Pelican State Credit Union Has Rate-Leading 12-Month and 24-Month CDs


UPDATE 8/16/2023: Rates dropped this afternoon - 12-month CD (5.17% APY) and 24-month CD (5.27% APY), $500 minimum deposit.

Deal Summary: 12-month CD (5.64% 5.17%APY) and 24-month CD (5.90% 5.27% APY), $500 minimum deposit.

Availability: Easy Membership Requirement (Nationwide)

As DA reader, SouthernGirl, noted in a recent Forum post, Louisiana-based Pelican State Credit Union (Pelican State) has again substantially boosted the rates on its 12-month CD (5.64% APY – up by 47 bps) and 24-month CD (5.90% APY – up by 63 bps). Both of these CDs continue to offer the most competitive APYs in the Pelican State CD product line.

5.27%$500-Pelican State Credit Union24 Month CD
5.27%$10k-Pelican State Credit Union24 Month Jumbo CD
5.17%$500-Pelican State Credit Union12 Month CD
5.17%$10k-Pelican State Credit Union12 Month Jumbo CD
Rates as of October 1, 2023.

The minimum opening deposit is $500, with no stated balance cap. While Jumbo CDs ($10k minimum deposit) are listed separately on the Pelican State website, the APYs for the Jumbo CDs are the same as for the regular CDs.

The 12- and 24-month CDs/Jumbos CDs are available as IRA CDs/Jumbo IRA CDs (Traditional, Roth, CESA), with the same deposit requirements, but the rates are ridiculously lower – 1.56% APY and 1.76% APY, respectively.

1.76%$10k-Pelican State Credit Union24 Month Jumbo IRA (Traditional, Roth, CESA)
1.76%$1k-Pelican State Credit Union24 Month IRA (Traditional, Roth, CESA)
1.56%$10k-Pelican State Credit Union12 Month Jumbo IRA (Traditional, Roth, CESA)
1.56%$1k-Pelican State Credit Union12 Month IRA (Traditional, Roth, CESA)
Rates as of October 1, 2023.

As I noted in a July blog post, the Pelican State website now includes a Truth-in-Savings (TIS) disclosure for CDs that includes the Early Withdrawal Penalties (EWP). Unfortunately, the EWP have increased dramatically.

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 [was 90 days]
    13 to 36 months, 270 days' dividends [was 180 days]
    37 months or longer, 270 days' dividends [was 365 days]

If the account has not yet earned enough dividends or if the dividends have already been paid, the penalty will be deducted from the principal.

Thanks again to DA reader, SouthernGirl, for yesterday’s Forum post about the latest Pelican State CD rate increases.


Headquartered in Baton Rouge, Pelican State Credit Union expanded its field of membership (FOM) about ten months ago, with the previous 4-state limited-area easy membership requirement (EMR) becoming 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, including Ochsner Health, are eligible for membership.

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

Account Opening

Joining Pelican State and/or opening a CD can be done online, or at any of 17 full-service Louisiana branches located in Alexandria, Baton Rouge, Covington, Denham Springs, Hammond, Houma, Jackson, Lafayette, Lake Charles, Monroe, New Orleans, 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!

Funding and Other Particulars

The following information is from a conversation with CSR.

  • Funding – ACH, wire ($10 fee), or internal transfer.
  • Ownership – Individual, joint, or trust.
  • CO-OP Shared Branch Network – Yes.
  • Maturing Funds – Cashier’s check to the address on file or transferred into a Primary Shares account.
  • Dividends – Compounded/credited monthly and can be withdrawn throughout the term without penalty.
  • Grace Period – 10 calendar days before automatic renewal.
  • Beneficiaries – Unlimited with equal shares; Social Security numbers required.
  • Credit Check – Hard pull Soft pull* when joining.
  • *UPDATED 8/15/2023 following conversation with a Pelican State representative.

Credit Union Overview

Pelican State Credit Union has an overall health grade of "B+" at, with a Texas Ratio of 10.76% (excellent) based on March 31, 2023 data. In the past year, Pelican has increased its total non-brokered deposits by $46.65 million, an excellent annual growth rate of 8.58%. 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 74,000 members and assets in excess of $677 million.

How the 24-Month CD Compares

When compared to similar length-of-term CDs tracked by that are available nationwide and have minimum deposit requirements of $10k or less, only no banks or credit unions have higher rates than currently offered on the Pelican State Credit Union 24-Month CD. The following table compares the 24-Month CD to the two highest-rate CDs from other credit unions and the two highest-rate CDs from banks.

