What's bad for the banks is good for your money pile.

Anyone with money in savings accounts, certificates of deposit, money-market funds -- even some lowly checking accounts -- has benefited since the Federal Reserve started raising short-term interest rates in 2004. If you're not among them, it may be time to rethink where you're keeping your cash.

Banks have responded to changing economic conditions and the frenzied competition for your deposits in various ways. North Fork Bancorp sold itself off to Capital One Financial this past Sunday. The next day, Washington Mutual upped the ante on consumer-friendliness by waiving fees for new checks, wire transfers and one bounced check per year.

Way below the radar, meanwhile, a bunch of banks you've probably never heard of, like Bank of Internet USA and the State Bank of India, are competing the old-fashioned way: They're offering some of the best yields in the country, and they keep heading higher.

With at least two Wall Street chief investment strategists currently advising clients to park a full quarter of their money in cash, it's an excellent time to review your options. Here's how they stack up:

Savings Accounts.
The old-fashioned passbook account has moved to the Internet. HSBCdirect.com, ingdirect.com, and EmigrantDirect.com generally vie for supremacy here, playing a cat-and-mouse game of one-upmanship with occasional special sales thrown in to confuse matters further. Right now, HSBC has the edge, with an annual percentage yield (APY) of 4.80% on both new and current deposits. That rate is only good until April 30 though; after that, the bank says the new one will be "competitive." Emigrant's rate is 4.5% and doesn't have an expiration date.

Here's a strategy some investors use:
Link savings accounts to lower-interest checking accounts at a local bank and transfer money back and forth online. The goal is to maximize the money earned by keeping as little money as possible in the checking account without bouncing a check.

Checking Accounts.
If you want a one-account solution, consider the humble checking account. Bank of Internet USA has a 3.15% APY. EverBank offers even more if you keep more than $25,000 there.

As with any checking account, it's imperative to ask about any required account minimums, all fees and whether there are any restrictions on how often you can transfer money in or out to other institutions.

Money-Market Accounts.
There are three main kinds. First, there are the ones that banks themselves offer. They, like CDs and checking and savings accounts, are guaranteed up to at least $100,000 by the Federal Deposit Insurance Corp. in the event of a bank meltdown. Bank MMAs may offer better rates than regular checking accounts, even though the MMAs often offer bank-like ATM access and check-writing privileges. The catch is that with these MMAs, you're allowed only a certain number of some types of transactions each month.

The other two money-market vehicles are mutual funds; one type gives out tax-free yields while the other one is taxable. These are not FDIC-insured, though it's extremely rare for one to get into trouble. Rates are ranked on iMoneyNet.com. These funds are useful if you want to temporarily park dividends and proceeds from stock or mutual-fund sales before deploying the money elsewhere.

Brokerage Accounts.
Until recently, most brokerage firms automatically "swept" cash into a high-yielding money-market account. Many, however, have started diverting the money into much lower-yielding accounts. Call your brokerage firm and ask where your cash gets parked and whether you can reset the sweeper to put your spare money someplace better.

Certificates of Deposit.
These offer the best yields of all for the patient. Commit your money for six months (there are harsh penalties if you yank it out sooner), and you could earn an APY of 5%. Millennium Bank in Reston, Va. offers that rate to anyone, not just locals (Bankrate ranks CD's too and all listed banks offer them nationwide). The State Bank of India, which has an FDIC-insured outpost in New York City, is currently third on the charts at 4.94%.

Can you trust these institutions? Bankrate offers "Safe & Sound" ratings, starting with "Superior" and descending through "Sound," "Performing," "Below industry average" and "Weak." They measure only the financials, not service. Millennium is "Performing," while State Bank of India is "Sound."

So how can small banks offer such good rates? Without multiple buildings or big ad campaigns, they can afford to pay you more. And that's why reflexively leaving idle cash in your Bank of America or Charles Schwab account may be a bad idea right now.