Many of the high yield savings accounts (e.g., Ing Direct, Emigrant Direct, and others you can find at have lowered their yields to around 2.4%.  Interestingly, Emigrant Bank has created a new entity called Dollar Savings Direct that currently offers 3.5%.  As far as I can tell it is identical to Emigrant Direct except for the higher rate.  My guess is that this is an attempt at attracting new money while not having to pay the higher rate to existing accounts.

As money flows in I would expect this rate to slowly drift down to match the Emigrant Direct rate.  It recently dropped from 4% to 3.5%.  So it bears monitoring.  These accounts are FDIC insured

If looking for a checking account, Imperial Capital Bank offers iChecking that is currently paying 2.85%.  I have been using them personally for a few years now and have had no problems (other than no local branch of course).