-- Treasury-only money-market funds. Not all money-market mutual funds are alike. Some buy a combination of short-term assets, including commercial paper. Others announce that they will buy only short-term Treasury bills and overnight "repos." You'll find that these funds carry lower yields because they invest in only the safest instruments. For example, the American Century Capital Preservation Fund buys only the shortest-term Treasuries and has a year-to-date yield of only 0.04 percent.

-- Bank money-market deposit accounts. The difference between a money-market mutual fund and a money-market deposit account was nil when there was a federal guarantee. But now these liquid bank accounts are different because they carry FDIC deposit insurance. According to Bankrate.com, the average money-market deposit account yielded 1.1 percent last week.

-- Insured bank CDs. If you're willing to tie up your money for slightly longer periods of time, you can get a slightly higher yield. For example, the Bankrate national average for one-year certificates of deposit last week was 1.76 percent, with higher rates available from some institutions. But you forgo the liquidity that money-market accounts offer, since there is a penalty for withdrawing money before the term of the CD.

-- Treasury bills. It is very easy for the individual investor to purchase Treasury bills directly from the government at the weekly Monday auctions. And you can do that with a minimum of only $100, but you'll need a bank checking account (or money-market deposit account) to pay for your purchase and receive the interest payment. Just go to TreasuryDirect.gov, click on "Individual" and follow the easy instructions. Last week's yield on 26-week T-bills was 0.23 percent.

In these days of low yields, everyone -- especially seniors who need the interest income to cover living expenses -- is searching for a higher return. But if someone offers you a promise of higher yields -- whether in a short-term bond fund, or an annuity, or other product -- then you are taking on more risk! And that's The Savage Truth.