Update 4/02/08: The top yield has fallen to 4.01% APY.
Update 1/15/08: The top yield has fallen to 5.01% APY.
Connexus Credit Union has started a rewards checking account that earns 6.01% APY on balances up to $25,000 (0.75% for over $25K). It has the typical rewards checking account qualifications: 10 debit card (non-pin) transactions posted, one ACH debit or credit and eStatement participation. If these qualifications are not met, the APY falls to 0.50%. The account has no minimum balance requirements and ATM surcharges are rebated.
Field of membership includes members of the Connexus Association in which anyone can join with a $5 donation to their scholarship fund. Contact the credit union for the application. There are also a few Select Employer Groups that can qualify you for membership. Membership requires a $5 deposit into your savings account.
The credit union is federally insured by the NCUA (Charter # 66538). It has $206.4 million in assets and 17,572 members.
For other rewards checking accounts, please see my summary of the best checking accounts.
[Edit 11/06/07: Updated the FOM to include the Connexus Assocation. Updated links.]