PLEASE NOTE: http://www.aid4families.com has all the markings of a rip off. They offer 120% APY with no indication of FDIC insurance....... major danger sign.......... besides no one on the planet (that's legit) would offer any rate over 6%. Be very happy to get 5.05% - 5.10% APY.

-BankUnited: 5.35% (watch out for maintenance fees)
(www.bankunited.com)

-UFB Direct: 5.31%
(www.ufbdirect.com)

-iGObanking: 5.30%
(www.igobanking.com)

-E-LOAN: 5.25%
(www.eloan.com)

Banks like HSBC Direct, ING Direct, and Emigrant Direct are good options too, but their interest rate is not among the highest anymore. However, ING Direct is popular for excellent service.

Also, HSBC is running a promotion 6% interest rate for a limited time...regular rate is 5.05%

As a response to rip-off, aid4families.com has nearly 30 links on the frontpage for how people are being "ripped-off" and openly compare their track record of no complaints to the constant flow of lawsuits against the big names. 120% apy makes it obvious that 6% is a rip off. Also they mention how the early days when the discount online brokers took brokerage commissions from $400 a trade to $20 this same type of fear mongering went on from the industry and the brainwashed who didn't want more money in THEIR own pocket. You have to make your own decision and that's what you should do. Read the links on the front page and compare apples with apples. We should hope like e-trade a decade ago forced lower commissions that this company stops the price fixing on apy. Talk about rip offs!! there is very little fluctuation in my apy at the bank but the fdic insured have no problem offering adjustable rate mortgages and millions lose their home right now!!! There doesn't seem to be a limit of 6% on credit cards (fdic protected sham shell game) or on loans. Fdic means you can file a claim if the bank closes completely, most of the time they don't so it may take months or years just to get your deposit (limited to 100k total)back. With this company at least you have all your money back in a few months I'm better off making more money for ME just like people are better off keeping all those commissions from the big brokerages. Just like wall st. had to offer discount trading, maybe this will force banks to offer interest the way they charge it.

I know alot of online banks offer high rates like emmigrant direct, capitial one, and hsbc but f/ experience and f/ friends that have tried the other banks...ING is your best bet.

Once you gather enough money you might try investing it in a Certificate of Deposit -- they yield more return than a Savings account; just make sure you don't need the money back right away.

Try: http://www.bankrate.com/ if you want more info on CDs.

If you know that you won't need to withdraw your cash for at least 10 years though consider something that has an even better yield. Most insurance companies or banks will offer CDs (certificate of deposits). They yield the best when you put your money in for longer. For example a 5 year CD might yield 4% (per year) and a 2 year might only yield 2%.

If you have a bit more guts now is also a great time to invest in the stock market (since it is very low). The stock market fluctuates from year to year up and down, but over a 10 year period it will do much better than any bank account. (That's where the insurance companies that take your money market funds put your cash).

To do that you will need to talk to an investment advisor, or just open up an online trade account with an online broker like scottrade or Tradeking. (I recommend tradeking cause it's cheaper). It's pretty self explanatory how to buy. Since you probably don't want to try to figure out which stocks to buy just buy the index fund, ticker symbol SSO. One share of this index will automatically buy you an even amount of every stock in the S&P 500. That way you will earn your dividends as your money grows in value over time.

Good luck!