How the 12-Month CD Compares

When compared to similar length-of-term CDs tracked by that are available nationwide and have minimum deposit requirements of $10k or less, no banks or credit unions have higher rates than currently offered on the Pelican State Credit Union 12-month CD. The following table compares the 12-month CD to the two highest-rate CDs from banks and the two highest-rate CDs from other credit unions.

The above information and rates are accurate as of 8/15/2023.

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

  |     |   Comment #1
Hard Credit Pull and Pelican recently increased EWP from 180 to 270 days. How does that benefit the members of this CU? Don’t trust a CU like Pelican that raises member fees out of greed, especially when the members are the ones lending their hard earned money to this financial institution.
  |     |   Comment #5
Soft Credit Pull updated today by Ken Tumin.
  |     |   Comment #18
Soft credit pull just updated? Was the info. Initially posted by DA checked for accuracy before posting? Obviously not, and can we trust any other information posted by DA about Pelican CU, or any other CU posted on this forum? On a daily basis usually two offers are highlighted, you would think these offers are throughly researched by DA before they are shown as having a noteworthy financial offering.
  |     |   Comment #2
WOW...sorry to have missed the boat on this one.
Kudos to those who could get in for a measly $5 membership.

I guess I should've ladder.....Uhhh, never mind.
  |     |   Comment #3
I just opened last week and so far they have not agreed to honor the new rate. Was anyone else tried for rate increase on recently opened CD (less than 10 days)
  |     |   Comment #4
Hello, I would speak with a Customer Service Manager today and make the request. Inquire about their policy in this situation. Hopefully, it will be approved. If not, I would be curious as to the EWP quoted. Will Pelican State CU really charge you an EWP of 270 days to get the higher rate?  Let us know the end result.
  |     |   Comment #6
The agent how dumb could be said she will do the rate change after closing the CD and I thought I would loose these 7 days interest but she quoted me 270 days of EWP of over 3K !!
  |     |   Comment #8
Please call and ask to speak to a Customer Service Manager. You might have better results. What is the policy on this situation, in accordance to a Customer Service Manager? Keep trying!!
  |     |   Comment #9
If financially possible, the best deal probably would be to open the second 2-year APY=5.9% CD, while they still offer it, which is likely to end soon.

Simultaneously, it might be possible to appeal to their management for free upgrading of the first CD, based on the similarity to their policy of granting 10 days grace period upon maturity.
  |     |   Comment #38
gmohan123, they may honor their recently lowered rate from the fabulous 5.90% to an unappetizing 5.27% by comparison, in only a few days. Hard to believe in them next time they come with a top rate... :(
  |     |   Comment #7
I'll skip this.

1. Allow people to join and open CD at the Sametime.
2. If you want to transfer outside funds ACH and charge card limits are $1000. I believe what I have read that you must send funds to your base account.
3. I had an issue uploading a required utility bill.

I'll just wait till another institution offers a higher rate CD. Why do banks and CUs make it so hard to open an account.
  |     |   Comment #10
Was told today to only fund the $5 share account (and $5 for offsite membership) via credit card. Don't add the certificate during online application; Pelican will send separate instructions if account approved. I'm concerned about ability to pull certificate balance at maturity, but that is a problem for two years from now.
  |     |   Comment #15
1.  The funds can be ACH-pushed from your external bank as soon as you get your Pelican account number, without any further "Pelican instructions".
2. There is an option to transfer a CD balance upon the maturity to Pelican checking or savings accounts from where the funds can be ACH-pulled back into external banks.
  |     |   Comment #20
I hope the ach transfer option works. They just called me to open the CD and told me to wire the funds in. I asked if I can transfer in via ACH, and she just repeated that funds have to be wired in.
  |     |   Comment #21
I personally prefer a wire if your bank will provide one for free which mine does. Someone mentioned that Pelican charges a $10 fee to process a wire on the back end. I have not confirmed that.
  |     |   Comment #11
I had a rather confusing call with a CSR. She said something about money sent in via ACH from an external FI might be on hold for 5-7 days and unavailable to put into a CD.

So she recommended sending a wire. Pelican charges $10 for an incoming wire. It didn't sound like they are willing to waive that fee if you put the money into a CD.

