting on the sidelines waiting to be reinvested, and as that money comes back into the market, we should see CD yields start to show some life again.

As expected, the Fed has cut the federal funds rate again. Eventually, short-term rates will be so low and so unattractive that people will be willing to risk buying equities once more.

So, here are this week's numbers. The average one-year CD now yields 2.68 percent, a drop of 2 basis points; the five-year fell 1 basis point to 3.45 percent. The one-year jumbo shed 1 basis point to come in at 2.87 percent. And the five-year jumbo stands at 3.53 percent after losing 2 basis points. A basis point is one-hundredth of a percentage point.

Money market account yields were unchanged for this week; remaining at an average of 0.75 percent.

For the best deals visit Bankrate's high-yield database for CDs or money market accounts.

-- Laura Bruce

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