Five Must-Knows About CDs

For example, just before the collapse of IndyMac, the bank offered CDs with much higher yields then their competitors.

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Currently, the average yield on a one-year CD is around 3.6 percent. There is no one-size-fits-all rule on CD rates, but it is safe to assume if you find a one-year CD with a rate greater than 5 percent, you should walk away from it.

Mellody Hobson, president of Ariel Investments in Chicago, is "Good Morning America's" personal finance expert. Click here to visit her Web site, www.arielinvestments.com. Matthew Yale contributed to this report.