This is tricky question because the highest priorities for your emergency savings dollars are stability, liquidity and accessibility. We preach about having an emergency account equal to 3-6 months of normal spending. Bank savings accounts are a natural fit for this job because they provide all three. The value remains stable and you can generally transfer cash from your savings to checking account with just a few clicks. Further, as long as your savings account doesn't require a minimum balance, there is no cost or penalties for accessing your cash whenever you need it.

The downside to stability, liquidity and accessibility is that it comes at a cost, an opportunity cost. With most bank savings accounts paying less than 0.15% interest and some (including ours) paying as low as 0.05%, we all get a front row seat to watch the purchasing power of our savings account erode.

Often the bank's solution is to offer certificates of deposit (CDs) paying a slightly higher rates. However, CDs are not a good fit for emergency savings dollars because they fail the accessibility test. If the unexpected strikes and you need to tap your emergency savings account, you're likely to face additional fees and penalties to break a CD to access your money.

In recent years, there has been an emergence of online high-yielding savings accounts that provide an interesting middle ground for those that want stability, liquidity and accessibility but would also like to earn some respectable interest.

Major financial institutions such as Discover, AMEX, Capital One and Barclays, among others, are offering online savings accounts paying interest as high as 0.90%. These online savings accounts carry the same FDIC insurance that the bank savings accounts carry to protect us in the event that the bank finds itself in financial trouble.

Online savings accounts are linked to your existing bank account which allows for transfer to and from the online account with just a few clicks. It is worth noting that the actual transfer takes a couple days to process so money held in these accounts technically isn't accessible for a day or two. If that becomes a concern, you could always hold a few thousand in the bank savings account while letting the bulk of your savings work harder for you in an online account.

The best place to find online savings accounts and their interest rates is Bankrate.com, an independent site that compiles all of the data for you. If you find one you like, you can click a link and could have an account set up in no time.