In an attempt to shore up their own balance sheets Washington Mutual is offering a 5% APY 12 month CD.  I would consider locking up a portion of your savings in one of these CDs even if you’ve already got a high-yield savings account.  Currently, my online savings account gets me 3.75% APY.  This isn’t bad but 5% is obviously better.  “But Suze Orman told me not to lock any money into a CD right now, what do you say about that?”.  Well, in my opinion with the increasing rate of foreclosure and the still declining housing market, the economy most likely will not make a huge recovery anytime within the next 12 months.  Without a recovery on the horizon I don’t think we’ll see an increase in the fed funds rate which can be closely correlated to savings rates.  Remember, when the fed funds rate was at 5.25% most online savings accounts were getting just over 5% as well.  Mr Bernanke has a waaaaaaaaaaaays to go before he gets the fed funds rate back up to the 5% area.  So I say go ahead and lock in some money at 5% for a year.  When the year is up, re-evaluate the situation based on high-interest savings account rates at the time.  My guess is that 12 months from now we’ll be seeing savings rates start to creep up again.