I want to give you some suggestions for some of the best places to put your savings dollars. Nowadays, when interest rates are likely to be as low as we will ever see them in our lifetime, it's important to shop for savings vehicles that are going to earn you more interest than the .025% or so that most banks are offering. On the flip side, you want feel that your money is safe with your financial institution, but that security is something that seems harder to get in the wake of all the institutional failures, rampant debt, market crashes, lay-offs, and daily negative news reports. You need more than a tin can in the back yard for your savings.

These are some of the best online savings and money market accounts. There are others that are easily found, but I chose these for their yield, safety rating, low costs, and customer feedback on ease of use and customer service. These all get good ratings on safety and with higher yields than accounts at your home town bank. The APYs (annual percentage yields) shown here are current as of today, but of course are subject to change.

• FNBO Direct Savings Account. 2.8% APY. Kiplinger's Best Online Savings Account for 2009. $1 initial deposit, no fees, ATM card, highly rated for safety.
• HSBC Direct Savings Account. 2.6% APY. No minimums, no fees.
• Everbank Yield Pledge Money Market Account. 3.18% (First Year) APY. Minimum $1,500 initial deposit.
• Capital One Direct Banking Money Market Account (with check-writing privileges). 2.10% APY.
• E*Trade Bank Savings Account. 3.01% APY. $1 initial deposit. No minimums, no fees.
• Emigrant Direct Online Savings Account. 2.5% APY.

Here are just a couple of 12-month CDs you can get online. To mention these two here, I looked at the yields, minimum deposit requirements, and safety ratings of over 30 CDs:

• Discover Bank. 2.5% APY. $2,500 minimum.
• ING Direct. 2.75% APY. $1 minimum.

I did not list more CDs for you because you can get as good or better yield on your money in one of the above savings or money market accounts. Also, it may be possible for you to find a better CD at your local bank.

Note: The reason for the interest rate spread (difference) between CDs and savings/money markets is that you get an interest rate guarantee with a CD, meaning you are protected from falling interest rates until your CD matures. You pay for that yield protection by taking a lower yield than what you get with savings and money market accounts, which have frequent interest rate fluctuations.

My opinion on that, however, is interest rates from this point forward are more likely to stay where they are for a while or go up (there's not that much room for rates to go down), so falling interest rate risk is actually low for a new CD owner. That's why I'd go with the savings or money market account.

That I would tell you to consider saving cash into a life insurance policy may sound strange, but with 10 years under my belt as a financial advisor, I can make this recommendation with confidence. Remember, I want to share with you some of the best places to put your savings dollars, and this hub article would not be complete without a suggestion to research this possibility.

I go into detail about why you should consider using life insurance for savings in another hub, so you can get that information there. I assure you that it's not a sales pitch to you at all, in any way, so it's safe to check it out. I promise. 

Do your own research online on the bank accounts available there and compare them to what your own local bank offers. And, don't be so quick to dismiss putting some savings cash into life insurance. Just be sure you compare policies between a few top-rated insurance companies before start a life policy. Now, more than ever, every cent counts.