Pelican State Credit Union 5.9% APY (edit, dropped to 5.27% APY)

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...

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.

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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.

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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.

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.

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.

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Well those rates didn't last long at pelican state. Already dropped to 5.15% for 24 months.

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Damn. That’s still slightly over market, but it’s a helluva lot closer than 5.75%.

Just going to say, it's the top financial institution in the state, they do everything right for the right reasons...

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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%.

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But as long as you don’t keep over $250k it doesn’t matter. You’re protected by the FDIC or NCUA