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As you hunt for better yields, keep the following in mind:

Safety still matters. Some of the banks offering the best yields are financially strong -- and some aren't. The risk is minimal if your deposits at any bank are below the $250,000 guaranteed by the Federal Deposit Insurance Corp. If you're depositing more or you're concerned about hassles should a bank fail, you can use rating systems such as Bankrate's Safe and Sound to check an institution's relative strength.

Fees deplete your returns. Try to avoid fees of any kind, particularly the monthly maintenance fees some banks charge when accounts drop below certain levels. Make sure your account stays above your bank's minimum, or, better yet, find a fee-free account. Many banks offer high-yielding accounts with no fees or minimum balance requirements.

Don't lock yourself in. Right now, locking up your money for longer terms doesn't get you much more yield, a sign that interest rates are expected to stay low for a while. Several banks offer 4% rates on five-year CDs, only slightly above the top rate for a one-year CD. Go for the longer yield only if you're convinced rates will be lower when the CD matures. Otherwise, consider laddering your savings -- choosing CDs of different yields so you can take advantage of future rate increases without exposing your whole cash stash in case rates drop.

Mind the fine print. This is particularly true for rewards checking accounts, which typically require users to have direct deposit and make a certain number of debit card transactions every month. Also, where you live matters: Many of the banks and credit unions offering rewards checking restrict the accounts to state residents.

Liz Pulliam Weston's latest book, "Easy Money: How to Simplify Your Finances and Get What You Want Out of Life," is now available. Columns by Weston, the Web's most-read personal-finance writer and winner of a Clarion Award for online journalism, appear every Monday and Thursday, exclusively on MSN Money. She also answers reader questions on the Your Money message board.

Published Jan. 8, 2009