Update 5/17/08: The yield of this CD special has fallen to 3.75% APY. The checking requirement is no longer listed. The title has been modified to reflect this change.
Third Federal Bank is offering a special 4.00% APY 30-month CD. The minimum deposit is $500, and the money must be new to the bank. A checking account is required.
The CD promotion page doesn't specify a specific type of checking. The bank does offer a free checking account with no monthly service charges and with only a $50 minimum opening deposit. The first 50 checks are free.
It appears a branch visit it required to open accounts. Branches are located in Bucks, Mercer, and Philadelphia counties. The bank has been federally insured since 1935 (FDIC Certificate # 29132).