In a difficult economy investors can feel a sense of hopelessness when searching for sound and lucrative places to stash their cash. However, there are actually safe FDIC-insured alternatives for weary investors.

Traditionally, when we think of FDIC-insured investments we rattle off common product names such as certificates of deposit, or high yield savings. I'd venture to guess we don't immediately think of such products as "Rewards Checking Accounts" or "high interest checking accounts," these products are currently yielding the highest rates.

Right now there are several banks and credit unions throughout the country offering interest checking rates of 4% - 6% APY if a few requirements are met. These requirements aren't difficult to meet, but they do require a proactive approach from the customer on a monthly basis.

Typical requirements include:

1) Up to 12 signature debit card transactions per month. Try not to get hung up over this requirement as each of these transactions may be fulfilled with something as simple as purchasing a latte, buying a round of beers, or filling up a gas tank. Make sure to keep track of how many purchases you are conducting throughout the month and you should be good to go (12 transactions per month = 3 per week = 1 every other day).

2) Initiate one direct deposit or ACH auto debit. This one may be slightly difficult to meet if you don't have any regular monthly bills to pay. If you have a lease on a car or make monthly car payments simply make the payment from this account (automatically) and this requirement will be sufficed.

3) Receive regular E-Statements. This should be a demand on the customer's end rather than a requirement in my opinion. These rates are subject to change at any time and receiving e-statements is the most efficient way to make sure your lucrative rate is still intact.

So what are the advantages of opening one of these accounts in exchange for meeting all of the previous requirements?

First, as mentioned earlier, you receive an interest rate that simply demolishes the current national average for savings rates. Even the best CD rates nationwide can't compare to the interest you will earn with a rewards checking account. 4.0% - 6.0% APY is what most of these accounts will yield up to a certain balance (usually $25,000). If you plan on stashing more than $25,000 in this account than your rate may dip to 1.0% - 2.0% APY depending on which institution you invest in (some banks/credit unions will keep the rate active up to $50k).

Another notable feature of these accounts is ATM reimbursements. Often, these institutions will reimburse you for ATM withdrawls (usually up to $30 per month). This comes in handy because competing ATM's will not hesitate to charge $2.00 + for withdraws.

These accounts aren't for everyone and should only be used if you are confident that you can routinely meet the requirements, but if the requirements are met then there are handsome rewards in store.