Pelican State CU (LA/AR/TX/MS) Boost Rates On Long-Term CDs

POSTED ON WEDNESDAY, MAY 24, 2017 BY Ken Tumin

Deal Summary: 48-month Share Certificate (2.41% APY) and 60-month Share Certificate (2.61% 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) raised the rate on its 48-month Share Certificate (2.41% APY) and 60-month Share Certificate (2.61% APY). The minimum opening deposit for either Share Certificate is $500, with no stated balance cap.

APY	MIN	MAX	INSTITUTION	PRODUCT
2.61%	$500	-	Pelican State Credit Union	60 Month CD
2.61%	$10k	-	Pelican State Credit Union	60 Month Jumbo CD
2.41%	$500	-	Pelican State Credit Union	48 Month CD
2.41%	$10k	-	Pelican State Credit Union	48 Month Jumbo CD

Accounts mentioned in this post. Rates as of August 19, 2017.

Note: While Pelican State CU has separate Jumbo Share Certificates listed on its website for deposits of $10k+, the APYs for the 48-month and 60-month Jumbo Share Certificates are the same as the regular Share Certificates.

Both Share Certificates are available as IRAs (Traditional, Roth, CESA), earning the same APYs with the same funding requirements.

APY	MIN	MAX	INSTITUTION	PRODUCT
2.61%	$1k	-	Pelican State Credit Union	60 Month IRA (Traditional, Roth, CESA)
2.61%	$1k	-	Pelican State Credit Union	60 Month Jumbo IRA (Traditional, Roth, CESA)
2.41%	$10k	-	Pelican State Credit Union	48 Month Jumbo IRA (Traditional, Roth, CESA)
2.41%	$1k	-	Pelican State Credit Union	48 Month IRA (Traditional, Roth, CESA)

Accounts mentioned in this post. Rates as of August 19, 2017.

The 48-month Share Certificate has been part of the product line for over seven years and has experienced twelve rate changes, with yesterday’s increase of 22 bps resulting in its highest APY to date. The 60-month Share Certificate was added in October 2015, and its initial 2.38% APY remained in effect until yesterday.

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

Pelican State CU’s Kasasa Cash account still earns an eye-catching 4.01% APY, but the qualifying balance cap was lowered in May 2015 from $10k to $7.5k. 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+

Accounts mentioned in this post. Rates as of August 19, 2017.

Availability

Since I last wrote about Pelican State Credit Union, the field of membership (FOM) has expanded to include 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 Louisiana branches located in Alexandria, Baton Rouge (2), Denham Springs, Jackson, Lake Charles, Monroe (2), Opelousas, Pineville, Shreveport, and Zachary.

Credit Union Overview

Pelican State Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas ratio of 9.64% (excellent) based on December 31, 2016 data. In the past year, Pelican State CU has increased its total deposits by $36.66 million, an excellent annual growth rate of 16.42%. 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. Today, Pelican State CU is Louisiana’s ninth largest credit union, with more than 35,600 members and assets in excess of $295 million.

How the Share Certificates Compare

When compared to the 185 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.

When compared to the 197 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.

*Note: Melrose Credit Union is currently operating under an NCUA conservatorship.

The above rates are accurate as of 5/24/2017.

To look for the best CD rates, both nationwide and state specific, please refer to our CD rates table, or our Rates Map page.