Pelican State Credit Union 12-Month CD Rate Jumps Upward

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 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 APY as the regular IRA Certificates.

Although nine different disclosures are available on the Pelican State website, the Truth-in-Savings document is not one of them. A very helpful 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, 180 days' dividends
13 to 36 months, 270 days' dividends
37 months or longer, 365 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. As the previous sentence implies, earned/credited dividends can be withdrawn throughout during the term without penalty.

CSR stated that the easiest way to fund a Share Certificate is through an internal transfer. Pelican State participates in the CO-OP Shared Branch network, facilitating the easy transfer of funds. Share Certificates can also be funded by an ACH or wire. Maturing funds will be distributed through a cashier’s check to the address on file or transferred into a Regular Shares savings account. There is a ten day grace period before a Share Certificate automatically renews.

Unlimited beneficiaries can be designated (equal shares), with Social Security numbers required for all named beneficiaries.

Availability

Headquartered in Baton Rouge, Pelican State Credit Union expanded its field of membership (FOM) more than five years ago to include a limited-area easy membership requirement.

Easy Membership: Residents of Louisiana, Arkansas, Mississippi, and Texas 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 4.72% (excellent) based on March 31, 2022 data. In the past year, Pelican has increased its total non-brokered deposits by $35.19 million, an excellent annual growth rate of 6.92%. 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 seventh largest credit union headquartered in Louisiana, with more than 71,000 members and assets in excess of $618 million.

How the 12-Month Share Certificate Compares

When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available within the FOM 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 12-Month Share Certificate. The following table compares the 12-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 8/20/2022.

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