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: $0
- Maximum Balance: $10,000
- Availability: 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: Yes, no minimum specified
- Additional requirements: See below
- Hard/soft pull: Hard
- ChexSystems: Unknown
- Credit card funding: Up to $1,000
- Monthly fees: None
- Insured: NCUA
- 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
This account has no monthly fees to worry about
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