Not sure how many people know about ING, but for me it's incredible.  

They are up to 3.75 for a normal savings account, no minimum balance, no fees, take your money whenever you want.

The only downfalls I've read about them is that it can take up to 2 days to get your money back from them, but that is because it has to be routed back into your checking account.  Other online banking firms have MAC cards you could use, but that costs money that you pay either in fees or lower interest rates.  I personally like the way ING works, simply don't put money in that you would need before the 2 day waiting period.  

If you are referred by a current member of ING and if you make an initial deposit of at least $250, you get $25 just for enrolling, the person who referred you gets $10.  Once you're a member you can refer up to 25 people and make $10 each.  I have referrals left if anyone would like to sign up and make $25.

This thread on fatwallet has a lot of good info on these kinds of accounts. One, HSBC, has a $1 minimum balance and pays 4.25%. Not too shabby.

www.emigrantdirect.com/ pays 4%, so if the highest FDIC backed return is your goal, then they're great.  The problem is that their customer service is horrible and their web site (like at the moment) is often not working.  I know several people that have put money into an account there but have never received a statement, written confirmation of their balance, or even had their account enabled on the web site so they can get their money back out of the account.

heavily_armed, nice recommendation for HSBC.  I wish I had known that before suggesting Emigrant Direct to several relatives and coworkers.z

Thanks. When I read through the discussion at fatwallet, it seemed most people were getting out of emigrant and into HSBC (also FDIC insured IIRC). That thread I linked is kind of like the ammo price thread on this site--it's constantly updated and sorted by best interest rate. The GMAC savings account has an even higher rate but there's a $500 minimum.