It is interesting but, aside from the rate and purchase protection, the Schwab checking offering is superior (and probably many others are, too).
I don't find MR on a debit card interesting - I'd either use the Amex credit/charge card or my 2% visa. I do suppose this gets Amex back into Costco, but that feels like a flimsy reason to me to move checking accounts.
That is admittedly a nice rate for a checking account, and the fee disclosure does indicate there are essentially no fees for anything bank-related, including overdrafts, though you have to pay for checks. For someone like me who generally has an average checking balance of $3-5,000, that's between $15 & $25/year pre-tax. Not bad for free money. I suppose there's not much reason to have an Amex savings account paying .4, so move a $25,000 emergency savings balance over, now it's $125 and we're talking a decent dinner somewhere.
I think I'd need to see ATM rebates everywhere, no matter the ATM (not just Moneypass), and then I might be a convert. Until then, I like working with Schwab - it's damned near impossible to encounter a fee with them in everyday life.