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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 8/17/23 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 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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