High-Yield Reward Checking Account at a Louisiana CU (Pelican State)

Update 2/14/11: The top rate has fallen to 4.01% APY for balances up to $20K

Pelican State Credit Union is offering a reward checking account called e-Xtra Bonus Share Draft. It pays 4.01% APY on balances up to $20,000 and refunds ATM fees of up to $12 per cycle if the following monthly requirements are met:

• 15 debit card purchases (must total $300 effective Aug 1, 2011)
• one direct deposit or payroll deduction
• receive electronic statements
• access your account online

If all of these are not met, the rate falls to 0.50%. The 0.50% rate still requires at least electronic statements. There are no monthly service charges. One small downside is that there are no free checks.

Membership is open to those who live, work or worship in certain areas of Louisiana. You can also be eligible to join based on Select Employer Groups. Please refer to the credit union's Membership Page for the full details. Above the rate table it states that there's a membership fee of $5. A deposit in the share savings account is also required for membership.

Branches are located in the Louisiana cities of Baton Rouge, Denham Springs, Pineville, Jackson, Opelousas, Chalmette and Zachary. The credit union is federally insured by the NCUA (Charter # 62710).

Other Reward Checking Accounts

To find reward checking accounts in other areas of the nation or to learn more about these accounts, please refer to my High Yield Checking website.

Rate History:

• 02/14/11: 4.01% APY up to $20K
• 02/01/11: 5.01% APY up to $20K
• 10/21/09: 5.01% APY up to $30K
• 07/24/08: 5.25% APY up to $30K; 0.50% base