Keyboard - are you comfortable with the size of your emergency savings account? If not, just keep adding to that for a while. It shouldn't matter where your cash is going, as far as the savings or money market account - whichever has the highest interest rate should be good - because there should not be a penalty for withdrawing from either of those.
Keeping your money in a CD - especially a 7 year 5% CD, is almost like keeping your money in a high yield savings account. 5% is not shabby at all, but as young as you are, I'm thinking that you're not going to want to keep your money tied up in a CD. If you withdraw money early from a CD, there is a substantial penalty - you won't lost principal, but you will lose a sizable chunk of the interest. I'm also thinking that you are going to learn exponentially over the next year or so about saving and investing, and are going to look at that CD later, and want to have placed that money somewhere else.
Also - while 5% is not bad, you are not going to stay far ahead of inflation. If your main goal is safety though - 5% isn't too bad.