Which Online High-Yield Savings Account is Best?

I've heard a lot about online high-yield savings accounts, but I've never bothered to look into them. It occurred to me today that it's ridiculous to keep my "web money" in a no-yield checking account at Wells Fargo. As my blog revenue grows, I'm throwing away money by not having my savings someplace that pays.

I did some research. I googled for "high yield savings account" and "ING direct" and " HSBC Direct". I followed promising links (and ads) from the search results. As of March 19th, here are the offers that I was able to find with minimal digging. All of these accounts are FDIC insured.

• Countrywide Bank offers a variable rate, from 4.00% to 5.40% APY, can link to other bank accounts. $1,000 minimum to open.
• AmTrust Direct offers 5.36% APY, "no monthly service fee or minimum balance fees", can link to other bank accounts. $1000 minimum. This is a money market account.
• WT Direct offers 5.26% APY, no fees, can link to other bank accounts. No minimum to open, but your interest rate drops if you don't have a $10,000 balance after 60 days.
• E-Loan offers 5.25% APY, no fees, "industry's strictest privacy policy". $5,000 minimum.
• Presidential Online Bank offers 5.25% APY, no fees, ATM access, web interface. $5,000 minimum to open.
• Emigrant Direct offers 5.05% APY, no fees, can link to other bank accounts, web interface. No minimum.
• E*Trade offers 5.05% APY, no fees, an automatic savings plan, can link to other bank accounts. $1 minimum to open.
• HSBC Direct offers 5.05% APY (with a temporary 6.00% APY promotion), no fees, can link to other bank accounts, web interface. $1 minimum to open. The HSBC web site is a busy mess.
• Capitol One offers 5.00% APY, no fees, free checks and ATM card, an automatic savings plan, can link to other bank accounts. $1 minimum to open. This is a money market account.
• Citibank Direct offers 4.65% APY, no fees, $25 sign-up bonus. No minimum.
• ING Direct offers 4.50% APY, no fees, an automatic savings plan, web interface. No minimum.

The QuickTransfer feature at E*Trade looks awesome. I love the idea of being able to have one interface to manage all my accounts at all my financial institutions. Has anyone used this? Do other banks offer similar features?

A reader sent in a story about online banks last November, but that discussion was specifically about customer service. I'd like to hear from people who use one (or more) of these banks and can tell me more about the features. Which one should I choose and why?

Which Online High-Yield Savings Account is Best?