Go with an online savings account that offers a high yield and easy access to your money. EmigrantDirect, ING Direct and HSBC Direct are paying between 4.35% and 5.05%.
A one-year CD is fine if you won't need your money before the year is up. Inflation-adjusted I-bonds aren't suitable for short-term saving. You must hold them for at least one year, and you forfeit three months' worth of interest if you hold them for less than five years.
See Build Your Financial Foundation for more information about building up a stash of cash and where to keep it.
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