This CNNMoney.com article, Make Money in 2011: Your Savings
, has a couple of useful tips. Here's one:
Spread out your bets. While you wait for rates to perk up, you can squeeze out extra yield without locking up your cash by using a strategy called a barbell. Divide your savings among very short-term vehicles, like savings accounts and six-month CDs, and longer ones, like four- and five-year CDs, for a higher average yield.
However, I don't see much benefit from going with 6-month CDs over internet savings accounts. The 6-month CD rates are just not high enough. Also, savers should consider high-yield reward checking accounts which remain a good alternative to internet savings accounts.