But it's hard to see a compelling reason to lock yourself into a CD for more than a few months. You can earn 3.4% or so in a three-month CD, and that will leave you free to take advantage of higher rates if those come along.

Yes, it's always possible rates will head much lower, but it has to be unlikely. The markets are slowly waking up to inflation fears, and those will put upward pressure on all interest rates.

WSJ.com looks at current CD rates.