Radiance - Looks like a pretty sweet deal to me! The no minimum balance and the ability to withdraw without penalty under circumstances are what make it sweet.
There are a few CD's out there paying higher rates, but not with those kind of terms:
Bank Deals - Best Rates and Deals
On the "no penalty" clause, that could be a mixed blessing. Certainly if you lose your job and can't pay the rent or buy groceries, it would be nice to be able to get at the money without penalty. On the other hand, it might make the money TOO easy to get at. A nice thing about CDs with penalties is that they are a way to self-impose savings discipline. When I first started getting serious about saving (a couple decades ago), I would open small CDs ($50 or $100). I knew the money was there if I really needed it, but I also knew I'd incur that penalty. I never did cash out a CD early; I just wasn't willing to pay that penalty. The CDs helped me be more disciplined than I would have been otherwise. Now the discipline comes naturally, but it was something I had to learn and the CDs really helped.
Let us know if you decide to open the CD.