Pelican State Credit Union Kasasa Checking Account – 5.01% APY On Balances Up To $20,000

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

The Offer

Direct link to 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