Note, however, that your local bank may not offer the best rates available on MMDAs. I've opened all my money market accounts with Internet-based banks. By avoiding the expense of maintaining bricks-and-mortar branches, Internet banks can pass along higher yields to you, the customer.

Typically, Internet banks allow you to transfer funds electronically, free of charge, between your MMDA and your local checking or savings account.

When shopping for the best online MMDA yields, it's important to steer away from temporary promotions and other gimmicks.

Banks that consistently offer high MMDA yields include CapitalOne (866/871-7932 or www.capitalone.com), FNBODirect (877/370-3707 or www.fnbodirect.com) and OnBank (866/948-2265 or www.onbank.com). All three are currently paying 3% or more on MMDAs, despite the recent steep drop in T-bill yields and other short-term interest rates. FNBO and OnBank require no minimum deposit to earn the bank's highest rate.

CDs for Extra Zip

If you don't need immediate access to your cash, consider funneling part of your reserves into certificates of deposit. Some Internet banks are still paying well over 3% on CDs maturing in as little as a year.

One of my favorites is GMAC Bank (866/246-2265 or www.gmacbank.com), which nearly always ranks at or near the top in national yield surveys. Don't let the name of the bank cause undue alarm. As a separate legal entity from General Motors and General Motors Acceptance Corp., GMAC Bank isn't on the hook for debts of the other two.

Through September 30, the bank was profitable and well-capitalized by federal standards. Most important, your deposits at GMAC Bank are fully insured up to the FDIC limit. (See also: Four Dow-Defying Investments)

What if you're lucky enough to have more to invest than the FDIC limit?

Not a problem. A growing number of banks participate in CDARS, an automated network that allows you to spread your CDs among as many as 100 different banks. By opening an account with one member bank, you can qualify for FDIC insurance on up to $50 million of deposits.

For the names of member banks in your home state, visit www.cdars.com. Or go directly to the Web site of a leading Internet bank, Everbank (www.everbank.com), which belongs to the CDARS network.

Everbank is currently placing one-year deposits on the CDARS network at a yield of 2.9%. That's hardly a bonanza by the standards of the 1980s or 1990s. But it's almost 10 times what the U.S. Treasury is paying on one-year bills! Why lose out on a decent return just because other investors are beating a panicky path to Uncle Sam's door?

The major indexes are still 35%-40% off their highs. Most investors have taken a similar — or even bigger — beating. You won't make all that back in one fell swoop. But if you start right now and give yourself a little time, we can get you back into the black the proven Profitable Investing way. Just follow my 2009 Wealth Recovery Plan, and you'll be chuckling over your newfound good fortune. Your FREE 2009 Wealth Recovery Plan is waiting for you here.