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Pelican State Credit Union 5.9% APY (edit, dropped to 5.27% APY)
Posted on 8/16/23 at 2:12 pm
Posted on 8/16/23 at 2:12 pm
Pelican State Credit Union currently has a 24 month 5.9% APY CD term. Anyone do business with them? Thoughts on this rate and term?
This post was edited on 8/18/23 at 10:26 am
5
Posted on 8/16/23 at 3:02 pm to MikeDaTiger23
Sounds like a great rate, but depending on how much money it is and whether you are willing to lock that money up for two years would be the determining factors for me.
If I can get 5.4% in a money market and access my money tomorrow, I'd probably do that. However, it's not locked in.
If I didn't need the money, how much money would it take to change my mind? 100k maybe? That would make it about $1000 difference to keep my money that long. Under that, I probably wouldn't touch it. But I don't have 100k sitting around with no plans...
If I can get 5.4% in a money market and access my money tomorrow, I'd probably do that. However, it's not locked in.
If I didn't need the money, how much money would it take to change my mind? 100k maybe? That would make it about $1000 difference to keep my money that long. Under that, I probably wouldn't touch it. But I don't have 100k sitting around with no plans...
Posted on 8/16/23 at 4:25 pm to MikeDaTiger23
It’s 5.75% with a monthly compound that gets it to 5.9% APY. Only pointing that out so you can compare apples to apples.
Regardless, 5.75% for 24 months is well
above the market rate.
They’re not really paying shite on their checking and savings accounts (outside of Kasasa), so “overpaying” on CDs may be their strategy to maintain/grow deposits.
Regardless, 5.75% for 24 months is well
above the market rate.
They’re not really paying shite on their checking and savings accounts (outside of Kasasa), so “overpaying” on CDs may be their strategy to maintain/grow deposits.
Posted on 8/16/23 at 5:20 pm to UpstairsComputer
I've been sharing with anyone that will bend an ear that worthybonds.com is a great place to put some extra cash.
I've used them for years and every now and gain I'd pull large sums out just to see if they make things difficult. They don't. Currently at 5.73%, but just raised it to 6.00% until Feb. 24. Thereafter it will go back to 5.73%.
Give it a look. Thank me later.
I've used them for years and every now and gain I'd pull large sums out just to see if they make things difficult. They don't. Currently at 5.73%, but just raised it to 6.00% until Feb. 24. Thereafter it will go back to 5.73%.
Give it a look. Thank me later.
Posted on 8/16/23 at 5:44 pm to UpstairsComputer
All true, but “locked in” works both ways. Those great MM rates can go away with the quickness. Locking in a great rate that the bank is committed to isn’t always a bad move.
This post was edited on 8/17/23 at 1:21 pm
Posted on 8/16/23 at 5:47 pm to Nu Iota Prophet
quote:
I've used them for years and every now and gain I'd pull large sums out just to see if they make things difficult. They don't. Currently at 5.73%, but just raised it to 6.00% until Feb. 24. Thereafter it will go back to 5.73%. Give it a look. Thank me later.
A crowdfunding platform that suspended redemptions in August of last year because of defaults in the loan portfolio? Yeah 6% isn’t going to be nearly enough to get me to bite.
I’d suggest you look elsewhere too.
ETA- they just stopped redemption on another sleeve of their bonds. I’m not sure you could get out now if you even wanted to. Best of luck.
This post was edited on 8/16/23 at 5:57 pm
Posted on 8/16/23 at 5:57 pm to slackster
You bring up a great point. Thanks for the feedback.
This post was edited on 8/16/23 at 6:04 pm
Posted on 8/16/23 at 6:04 pm to Nu Iota Prophet
I wouldn’t be recommending them to anyone you actually care about. They’ve suspended redemptions on at least two of their offerings at this point and they do not have the money left to pay. They wrote off most of the bonds and are trying to get financing for the company to fill back the coffers. People haven’t been able to redeem bonds for a year now, and the company was about out of money as of 12/31/22 anyway, with only $440k in cash on hand.
Posted on 8/16/23 at 6:11 pm to slackster
Thanks. I'm not in the sleeve that has had that issue. It does appear that there was a delay in receiving withdrawal requests which appears to have been lifted. I just went through the process of withdrawing and they are allowing it to occur. Again, thanks for the heads up. I've been with them so long that I've developed an unhealthy trust.
Posted on 8/16/23 at 6:14 pm to Nu Iota Prophet
Good luck 
Posted on 8/16/23 at 10:40 pm to slackster
Well those rates didn't last long at pelican state. Already dropped to 5.15% for 24 months. Just about 6 hours ago I purchased two 24 month cd's at 5.9% apy and two 12 month cd's at 5.69% apy. Rates are usually updated every Monday as they were just increased to these rates 3 days ago. I guess the word got out.
This post was edited on 8/16/23 at 10:43 pm
Posted on 8/16/23 at 10:45 pm to Nu Iota Prophet
I had some money with Worthy in 2020 but pulled it out in 2021. Started hearing rumblings of trouble after that. They are a good example of a woke girl boss “values” lending model so I should have been immediately suspicious they would go to shite but the yield was tempting in 2020. Good luck.
Posted on 8/17/23 at 6:13 am to MikeDaTiger23
quote:
Well those rates didn't last long at pelican state. Already dropped to 5.15% for 24 months.
Damn. That’s still slightly over market, but it’s a helluva lot closer than 5.75%.
Posted on 8/17/23 at 6:45 am to MikeDaTiger23
Would be kind to change the thread title so you don’t send someone on an unattainable quest. There’s probably several old men sitting in front of a pelican state right now
Posted on 8/17/23 at 8:32 am to MikeDaTiger23
Just going to say, it's the top financial institution in the state, they do everything right for the right reasons...
Posted on 8/18/23 at 5:13 am to MikeDaTiger23
I’d be careful with an institution offering a rate a good bit over market rates. Says something about how much they need $$ if they’re willing to overpay by 0.50%.
This post was edited on 8/18/23 at 5:13 am
Posted on 8/18/23 at 7:49 am to Kreg Jennings
quote:
I’d be careful with an institution offering a rate a good bit over market rates. Says something about how much they need $$ if they’re willing to overpay by 0.50%.
But as long as you don’t keep over $250k it doesn’t matter. You’re protected by the FDIC or NCUA
Posted on 8/18/23 at 8:46 am to MikeDaTiger23
Morgan Stanley has a fully liquid money market paying 5%.
I would think a 2 year CD should be a tad higher.
I would think a 2 year CD should be a tad higher.
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