IF YOU'RE EARNING less than 4% on your cash, well, you're just not trying.

Sure, the interest rates on most traditional checking and savings accounts are practically nonexistent. But competition from Internet-based banks has compelled banks and brokers alike to bid for consumer attention. "[Financial institutions] are very aware that consumers are getting smart about rates," says Adam Honore, a senior analyst with Aite Group, a financial-services research firm. It doesn't hurt that the profits financial institutions reap by moving account applications and maintenance online far outweigh the beefed-up interest rates they're offering.

The result: a bevy of high-yield savings, money-market accounts and newest on the scene, even checking accounts for interest-hungry investors to choose from. Which is best? Here's where to bank and when:

Traditional Banks

Of the 10 biggest U.S. banks, only three Citibank, HSBC and Washington Mutual offer high-yield savings accounts. Customers must apply for and maintain these accounts online, which cuts costs on everything from paper to personnel, thus allowing the bank to offer an extremely competitive rate of 4% or more. The rest, including Bank of America, Chase, Wachovia and Wells Fargo, offer a paltry APY of 0.10% to 0.15%.

Unless yours is one that offers a high-yield account, traditional banks are best used as a way-station to funnel savings to higher-yielding accounts, says Beau Brock, a certified financial planner based in Tulsa, Okla. "It comes back to the convenience factor," he says. Local banks have the advantage of in-person deposits and widespread ATMs. You can then transfer funds to a higher-yield online account.

That said, if your traditional bank happens to offer a high-yield savings or money-market account, you'd be a fool not to take advantage of it, he says. HSBC, for example, offers rates of 4.25% on its high-yield savings account; and you can link to an existing checking account. Transfers between accounts are instantaneous, enabling you to keep a low checking balance and put the rest of your cash to work. One caveat? Your online transfers may be limited. Citibank, for example, only allows six per month, but does permit unlimited inter-account transfers at the ATM.

We looked at which accounts offered the highest rates, with the lowest fees and the least restrictions. Here are the best rates, from highest to lowest:

Internet-Based Banks

If you don't want to leave your current bank, and they don't offer a high-yield account, consider linking to an online-only checking or savings account, says Kathleen Piaggesi, a certified financial planner based in Scarsdale, N.Y. These accounts link to an account at any bricks-and-mortar bank, or, if you choose a checking account with direct deposit, can stand alone.

Going digital isn't for consumers who need transactions completed quickly, cautions Piaggesi. "It's really a function of how quickly you need that money to go into and out of the account," she says. Because the cash must move from one bank to another, a transfer can take two to three days. Other transactions may take an extra step or two. ING Direct's new Electric Orange checking account, for example, offers no way to deposit a check other than direct deposit.

You should also be aware of the subtle difference between money-market accounts and regular savings. Money-market accounts are more restrictive, limiting you to as few as three withdrawals per month. As a result, they often have slightly higher rates than savings accounts from the same financial institution.

We looked at which accounts offered the highest rates, with the lowest fees and the least restrictions. Here are the best rates, from highest to lowest:

Brokerages

As trade costs decrease, more brokerages are getting into the business of basic banking products to secure long-term relationships with and more profits from their clients, says Honore. "On the benefits side, you have total custody of assets under one firm," he says. "It's a lot easier to put your cash to work, and move it among investments." Rates are competitive with high-yield, online-only accounts; however, you can still bank in person through local brokerage offices.

But stashing your everyday cash with a brokerage only makes sense if you already hold significant investments there, says Honore. "If you're just looking for checking and some high-yield savings, they really don't want that business," he says. "A bank is a better bet, and most brokerages will tell you that upfront." Those that don't get the message across loud and clear through fee and rate structures. At E*Trade, for example, you need a $5,000 balance to snag the 3.25% APY checking account. Just $1 less and you'll earn only 0.50%, and be slapped with a $15 monthly maintenance fee. Bank of America offers free stock trades for customers who have a minimum of $25,000 in basic banking products, such as CDs or savings accounts.

We looked at which accounts offered the highest rates, with the lowest fees and the least restrictions. Here are the best rates, from highest to lowest: