Hi Yield Savings

If you have some cash that you donot want to invest in stock or bond, the best option right now is to put it in ING Direct bank which is offering what it calls 'Winter Save Up Sale' that earns you 4.75% APY on new deposits to the bank's Orange Savings Account. This interest rate would be offered to all new Orange Savings Accounts opened by new ING Direct customers or to all existing Orange Savings Accounts belonging to current customers. The interest rate would be valid for any ammount (no mimimum) deposited any time between January 19, 2006 to April 15, 2006 – the Sale Period. After April 15, 2006, all the money in your account will earn the current APY at that time [at present which is 3.80% for old deposits if you had account in that bank].

We feel this is a good way to put your money to work with lucrative rates and enjoy high yield and security of your cash, while always getting access to it. Here are some more banks offering more options for you:

HSBCdirect is giving 4.25% in Money Market Account with minimum deposit of $1 only.
PayPal.com money market account currently has a yield of 4.30% with no minimum (not FDIC insured though)
Emigrant-direct's rate (which was leading until recently) for savings account is 4.00% with no minimum.
MyBankingDirect is giving 4.10% in Money Market Account with minimum deposit of $5000.
MetLife is giving 3.75% in its Money Market Account with minimum deposit of $5000. They are also giving $50 bonus for new accounts.
AmboyDirect is probably trying to give high interest but its conditions (e.g., initial $5000 earn no interest, etc) are so complicated and confusing that we felt it's better to avoid it. If you wish to try to understand what they are trying to say, please check it yourself.

[Note: MyDollar has no connection whatsoever with the above-mentioned banks. We are giving such information only because we think this would be useful to our readers]