Rates have been falling in recent weeks. Nevertheless, E-Loan bank has made an impressive move to the front of the pack with an online bank account paying 5.5% APY. You'll need to scrounge up $5,000 to meet the initial minimum, but after that you can keep a lower account balance and earn this rate. Take a look at an E-Loan savings account review to see it you'd benefit from using the account.
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In the short time since this was written, E-Loan has dropped their rate twice, and it is now at 5.25% APY. In addition, I have read several negative comments concerning E-Loan, such as funding an account twice, resulting in overdraft fees from the funding bank. I would stay away from them. An alternative is igobanking.com. They have a 5.3% APY and so far no negative comments.