Since savings accounts in bank do not offer much interest anyway, here are few high yield savings options for you. Prosper and Lending club are peer to peer lending portal.
If you need to borrow for your home re-modelling or healthcare needs, you can go to these portals to borrow money. These sites take care of all paper works and checking your credit score and all other formalities and basically rates your credit worthiness and assigns the interest they are going to charge you.
Now, you need to lend money to earn high yield on your investment. You go to the market place of prosper and lending club and find notes. Note is nothing but the people who is looking to borrow. You can see the rating, that is essentially the credit worthiness. Based on credit rating, income, past payment history, total debt etc.
How these high yield savings work?
You can invest as little as $25 on a note. My advice you get notes with the highest rating, although the return on your investment would be low but at least your investment would not go bad and you will keep on getting interest payment along with principle balance.
And every month you can withdraw those funds back to bank account or re-lend it.
The business model is, the borrower pays interest and some principle amount , prosper or lending club take their cut as processing fee and then you get part of your income from the interest the borrower has paid. Remember, the borrower can default. And lower the rating they got, higher the chance of defaulting it. So it is safer in low yield notes those have highest rating.
These is one more high yield savings option, DCU.org, for first $500 you will get 3% and then the interest goes down for rest of the balance on your savings.
If you are interested to invest in gold and worried about storing then try out goldmoney.