What type of bank account pumps out 3.0% returns in this bleak savers market? It’s not a bank CD nor a money market account, but rather a “Better Life Checking” account (or more commonly referred to as a rewards checking account).
Like most rewards checking accounts, you can only earn the rate on balances up to a certain threshold. In this case the amount is $25,000. Amounts exceeding that amount will still earn an interest rate albeit a significantly lower one.
Currently, Del-One Federal Credit Union, based out of Wilmington, Delaware, is providing this promotional checking account (which also comes with free checking) to it’s members that can meet 3 monthly qualifications. Compare that to the best CD rates in Delaware.
Here are the requirements…
1) Log-in to their online banking to receive free e-statements.
2) maintain 10 debit transactions per month. Any transaction conducted with your debit card other than cash withdrawals qualify as one debit transaction.
3) Establish at least 1 direct deposit per month. This can be a pay check deposit, social security deposit or regular wire transfer from another account.
Important terms and conditions regarding this account:
- ATM transactions are credited up to $25 per month. Therefor if you use another bank’s ATM which charges $2 per withdrawal, you’ll be able to conduct up to 12 of these per month before needing to pay out of pocket for using the ATM.
- You need to stop by one of Del-One Federal Credit Union’s 7 branches within the state of Delaware. This account cannot be opened online.
Del One Credit Union Membership:
In order to join Del One you have to contribute to the Del-One foundation. Fortunately, it only takes a minimum contribution of $12 and anyone in Delaware is automatically eligible to join.
Del-One is federally insured by the NCUA up to $250,000. ( NCUA # 13919)