The Crave for High Yield Savings

Everybody wants a high yield on their savings accounts. I just transferred some money to my Paypal Money Market account which currently yields 3.76%. I also have a savings account at ING Direct. Emigrant Direct is yielding 4.0%, which seems to be the highest non-money market account rate. I don't recommend a CD longer than 3 months right now. I can easily see Greenspan taking rates up to 5%, and of course I think he could have stopped tightening in June. The best way to invest cash that you have sitting on the sidelines is to put it into a money market account or high yield savings account.

Here is a list of the highest yielding savings or money market accounts with a $1 minimum

EmigrantDirect 4.0% (Savings)
UFB Direct 3.80% (Money Market)
Paypal 3.76% (Money Market)
Capital One 3.75% (Savings)
HSBC 3.75% (Savings)
Western Financial 3.55% (Money Market)