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After researching the topic for a while I just opened an E*Trade Max-Rate checking account. I’ve been a loyal Wells Fargo customer since I moved to the US. There’s nothing to complain about them, but then there’s also nothing to write home about. After signing up at Mint.com I stumbled over a section called “Ways to Save”. Mint analyzes your accounts and suggests ways on how you can make the most out of your money. One of the items there listed alternatives to my traditional checking/saving accounts that yield (more) interest than the existing accounts.
I called and emailed Wells Fargo and asked them if they have similar products in their portfolio. The lack of comparable products and the fact that I was given the run-around pushed me towards E*Trade.

According to the information on E*Trade’s site you currently get 2.9% APR while your checking account balance is maintained above $5000 (compare that to 0.0% for the majority of other checking accounts). I don’t recall the last time that my balance at Wells Fargo was below that (well, I do, but those were the times just before the divorce). On top of that, they also waive all the ATM fees: with Wells Fargo I always have to go to Wells Fargo ATMs to pick up cash – going to a competitors ATM means that one has to pay some extra ATM access fees.

The most annoying thing will be the period where I close out the existing Wells Fargo account and switch over to the new E*Trade. Hopefully their Checking Switch Kit (PDF) will make the process as easy as possible.

And, by all means, do give Mint.com a try.