Pelican State Credit Union Competitive CDs Now Available Nationwide

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Deal Summary: 60-month Share Certificate, 4.97% APY, $500 minimum deposit.

Availability: Nationwide easy membership requirement

Pelican State Credit Union (Pelican State) ended the week by adding 136 bps to its 60-month Share Certificate, resulting in a very competitive 4.97% APY. While all of the Pelican State Share Certificate rates are definitely good, the longer-terms have the better rates, with the 60-month being the most competitive. The minimum opening deposit is $500, with no stated balance cap. While Jumbo Share Certificates (minimum $10k deposit) are listed separately on the Pelican State website, the APYs for the Jumbo Share Certificates are the same as for the regular Share Certificates.

APYMINMAXINSTITUTIONPRODUCTDETAILS
1.76%$500-Pelican State Credit Union24 Month CD
1.76%$500-Pelican State Credit Union60 Month CD
1.66%$500-Pelican State Credit Union48 Month CD
1.61%$500-Pelican State Credit Union36 Month CD
1.56%$500-Pelican State Credit Union12 Month CD
Rates as of January 29, 2023.

All Pelican State Share Certificates are available as IRA Certificates (Traditional, Roth, CESA), earning the same APYs with the same funding requirements. Just like the Jumbo Share Certificates, Jumbo IRA Certificates earn the same APYs as the regular IRA Certificates.

Although nine different disclosures are available on the Pelican State website, a Share Certificate Truth-in-Savings (TIS) document is not one of them. CSR sent me a copy of the TIS that includes the following Early Withdrawal Penalty:

For all accounts, the amount of early withdrawal penalty is based on the term of your account. The penalty schedule is as follows:

    1 year or less, 90 days' dividends
    13 to 36 months, 180 days' dividends
    37 months or longer, 270 days' dividends

According to CSR, partial withdrawals are permitted, but a $500 minimum balance must be maintained for the Share Certificate to remain opened. If a Share Certificate has not yet earned enough dividends or if the dividend has already been paid out, the penalty will be deducted from the principal.

Funding and Other Particulars

  • Funding – ACH, wire, or internal transfer.
  • CO-OP Shared Branch Network – Yes.
  • Maturing Funds – cashier’s check to the address on file or transferred into a Regular Shares savings account.
  • Dividends – compounded/credited monthly and can be withdrawn throughout during the term without penalty.
  • Grace Period – 10 calendar days before automatic renewal.
  • Beneficiaries – unlimited, equal shares; Social Security numbers required.

Availability

Headquartered in Baton Rouge, Pelican State Credit Union expanded its field of membership (FOM). In the past, only residents of Louisiana, Arkansas, Mississippi, and Texas could qualify for membership by joining one of three partner associations. According to a CSR (and her Supervisor), people from all states are now able to qualify for membership by joining one of these associations. The previous 4-state limited-area easy membership requirement (EMR) is now a nationwide EMR.

Easy Membership: Any U.S. citizen/resident aliens can qualify for membership by joining one of three partner associations: ARC of Baton Rouge ($5 fee), Parents Association of Northwest Supports & Services ($5 fee), or Pinecrest Parents Association ($20 fee).

Residency: Individuals who live in the Louisiana parishes of Rapides, St. Landry, or St. Tammany are eligible to join.

Employment: Employees and retirees of many SEGs (listed on the online application) are eligible for membership.

Relationship: Immediate family members of current Pelican members or anyone who is membership eligible are also welcome to apply.

Joining Pelican State and/or opening a Share Certificate can be done online, or at any of 16 full-service Louisiana branches located in Alexandria, Baton Rouge, Covington, Denham Springs, Hammond, Houma, Jackson, Lafayette, Lake Charles, Monroe, Opelousas, Pineville, Prairieville, Slidell, Sulphur, and Zachary.

A Primary Shares account establishes full membership in Pelican State Credit Union.

$10 minimum opening deposit ($5 membership fee + $5 minimum account balance)

Pelican State participates in the CO-OP Shared Branch network.

For your convenience, there are over 160 CO-OP shared branches in Louisiana and over 5,500 nationwide. Louisiana is where our heart is, but Pelican State CU is wherever you are!

Credit Union Overview

Pelican State Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 5.38% (excellent) based on June 30, 2022 data. In the past year, Pelican has increased its total non-brokered deposits by $4.49 million, an above average annual growth rate of 0.86%. Please refer to our financial overview of Pelican State Credit Union (NCUA Charter # 62710) for more details.

Founded in 1956 as the Department of Hospitals Credit Union, Pelican’s original FOM was comprised of employees of Louisiana charity hospitals, mental health centers, and state office personnel. Pelican State Credit Union 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 the eighth largest credit union headquartered in Louisiana, with more than 72,000 members and assets in excess of $604 million:.

