ETRADE has one of the highest bank rates available right now. Their savings account pays 4.40% APY, which is even better than most of the best CD rates out there. For example, this is a higher interest rate than the OneUnited bank certificate of deposit. Plus, savings / money market accounts are liquid and can be withdrawn at any time without a time penalty.
While ETRADE has been having problems with their mortgage backed securities and their faltering brokerage division, it is still save to deposit funds in this account because it is insured by the FDIC up to $100,000. There are no minimums to open an account.