Scott Burns is one of the nation's top personal finance newspaper columnist. He has also been a strong advocate against the monetary policy that helps the banks and the debtors at the expense of the savers. He describes more of the savers' plight in his latest column
But the banks are paying next to nothing on deposits. This makes them more profitable and less likely to need more money from Washington because they are taking it out of depositor’s pockets. The big banks rebuild while savers quietly go broke.
His recommendation is to move your money from the large banks that are paying practically nothing on deposits to the small banks that offer reward checking accounts. He doesn't go into details about the complications of the these accounts (i.e. small balance caps, falling rates). Nevertheless, reward checking accounts make a lot more sense than leaving your money in a checking or savings account at the megabanks.
Here's an interesting comparison that he gave. A $10K deposit at one of the banks that pay 4.26% returns $426 in a year. To get that much interest at Bank of America, Chase or Wells Fargo (which pay 0.05% on their checking accounts), a balance of $852,000 would be required.