Pelican State Credit Union (LA/AR/TX/MS) Ups Long-Term CD Rates
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.
| APY | MIN | MAX | INSTITUTION | PRODUCT | DETAILS |
|---|---|---|---|---|---|
| 2.71% | $500 | - | Pelican State Credit Union | 60 Month CD | |
| 2.51% | $500 | - | Pelican State Credit Union | 48 Month CD |
Note: While Jumbo Share Certificates (minimum $10k deposit) are listed separately on the Credit Union’s website, the APYs for the 48-month and 60-month Jumbo Share Certificates are the same as for the regular Share Certificates.
| APY | MIN | MAX | INSTITUTION | PRODUCT | DETAILS |
|---|---|---|---|---|---|
| 2.71% | $10k | - | Pelican State Credit Union | 60 Month Jumbo CD | |
| 2.51% | $10k | - | Pelican State Credit Union | 48 Month Jumbo CD |
Both Share Certificates are available as IRAs (Traditional, Roth, CESA), earning the same APYs with the same funding requirements. Just like the Share Certificates, Jumbo IRAs earn the same APY as the regular IRAs.
The 48-month Share Certificate has been part of the product line for over seven years and has experienced 13 rate changes, with yesterday’s increase of 10 bps resulting in its highest APY to date. The 60-month Share Certificate was added in October 2015 and the new APY tops its initial 2.38% APY by 33 bps.
As stated in Pelican State CU’s Truth in Savings document, the Early Withdrawal Penalty reads as follows:
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
Kasasa Cash and Saver
Pelican State CU’s Kasasa Cash account still earn a competitive 4.01% APY, but the qualifying balance cap was lowered from $10k to $7.5k more than two years ago. Qualifying balances over $7.5k earn 0.50% APY, with non-qualifying balances earning 0.05% APY. More detail on the Kasasa Cash account is available on Pelican State CU’s website.
| APY | MIN | MAX | INSTITUTION | PRODUCT | DETAILS |
|---|---|---|---|---|---|
| 4.01*% | - | $7,500 | Pelican State Credit Union | Kasasa Cash | |
| OTHER TIERS: 0.74% → $7,500+ | |||||
| 1.01*% | - | $50k | Pelican State Credit Union | Kasasa Saver | |
| OTHER TIERS: 0.50% → $50k+ | |||||
The Kasasa Saver account earns 1.01% APY on balances up to $50k, if the Kasasa Cash account qualifications are met. Qualifying balances of $50k+ earn 0.50% APY, with non-qualifying balances earning 0.05% APY.
Availability
Headquartered in Baton Rouge, Pelican State Credit Union expanded its field of membership (FOM) a few months ago, and now includes a limited easy membership requirement.
Easy Membership: Residents of Louisiana, Arkansas, Mississippi, and Texas can qualify for membership by joining one of three associations (Families & Friends Association-North Lake Supports & Services, ARC of Baton Rouge, or Parents Association of Northwest Supports & Services).
Residency: Individuals who live in Rapides Parish, Louisiana are eligible to join.
Employment: Employees and retirees of several SEGs are eligible for membership.
Relationship: Immediate family members of current Pelican State CU members are also eligible to join.
Joining Pelican State CU and/or opening a Share Certificate can be done online, or at any of 12 established Louisiana branches located in Alexandria, Baton Rouge (2), Denham Springs, Jackson, Lake Charles, Monroe (2), Opelousas, Pineville, Shreveport, and Zachary. In May, Pelican State CU opened its 13th branch in Prairieville in Ascension Parish.
Credit Union Overview
Pelican State Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 8.47% (excellent) based on June 30, 2017 data. In the past year, Pelican State CU has increased its total non-brokered deposits by $36.98 million, an excellent annual growth rate of 15.57%. Please refer to our financial overview of Pelican State Credit Union (NCUA Charter # 62710) for more details.
Pelican State Credit Union was founded in 1956 as the Department of Hospitals Credit Union, with a membership comprised of employees of Louisiana charity hospitals, mental health centers, and state office personnel. Pelican State CU 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 CU is currently Louisiana’s ninth largest credit union, with more than 44,600 members and assets in excess of $310 million.
How the Share Certificates Compare
When compared to the similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available within the FOM, Pelican State Credit Union's 48-month Share Certificate APY currently ranks first.
| Interest Rate | CD Length of Term | Credit Union/Bank |
|---|---|---|
| 2.51% APY | 48-Month Share Certificate | Pelican State Credit Union |
| 2.25% APY | 49-Month Share Certificate Special | NASA Federal Credit Union |
| 2.22% APY | 48-Month CD | USALLIANCE Financial |
When compared to the similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available within the FOM, Pelican State Credit Union's 60-month Share Certificate APY currently ranks first.
| Interest Rate | CD Length of Term | Credit Union/Bank |
|---|---|---|
| 2.71% APY | 60-Month Share Certificate | Pelican State Credit Union |
| 2.60% APY | 60-Month Term Deposit | Mountain America Credit Union |
| 2.53% APY | 60-Month CD | Langley Federal Credit Union |
The above rates are accurate as of 9/21/2017.
To look for the best CD rates, both nationwide and state specific, please refer to our CD rates table, or our Rates Map page.
