I agree with terry, in these times of rising interest rates, I would be looking for the best rate in the shortest time frame. If you have 10K to put in a CD, I would look into Corus Bank in Chicago, who is offering a 4.37 APY for one year CD. Do a search on bankrate.com for the best CD rates.
I have half of my e-fund in a one year CD. It provides a slightly better interest rate than my Credit Union account, while still being a safe investment.
http://www.bankrate.com/brm/rate/high_home.asp