a glance on time deposit

Hubby and I are thinking of opening a time deposit like a certificate of deposit or CD. CDs are similar to a savings accounts in that they are insured and risk-free. They are money in the bank, but has a specific, fixed term and usually a fixed interest rate. I have researched a little about it, especially the ongoing CD rates and here are a few general guidelines I have gathered so far about the interest rates: a larger principal should receive a higher interest rate, a longer term will usually yield a higher interest rate and smaller institutions tend to offer a higher interest rate than larger ones.

We wouldn't know for sure if it is the right time to invest on time deposit now since the economy is bad. Economists say that long-term certificate of deposits are at low rates. When economic indicators point to a recovery, these rates will rise. We don't want to get into something we're not 100% sure of, so we will just keep track of CD rates for now.

Any idea on time deposits or certificate of deposits?