“You have two concerns when it comes to deciding where to park money for the short term,” says Margi Rice, a personal and consumer loan specialist at SunTrust Banks. “You want to earn the highest interest possible while still having money available when you need it.” Your options:

Certificate of deposit.

The greatest interest returns are on CDs that mature in a year or longer. For instance, AmTrust Direct (888-228-8146) was recently promising an annual percentage yield (APY) of 5.71 on a one-year CD ($1,000 minimum). The obvious drawback: You can’t touch your money before the CD matures without being hit with a penalty that will clip much of your earnings. Best for: Those who know they won’t need their money before the CD matures.

Online savings accounts.

“Conventional passbook savings accounts are a thing of the past,” Rice says. Online accounts now offer the highest rates. Amboy Direct (amboydirect.com) recently offered a return of 5.25 percent with a minimum opening deposit of $1 and no maintenance fees. Other banks offer slightly higher yields but require either substantial opening deposits or minimum balances (or both) to avoid fees. Online savings accounts do not offer checking. Also, federal law prohibits more than six withdrawals a month from such accounts. Best for: Those who want to be able to move their money in and out of a high-yield account.

Money-market accounts.

Check writing and the use of ATMs are about the only advantages to a money-market account, although most limit the number of checks you can write each month (usually six) and require a minimum dollar amount (usually $250) for each check written. Yields are competitive with online savings accounts. Best for: Those who want to be able to write checks and use ATMs.

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Dave Ramsey’s financial advice appears every week in Quick & Simple. He is the host of the nationally syndicated radio program The Dave Ramsey Show and best-selling author of The Total Money Makeover and Financial Peace Revisited.