Overall I think it sounds like it's worth it. It's hard to find that high of a rate on a checking account these days.
It looks like you're looking at this bank, and I can see they have a few more requirements that seem a little tedious:
- Complete at least 12 Debit/Check Card Point-of-Sale purchases (transactions must be made without using your Personal Identification Number, or PIN, to count towards the minimum of 12 and must post and clear your account on or before the last day of the calendar month)
- Each calendar month, one direct deposit OR one ACH debit OR pay one bill when using Consumers Credit Union’s free online bill payment system, must post and clear your account on or before the last day of the calendar month
- Access Online Banking at least once each calendar month
If you don't do these things every month, then you lose the great interest rate. If you can think of an easy way to jump through these hoops and not forget, then it's probably worth it. For example, if you routinely eat out for lunch or buy a morning coffee, you can use that card to pay for it. Set yourself a recurring reminder in your calendar or smartphone to remind you to login to the online banking site.
Ultimately, since this is an emergency fund, it's a good idea to keep it nice and liquid in a checking account. You're not likely going to find many other options that will give you a better (and safe) return and still keep your funds available for when you need them. In summary, it sounds like a good idea to me so long as you think you can reliably jump through their hoops.