Update 9/5/23: Rate now 6.05%.
Update 10/16/22: Looks like you can just pay the $5 fee to one of the 4 organizations, making it available nationwide.
Offer at a glance
- Interest Rate: 5.11% APY
- Minimum Balance:Â $0
- Maximum Balance:Â $10,000
- Availability:Â Looks like you can just pay the $5 fee to one of the 4 organizations, making it available nationwide.
Arkansas, Louisiana, Mississippi, and Texas; must pay a $5 membership fee to one of 4 organizations; otherwise, you need to reside in St. Landry or Rapides Parish or work for (or retired from) one of the partnered organizations or if immediate family member is eligible for membership. - Direct deposit required:Â Yes, no minimum specified
- Additional requirements:Â See below
- Hard/soft pull:Â Hard
- ChexSystems: Unknown
- Credit card funding: Up to $1,000
- Monthly fees:Â None
- Insured:Â NCUA
The Offer
- Pelican State Credit Union offers the Kasasa cash checking account. This account offers 5.11% APY on balances up to $10,000 when the following requirements are met:
- Be enrolled and receive FREE eStatements
- Be enrolled and log into online or mobile banking
- Have at least 15 debit card purchases post and settle (must post as signature)
- Have at least 1 direct deposit, online bill payment, or automatic payment (ACH) post and settle
Avoiding Fees
This account has no monthly fees to worry about
Our Verdict
The rate is good, but unfortunately it’s a lot of requirements for a maximum balance of only $10,000. Most people will be better off going with an account with a higher maximum balance/less requirements. A full list of the best high yield savings accounts can be viewed here. It also being a hard pull makes the deal even worse.
Hat tip to missjenniferd1
Update to terms 12/1… looks like cannot deposit money orders or cashier checks?
DP: PayPal debit card transactions do not count toward the monthly APY qualifications.
Applied: 9/8 Asked to provide add. ID same day
Approved: 9/11
Pretty fast
CC funding: $1015
$5 taken out for joining association (oos)
$5 taken out for membership fee
Both non refundable.
I think cc funding was made available same day to deduct the said fees the same day.
They do not honor the rewards rate for the first month unless requirements are met. I asked.
I might start next month depending on when I receive a debit card.
“I might start next month depending on when I receive a debit card.”
Opened on 09/06, and USPS is delivering my card today.
Applied & approved within a couple hours. I’m also out of state.
No Chex hit (mine is frozen), and no signs of HP [yet].
CC funding available same day, which is very uncommon.
Initiated external account setup from Pelican. Test deposits only.
Website is very nice, and unlike anything I’ve seen from others.
Cons: Wish it were not capped at $10000
Waste of time applying for this trashy bank. I submitted document after document. Then I get a phone call saying they need to talk to me in on the phone to continue my application. I wasted 30 minutes repeating things that were already answered on my application and then answered multiple questions on my credit report and the crazy lady said all was good and I’d receive the documents to sign via email. Then a few hours later I get a secure message saying they can’t open the account online and I should step into a louisiana branch (I’m on the west coast). If you enjoy endless back and forth chit chat then knock yourself out. If you value your time, don’t bother with this turd of a bank.
For comparison, I applied at another bank the same day and was approved after just a simple ID upload.
I also just had a similar experience. Gave them pictures of driver’s license, pay stub, utility bill, social security card, and birth certificate. Not good enough. They replied that I had to appear in person to verify my identity.
I asked them to tell me specifically what was wrong with my application or documentation. This is the only response they’re willing to give in writing: “To proceed with your application, we will need to verify you in person at one of our Pelican branches.”
I won’t waste my time calling them like you did. So I’ll stick with Consumer’s Credit Union 3%.
Same exp. I suspect the real reason is chex. Shame as I like those Kasassa Cash Back accounts, they are very easy to max out for a nice monthly payment and I’ve been starting to ‘collect’ them.
CC funding $1015 max
“We just increased the APY on our Kasasa Cash checking account… again. As of September 1, 2023, you’ll earn 6.05% APY on balances up to $10,000. That’s one of the highest checking APY in the country!”
Is cc funding dead?
Speaking of Kasasa, see where they offer 6% on up to $15k deposit here, but it’s a limited to Tx area – https://www.ccutx.org/bank/austin-texas-rewards-checking.html
Dan 6% offered at Origin Bank (TX only) up to 40K, 6% at Union Square up to 35K Not sure why people would mess with 10K or 15K for the 6% and having to do transactions. Savings accounts are over 5%. It does work for some with lower balances and people that already bank there or are close to location.
Any datapoints on what counts as the ACH? Does the initial funding or other funding count?