UPDATED

BELOW at 3:44 p.m., noting reader comment:

It's Only Money is not one to advocate interest-rate shopping, and there's a part of this deal that truly is too good to be true. But in this environment of penny-rates, the

has an "interest"-ing finding of note to Portland-area residents and workers -- and their children.

finds the

offers the highest interest rate in the land: 6.17 percent.

Unfortunately, that's just on the first $500. Money on deposit in its Member Advantage accounts after that earns only 0.10 percent.

"We've been doing this for years," said BECU spokesman Todd Pietzsch. "This was a way of really kind of giving back to everybody, no matter what their income or ability to save was."

The other now typical requirements of "high-yield" accounts,

: You must sign up for e-statements and make at least one monthly transaction online, by phone or via debit card, direct deposit or bill pay.

and 165,500 nationwide, including several hundred in the Portland area. But both current and former Boeing employees and their families can join, as well as anyone who resides, works, worships or owns a business in Washington state,

. (That's right, worships.) Boeing employees in Charleston, S.C., could join BECU, Pietzsh said. BECU has nearly 700,000 members, about 6,700 of whom live in Oregon, he said.

It's Only Money mentions children early on because these accounts could be a good way to teach kids about the power of compounding interest. Where else will they actually see $100 or $200 growing over time? BECU's Early Saver Account actually earns 0.25% on money over $500. Whoah! Stop reloading the websites! And this under-age-18 account doesn't require monthly debit or bill pay transactions to generate the 6 percent rate on the first $500.

"They can see actually dollars going into their account versus pennies," Pietzsch said.

But is it worth moving YOUR money? Let's take a look. (

UPDATE:

Be sure to read the comments below because they change the following illustration)

A $450 deposit earning 6% will grow to $478 in a year. A $450 deposit earning 0.1% will earn 45 cents in a year.

"They can see actually dollars going into their account versus pennies," Pietzsch said.

So, we're talking roughly an extra $28-$30 a year ... provided this rate doesn't disappear or drop after a month. That's pretty much the extra money you'll pocket regardless of the amount over $500 you deposit in one of BECU's accounts.

To It's Only Money, that's not worth deposit chasing, especially considering the rate can change at any time.

But it might serve a good lesson for your kids.

Do you disagree? If so, weigh in below.

Elsewhere:

Consmerist's take on the Bankrate survey is that "

."

Also from Bankrate and the blog The Ladder: "

."

Lastly, It's Only Money's past post on the best

.

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