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Alot of factors go into this such as how long you plan to save, risk, ect...
Options:
Savings Account (Your bank is going to offer a low rate around what you're getting 0.75) But a FREE third party like ING Direct is going to offer 3.75% (Everyone seems to like ING Direct) Now you can go higher with Emigrantdirect which offers 4.25% but I hear they have poor customer service. So I think I'd rather do with out the extra 0.50% just for some good support. When you setup an account with either company they basicly "attach" to your bank account where you can withdraw and deposit from their interface. Easy, pleasey, japanesey. Accounts are FDIC insured upto $100,000 and you can have upto 2 accounts with each company so you can have a total of $200,000 in there that is FDIC insured.
Now another option would be aggressive growth mutual funds where you _could_ see returns up to 10% APY. But you'll need to do more research on this your self.
Then there are always CD's and RothIRA's. Basicly with a roth you pay tax when you put the money in then the interest is tax free and clean and clear for when you withdraw.
Lots of options currently I just save in an ING Direct Orange savings account.. but looking into more options for higher return but the higher the return the higher the risk. You may also want to look into an overseas savings account. For example England has a standard 6% AER (APY) return.
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