If you let a $10,000 deposit sit in a standard savings account for a year, you'd earn a mere dollar in interest. That's because most major banks out there offer an interest rate of 0.01 percent. But if you put that $10,000 in a high-interest savings account at an internet bank like Synchrony, Ally or iGoBanking, which offer interest rates between 1 percent and 1.55 percent, your $10,000 deposit could yield up to $155 after one year.

The reason internet banks can offer 155 times more interest is because they don't have to spend money building thousands of branches and hiring people to fill them. The major drawback is convenience: It will take you a couple of days to access your money, whereas you get instant access, and lots of ATMs, with big banks like Chase and Wells Fargo.

You can earn even more if you use a certificate of deposit (CD), a savings account that offers a higher interest rate and fixed date of withdrawal. Again, you're trading convenience for interest. With a CD, you agree to let your money sit tight for a set number of months or years, and if you withdraw your money early, you'll be charged a penalty. If you can be patient, though, you'll be rewarded with returns of about 2 percent or more.