Pelican State Credit Union Kasasa Cash Available In 4 States
Louisiana-based Pelican State Credit Union (Pelican) has been offering Kasasa brand products for more than five years. Although the Kasasa Cash has always had a competitive rate, the $7.5k balance cap limited its overall appeal. The current 4.25% APY is one of the best rates available on a reward checking account with a low balance cap. Qualifying balances over $7.5k earn 0.50% APY, with non-qualify balances earning 0.05% APY.
The monthly qualification requirements include,
- At least 15 debit card purchases
- At least one direct deposit, online bill payment or ACH transaction
- Be enrolled and log into online or mobile banking
- Be enrolled in and receive eStatements
The Kasasa Cash checking account has no minimum balance requirement or monthly service fee, but does require a $25 minimum opening deposit. Unlimited nationwide ATM fees (maximum $4.99 per single transaction) will be reimbursed per month, if qualification requirements are met. A receipt for an individual fee of $5.00 or greater is required for reimbursement. Unlimited check writing is available and a free debit card will be issued following account opening. According to the fine print on the Kasasa Cash landing page,
Pelican reserves the right to limit the number of
accounts allowed per account owner, joint or individually.
Kasasa Saver
Pelican also offers a Kasasa Saver account, which earns 0.75% APY on qualifying balances up to $50k. Qualifying balances over $50k earn 0.55% APY, with non-qualify balances earning 0.05% APY.
| APY | MIN | MAX | INSTITUTION | PRODUCT | DETAILS |
|---|---|---|---|---|---|
| 0.75*% | - | $50k | Pelican State Credit Union | Kasasa Saver | |
| OTHER TIERS: 0.55% → $50k+ | |||||
Earned rewards from the Kasasa Cash/Kasasa Cash Back are automatically transferred to the linked Kasasa Saver every month. The Kasasa Saver has no minimum balance requirement, monthly service fee, or minimum opening deposit requirement.
Annual Earnings of Combined Kasasa Cash/Kasasa Saver Accounts
The potential combined annual earnings of the Kasasa Cash (4.25% APY/$7.5k) and the Kasasa Saver (0.75% APY/$50k) is approximately $690 (1.20% APY/$57,500).
Kasasa Cash Back
Pelican’s Kasasa Cash Back account earns 4.00% cash back on debit card purchases, limited to the first $250 of monthly purchases. If you are planning on maintaining a balance under $2,800, the Kasasa Cash Back account would probably be a better deal than the Kasasa Cash account; the maximum annual earnings for the Kasasa Cash Back account is $120 ($10 per month).
The Kasasa Brand
For those not familiar with the Kasasa brand, Kasasa Cash is a type of Reward Checking Account (RCA) developed by the Texas company, Kasasa, Ltd. According to the Kasasa website,
Kasasa: the free checking account that rewards each month for doing things you already do.
By performing certain actions valuable to your bank or credit union, like using your debit card or online banking, your institution makes more money, which they share with you in the form of rewards.
In case you were wondering, “Kasasa” is just a made-up word.
In a world where real-life people are too often taken for granted as account numbers,
we didn’t want to be the next [INSERT GENERIC NAME] checking account.
Availability
Headquartered in Baton Rouge, Pelican State Credit Union’s field of membership (FOM) was expanded more than three years ago to include a limited-area easy membership requirement.
Easy Membership: Residents of Louisiana, Arkansas, Mississippi, and Texas can qualify for membership by joining one of four associations (ARC of Baton Rouge, $5 fee; Families & Friends Association-North Lake Supports & Services, $10 fee; Parents Association of Northwest Supports & Services, $5 fee; Pinecrest Parents Association, $20 fee.
Residency: Individuals who live in the Louisiana parishes of Rapides Parish, St. Landry, or St. Tammany are eligible to join.
Employment: Employees and retirees of several SEGs (including Ochsner Health System) are eligible for membership
Relationship: Immediate family members of anyone eligible for Pelican State CU membership are also welcome to apply.
Joining Pelican State CU and/or opening a Kasasa Cash can be done online, or at any of 17 full-service Louisiana branches located in Alexandria, Baton Rouge (2), Covington, Denham Springs, Hammond, Jackson, Lafayette, Lake Charles, Monroe (2), Opelousas (2), Pineville, Prairieville, Slidell, and Zachary. As stated on the Disaster Resources and Relief page
Our branch lobbies are open on weekdays, some by appointment only. Plus, team
members in our drive-thrus are able to help you with all of your financial business, as usual.
Opening a Primary Share account with a minimum $10 opening deposit is required to establish a membership at Pelican.
Pelican participates in the CO-OP Shared Branch network.
No matter where Pelican members travel, you can access your account at over 6,000 credit union branch locations nationwide!
Credit Union Overview
Pelican State Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 5.53% (excellent) based on June 30, 2020 data. In the past year, Pelican has increased its total non-brokered deposits by $125.18 million, an excellent annual growth rate of 37.39%. Please refer to our financial overview of Pelican State Credit Union (NCUA Charter # 62710) for more details.
Pelican State Credit Union was founded in 1956 as the Department of Hospitals Credit Union, with a membership comprised of employees of Louisiana charity hospitals, mental health centers, and state office personnel. Pelican State name was adopted in 1988 to better reflect the expanding FOM, which included mergers with Lake Charles TELCO Credit Union, Pinekraft Federal Credit Union, Kaiser Federal Credit Union, Chalmette Refinery Credit Union, and Louisiana Farm Bureau Credit Union. Pelican State Credit Union is currently Louisiana’s eighth largest credit union, with nearly 64,000 members and assets in excess of $519 million.
How the Kasasa Cash Compares
Given Pelican’s multi-state FOM, a comparison to nationally available reward checking accounts is appropriate. When compared to the High Yield Reward Checking Accounts tracked by DepositAccounts.com that are available nationwide and have maximum qualifying balances of at least $7.5k, Pelican State Credit Union’s Kasasa Cash APY currently ranks first.
| Interest Rate | Account Name | Credit Union/Bank |
|---|---|---|
| 4.25% APY | Kasasa Cash (up to $7.5k) | Pelican State Credit Union |
| 4.09% APY | Rewards Checking – Tier A (up to $10k) | Consumers Credit Union (IL) |
| 3.30% APY | Vertical Checking (up to $20k) | Evansville Teachers Federal Credit Union |
The above rates are accurate as of 11/25/2020.
To look for the best Reward Checking Account rates, both nationwide and state specific, please refer to our High Yield Reward Checking Account Rates Table page.
