In this interest rate environment, it's rare to see a rate hike on a deposit account. That recently occurred at DuPont Community Credit Union which raised the interest rate on its Grow Green High Yield Checking from 2.27% to 2.78% APY for balances up to $25K.
With this rate increase, this reward checking account becomes much more competitive. It's still a little bit under 3.01% APY which is the currently the best you can get from two nationally available reward checking accounts (at Danversbank and First National Bank). Nevertheless, for those who live near this credit union, the rate is close enough that the account might be a better option.
The reward checking account's monthly requirements remain the same:
- 10 debit card purchases
- Enrolled in eStatements
If these requirements are not met, the rate falls to 0.25% for the entire balance. This is also the rate for the portion of the balance above $25K when requirements are met.
Membership is open to those who live, work, worship or attend school in any of the following Virginia counties or cities: Augusta, Rockingham, Rockbridge, Highland, Bath, Shenandoah, Waynesboro, Staunton, Harrisonburg, Lexington and Buena Vista. Please refer to the credit union's membership page for more details. Membership requires a minimum balance of $25 in the share savings account.
DuPont Community Credit Union branches are located in several cities in the Western parts of Virginia.
The credit union has an overall health score at DepositAccounts.com of 4 stars (out of 5) with a Texas Ratio of 5.89% (excellent) based on December 2010 data. Please refer to my financial overview of DuPont Community Credit Union for more details. The credit union is federally insured by the NCUA (Charter # 62474).
Finding the Best Reward Checking Account
If you're new to reward checking, my post on the common reward checking traits should be useful. To compare reward checking accounts based on interest rates and balance caps, you can use our reward checking rate table. Refer to this post for details on how to use the rate tables.