WITH A SERIES of Federal Reserve cuts knocking interest rates down to a measly 2% over the past year, there's been little incentive for cash-strapped consumers to be diligent about saving. But recently, things are taking a turn for the better.

Despite increasing uncertainty about the Fed's next rate move, bank yields are on the rise. The current average savings rate is 2.4%, up from 1.6% in April, according to Bankrate.com. But at some banks, consumers can easily earn more than 3.5%, and may even qualify for rates that top 6%.

Competition for deposits as consumers deplete their accounts to battle higher prices on everything from gas to food has forced many banks to start offering better deals. "Rates have stabilized, and some products have begun to go up a little bit," says Edward Kountz, a senior analyst with JupiterResearch.

Jacksonville, Fla.-based EverBank, for example, just increased the introductory annual percentage yield, or APY, on its Yield Pledge Money Market account to 4.76% (up from 4.01%) for three months on a minimum initial deposit of $1,500. Thereafter, balances earn up to 3.51% (up from 3.01%).

Given the uncertainty about the Fed's next move and consumers' stretched budgets, there's little to no advantage in investing in products like certificates of deposit, or CDs, which lock in your cash at a specific rate for a set term (from as little as three months to as long as five years). Minimum investments are often several hundred dollars, and withdrawing the money before your term is up can trigger harsh penalties amounting to several months' interest. Money market and savings accounts, on the other hand, offer easier access to the funds without penalties, and provide the flexibility to jump on a better rate should one come along in the next few months, says Kountz.

When it comes to opening these types of accounts, make sure to do your research first. "You have to shop around," says Greg McBride, senior financial analyst with Bankrate.com. "There's a substantial difference between settling for average and getting the best rates out there." Here's where you can hunt down those high yields.

High-Yield Savings/Money Market Accounts

Some of the best deals can be found in online-only accounts, says McBride. One major benefit of these accounts is that you can link them to your existing checking and savings accounts. Here are the five highest yields with the fewest strings:

* Data from Bankrate.com.

Maximum Earnings Accounts

With a few more strings attached, the latest incarnation of

offers a high interest rate (hence the "maximum earnings") in exchange for certain requirements, such as maintaining a checking account at the bank, paying bills online and signing up for electronic statements. Here are two high-yielding maximum earnings accounts from big-name banks:

* Data from individual banks.

Reward Checking Accounts

If you're willing to jump through a few hoops, so-called

offer the highest yields around. The catch? In exchange, you must meet a few requirements each month, like making a set number of debit card purchases and receiving statements electronically. "It's a game you can't lose," says Bruene. "You either earn the extra money or break even with a rate like you'd find on a free checking account." (Most free checking accounts offer little interest, if any at all.) Here are the five highest yield accounts, plus what you must do to secure the great rate:

* Data from Money-rates.com.

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