What's with the CD rates now?

My financial institution has lowered their interest rate for CD's to 2.5 APY. Edward Jones has a little bit higher rate, but I've always gone through my bank. Has anyone had any experience with Edward Jones, and was it good or bad?

You should understand the difference between bank account rates and rates from brokers. Accounts at US banks are insured by the FDIC for up to $100,000 (or more on some IRA and other accounts). Accounts at brokerage firms are not FDIC insured. Bank account rates are generally lower than rates at other investment firms because of this insurance. Rates do differ among different banks for the same CD term even though all are FDIC insured based on the supply and demand dynamics of the particular banks. Banks in need of deposits will offer more attractive rates. Bankrate monitor.com shows you the best rates throughout the country.
Money market rates at investment firms are usually slightly higher than comparable bank rates, but there is an incremental amount of risk that you assume for getting that higher rate. While very few money market funds have ever lost money (in some cases, the sponsor firm has agreed to make up any loss),there is that possibility. The general rule is the higher the rate, the more the risk that you are assuming, however the market is not always efficient.
I have no experience with Edward Jones, but many of the large financial firms like Fidelity, Schwab, Etrade offer good rates for money market accounts (now about 3.5%). Etrade even has a bank that is FDIC insured and offer rates that are near the top of the market for all banks.

Also, know that money market rates are not fixed and will go up or down with interest rates (since the money market fund invests in different short-term debt instruments). If the Federal Reserve continues to lower short-term rates, money market rates will continue to decline, whereas a CD is locked in for the term. After reducing rates for the last year by a large amount, many think that the Federal Reserve is done or could be done lowering rates for now as they wait to see if the economy will recover. Because inflation is rising, many think that the Fed will begin to raise rates aggresively in order to combat inflation once the current mortgage crisis is over. So be careful if you invest in a CD with a term longer than one-year as rates could rise dramatically and you could be locked in at this low rate.

Edward Jones is just another Investment Firm; their financial advisers make a living by bringing in the customers. I have never used them; I am like you, I have always gone to the banks for CDs.

Right now, the CD rates are low! They are ridiculously low; I think it must be very hard for those who depend on their income thru the interests from their CDs. You can use bankrate.com to check on CD rates for the different state. But my experience is still the old fashion way, it's better to check with the banks you do business with. Many branches of the banks have their own better than advertised promotional CD rates.