Do you have money sitting idle in a standard savings account earning one tenth of a percent? You could do at least 20x better than that with a high-yield or high-interest savings account.
A high-interest savings account is a great place to store cash that you may need in the relatively near future or in the case of an emergency. The rates change often, but this page will continually have up-to-date information from some of the top banks out there.
Betterment EverydayTM Cash Reserve is currently offering a bit under 1% for a simple savings account that is FDIC insured up to $1,000,000.
CIT Bank offers competitive Checking, Savings, and Money Market Accounts