Pelican State Credit Union Competitive CDs Now Available Nationwide

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.

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• Dividends – compounded/credited monthly and can be withdrawn throughout during the term without penalty.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.