How the 60-Month Share Certificate Compares

When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available nationwide and have minimum deposit requirements of $10k or less, only one bank has a higher rate than currently offered on the Pelican State Credit Union 60-Month Share Certificate. The following table compares the 60-Month Share Certificate to the two highest-rate CDs from other credit unions and the two highest-rate CDs from banks.

The above information and rates are accurate as of 11/12/2022.

To search for the best CD rates, both nationwide and state-specific, please refer to our CD rates table page.

Related Pages: New Orleans CD rates, Monroe CD rates, Lafayette CD rates, Lake Charles CD rates, Alexandria CD rates, Baton Rouge CD rates, 1-year CD rates, 5-year CD rates, IRA CD rates, nationwide deals

Comments
deplorable_1
  |     |   Comment #1
It cracks me up that these guys can't just make it 5% APY even. If they wanted the business that would be more eye catching with no marketing required.
yogooglethis
  |     |   Comment #2
and for extra credit they could call it something catchy like the High Five CD Special!
deeMatrix
  |     |   Comment #3
So do you think it is worth it to set up a new account with this credit union for this rate near 5% rate?
dale26s
  |     |   Comment #4
whether we should set up new account depends if others step up to close to 5yr 5%-- who knows?
retirednc
  |     |   Comment #5
I phoned there late in the day and was informed by an automated system that I was the 17th call on hold. That customer service is concerning.
Duck
  |     |   Comment #6
Retirednc your lucky they even told you that much you really need to remember there is NO customer service anymore an we now live in world where were lucky they every answer the phone. It's pretty much Par though every single place I called today was like that well almost I called KS an theirs said "thank you for calling" then followed by silence and "sorry we are unable to take your call at this time" even a doctors office I tried calling today at 2pm they answered I asked what the earliest I could get her in for a appointment lady took info and replied she had appointments tomorrow I said great she then added she wouldn't be able to schedule her till I filled out the paperwork she would contact me after she gets it so race and do it and submitted it at 3:45 then instead of call I get a text message from the practice to make appointment at 4:58 they shut phones at 5pm go figure
NYCDoug
  |     |   Comment #7
Pelican uses Equifax to verify your creditworthiness (and fitness, presumably, in lending THEM money for five years).

So, in advance of applying, save yourself some tine, and back-and-forth correspondence with Pelican, by lifting, in advance (at least temporarily) any freeze you might have on your Equifax account,

Too bad Pelican doesn't tell you this upfront.
(Equifax itself can be a nightmare to deal with, but that's another story, for another blog)
NYCDoug
  |     |   Comment #8
Has anyone gotten any nibbles from Pelican recently? I've been in "Pending" status since late last week, and wonder if, given the recent turnabout in rate environment, they are dragging their webbed feet, and pulling in their wings . . . i.e., having second thoughts about their 4.97% 5-year CD offer ?
Mak
  |     |   Comment #9
I opened a share account this morning and it was at pending, I just looked now and it's at referred.
dale26s
  |     |   Comment #10
same- opened this am and says referred...
NYCDoug
  |     |   Comment #11
Thank you, Mak & Dale ~ Good to know! Full disclosure: my Equifax freeze needed to be lifted, which I did on Monday, and then informed Pelican. But I've had had no response (nor change of status) since. I'll try giving them a call tomorrow . . . Thanks again!
Mak
  |     |   Comment #16
They just sent me an email saying they're very busy with the new CDs being opened and they will be in contact with me in a couple days.
andybuji
  |     |   Comment #12
The application limits ACH transfer on opening an account to either $1,000 or $10,000, it's unclear. Are you telling me you guys limit yourselves to that?  Or is the plan to open a primary account and then ACH push from another FI and then internal transfer to a CD?  That could be a process that outlives the rate - so burn a hard credit pull on a gamble?
Unless I'm missing something basic, I don't get this at all.
Mak
  |     |   Comment #15
#12. ... you're definitely missing something....you open a share account for $10 and then once it is opened you can either send a check, wire money or deposit at a co-op shared branch the amount you want to open the CD for.
#13 - This comment has been removed for violating our comment policy.
#14 - This comment has been removed for violating our comment policy.
lou
  |     |   Comment #20
While you're in this pending status, will they guarantee you will get the 4.97% rate even if they lower the rates after you submitted your online application? Does anyone know?
dale26s
  |     |   Comment #22
I guess we'll find out.. In My past experience other credit unions usually have not unless the money is there already
gmohan123
  |     |   Comment #24
Just received an e-mail they have lowered rates but will honor who all started the application. I was able to call a few times Friday and was able to find and open a CD.
dale26s
  |     |   Comment #26
Do you have to open cd by phone or can you do it online
yfh
  |     |   Comment #23
Got an email saying "we want to assure you that even though our Share Certificate and IRA Certificate rates changed today, 11/21/2022, we will honor the rates advertised at the time you applied." Does this mean we can still open CDs at the 4.97%APY after they approve our application?
dale26s
  |     |   Comment #25
sounds like...i got same email plus the docusign docs to open membership this am - called to ask how long it would be until i have member info and can open cds- rep did not know- Only was told 24-72 hrs from time of app
gateway22
  |     |   Comment #27
Isn’t Pelican State CU a hard credit pull?
yfh
  |     |   Comment #28
Now they are saying please allow 10 business days for your application to be processed...
gmohan123
  |     |   Comment #29
I had opened a new savings and CD deposit but to my surprise received debit cards in mail today!! Never asked for one and have not seen that from any other CU before. Did anyone else had similar experience?
NYCDoug
  |     |   Comment #30
I got one today, as well. As their marketing campaign says, they want to be your bank for life!
Mak
  |     |   Comment #31
They opened my share account today, I went to a co-op shared branch and made the deposit, called them and opened the CD... they did honor the rate.
dale26s
  |     |   Comment #32
They also opened my C d's over the phone once I wired them the funds and they did honor the Is higher rate that was in effect when I applied last week
Pelican State Credit Union 12-Month CD Rate Jumps Upward
Deal Summary: 12-month Share Certificate, 3.09% APY, $500 minimum deposit.

