No-Minimum Savings Account at 4.25% for NY

An online-only credit union called RateEdge.com is offering an online savings account with a rate of 4.25% APY. Last month the rate was 4.05%. The savings account looks just like the savings accounts from EmigrantDirect or ING Direct. There's no significant minimum deposit or balance requirement (just $5.00). Also the savings account can be linked to accounts at other banks. Based on this FAQ, the linked accounts don't seem to be limited to just checking accounts.

RateEdge.com is a division of Sunmark Federal Credit Union. Unfortunately, the feild of membership is limited to those in specific counties of New York State (Albany, Rensselaer, Saratoga, and Schenectady).

If Sunmark Federal Credit Union can start an online division like this, why can't other credit unions do the same? I'm going to ask this question to the credit unions that I belong to.