E*Trade Max Checking: 3.25% APY

I opened up an E*Trade Max Checking account today. It has 3.25% APY if you maintain a balance of over $5000. They also reimburse ATM fees if the withdrawal doesn't put your balance below $5000 as well. The $15 monthly fee is waived if you maintain a balance above $5000 or set up direct deposit of $200 or more monthly.

We'll see how long this 3.25% rate lasts. My credit union has steadily decreased its savings account yields each time the Fed knocked down the interest rate. What's funny is that the E*Trade savings account yield is only 3.01%. I suppose if you don't have $5000 saved to put into the Max Checking account, the 3.01% Savings account is still a good deal.

So far, this is the highest APY checking account that Bankrate.com listed in a search today.