Availability: Easy membership requirement for residents of Louisiana, Arkansas, Mississippi, and Texas; Louisiana parishes of Rapides, St. Landry or St Tammany; employees/retirees of many SEGs.

Pelican State Credit Union (Pelican State) ended the week by adding 20 bps to its 12-month Share Certificate, resulting in a competitive 3.09% APY. While all of the Pelican State Share Certificate rates are definitely good, the 12-month offers the most competitive APY. The minimum opening deposit is $500, with no stated balance...

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Pelican State Credit Union Kasasa Cash Available In 4 States
Deal Summary: Kasasa Cash, 4.25% APY on qualifying balances up to $7.5k. Kasasa Saver, 0.75% APY on qualifying balances up to $50k.

Availability: Easy membership requirement for residents of Louisiana, Arkansas, Mississippi, and Texas; residents of three Louisiana parishes; employees/retirees of several SEGs.

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...

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Pelican State Credit Union 60-Month CD Earns 3.20% APY
Deal Summary: Share Certificates – 48-month (3.10% APY) and 60-month (3.20% APY), $500 minimum deposit.

Availability: Easy membership requirement for residents of Louisiana, Arkansas, Mississippi, and Texas; residents of Rapides Parish or St. Landry Parish, Louisiana; employees and retirees of several SEGs.

Although the rates on Pelican State Credit Union’s (Pelican) 48- and 60-month Share Certificates fell a few months ago from all-time highs, both are still offering very competitive rates. The minimum opening deposit is $500, with no stated balance cap. While Jumbo Share Certificates (minimum $10k...

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Pelican State Credit Union (LA/AR/MS/TX) Ups All CD Rates
Deal Summary: Share Certificates – 12-month (2.89% APY), 24-month (3.20% APY), 36-month (3.51% APY), 48-month (3.61% APY) and 60-month (3.71% APY), $500 minimum deposit.

Availability: Easy membership requirement for residents of Louisiana, Arkansas, Mississippi, and Texas; Residents of Rapides Parish or St. Landry Parish, Louisiana; Employees and retirees of several SEGs.

Trick or treat! Guess which category these Pelican State Credit Union (Pelican State CU) Share Certificates fall into.

Today’s rate increases of between 46 and 98 bps give all the Share Certificates their highest APYs...

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Pelican State Credit Union (LA/AR/TX/MS) Ups Long-Term CD Rates
Deal Summary: 48-month Share Certificate (2.51% APY) and 60-month Share Certificate (2.71% APY), $500 minimum deposit.

Availability: Easy membership requirement for residents of Louisiana, Arkansas, Mississippi, and Texas; Residents of Rapides Parish, Louisiana; Employees and retirees of several SEGs.

Yesterday, Pelican State Credit Union (Pelican State CU) added 10 bps to its 48-month Share Certificate (2.51% APY) and 60-month Share Certificate (2.71% APY). The minimum opening deposit for either Share Certificate is $500, with no stated balance cap.

Note: While Jumbo Share Certificates (minimum $10k deposit) are...

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