3% is great, but the $20K cap keeps you from earning serious money.
I have even a sweeter deal, through my wife (if I can believe it and get through the language barrier) )and red tape. There is a credit union in NYC that pays 3.25% on IRA savings:
The big catch is that you basically have to be Ukrainian (which she is) or possibly be of Ukrainian decent to qualify. The min is $0K- there is no max. But you have to qualify (which we have done and have established a small joint account) and they don't seem to be friendly or speak decent English. I am going to move some megacorp 401K money to them this week.