Does anyone have experience with sending a substantial amount to Pelican via ACH initiated from an external account? Did it post the next business day? Was it available to put into a CD as soon as it posted?
  |     |   Comment #12
I opened up an account there last year and I don't remember having a difficult time doing it, if I remember correctly they dropped the rate after I applied but they held the rate they offered when I applied. I deposited my funds thru a coop shared branch, as far as not being able  to open the CD until the funds clear, talk to a supervisor and since the funds are going into a CD they should okay it,
  |     |   Comment #13
You could also use a CO-OP Shared Branch to get your funds into a Pelican State savings account, then use those funds to open a CD.
  |     |   Comment #14
The holds apply only to ACH initiated from Pelican itself.
Even huge ACH pushed from external banks are available immediately upon arrival and can be used for immediate opening CD online or by phone.
  |     |   Comment #17
Thank you, vlad! Now I just need Pelican to open my savings account so I can set up a link from an external account. I got approved and I've signed their Docusign paperwork but I still don't have an account number. Pelican said they attracted a lot of new members so they have a lot of applications to process.
  |     |   Comment #19
The rep I spoke to said you can open the CD when applying for membership with the 1k max ACH limit and then add onto the CD once approved/open. I sent them an email in as well to back up my intention. The rep also stated to expect a couple of days before newly submitted applications would be approved as they are quite busy.
  |     |   Comment #24
Thanks Vlad did not know or see that. Very good info for others to consider.
  |     |   Comment #25
If pushing funds via external ACH, should we wait until the account is fully opened, even though the share account info on the deposit slip?
  |     |   Comment #16
Looks like a good deal, a lot of good CD deals for laddering right now. I wish I had more money lol. So a Barclays five year CD would make about 3.56% a year for the last three years compared to this. And against a three year 5% CD it would make 3.75%. We're almost at the "you're ****ed" level. This CU looks pretty good for being kind of small.
  |     |   Comment #23
Just opened the 24 month CD over the phone with a rep...I can confirm its a soft pull!!
  |     |   Comment #26
12-month CD rate dropped to 5.17% APY and 24-month CD rate dropped to 5.27% APY
  |     |   Comment #27
Was just about to post this! That was quick...
  |     |   Comment #28
I really dislike this type of FI…all the effort many just put in to open account with higher rates is now wasted.
  |     |   Comment #29
Tell me about it. I put in a few hours to open the account, wire transfers (this evening), and now this. I called the after-hours rep and she told me that Pelican will not honor the higher rate since the funds were not in the account before 5pm
  |     |   Comment #39
According to comments posted on 11/21/22 Pelican State CU, "Just received an email they lowered rates, but will honor who all started the application" and "we will honor the rates advertised at the time you applied". Please contact a CSR and I am sure that the rate will be honored, since you applied between 08/14/23 and 08/16/23. Please post your results!!
  |     |   Comment #45
First of all, thank you for the original post. As you suggested, I requested CSR to honor my application and the rate. Even though, my wired funds were received by Pelican around 6pm, CSR agreed and opened the 24-month CD for 5.90% APY today. Thank you, SG
  |     |   Comment #31
I wonder how many people got this deal because of SouthernGirl lol.
  |     |   Comment #32
Deal gone faster than the account could be opened/funded. Not sure why they (or I) bothered.
  |     |   Comment #33
I opened an account today but didn't fund it yet...their lost and my gain. I'm sure a 6% will pop soon.
  |     |   Comment #40
Please contact a CSR and I am sure that the rate will be honored, since you applied between 08/14/23 and 08/16/23. Please post your results!!
  |     |   Comment #56
They did wind up honoring it for me! CSRs who helped me were great. Thanks SouthernGirl !

Sounds like the deadline is EOD Tues Aug22 to get your money deposited to get the rate honored.
  |     |   Comment #34
I am really furious about this. My deposit posted to my account on 8/16 but I hadn't yet contacted Pelican to open the CD. I sent them a message early this morning asking for a decision ASAP on whether they will honor the 5.90% APY 2 year deal.

I spent considerable time applying for membership and sending them funds. I took Pelican time to process my application and give me an account number so I could even send them my deposit.

Is there some way we can organize to protest this action to regulators?  To have a rate in effect for only 3 days while you're accepting applications from new members who are joining because of that rate is just unacceptable business practice.
  |     |   Comment #35
Ken when did the rates change? Your article is dated 8/15 and your update regarding the rate change is also dated 8/15. I'm sure I spoke to a CSR the morning of 8/16 and nobody said anything about the rates having changed.
  |     |   Comment #36
I signed up yesterday and the rate posted on the Pelican website was still 5.9% for the 24 month term which I selected.  Also, spoke to a CSR who confirmed the rate.  So something doesn’t add up. Many institutions over the years have honored those who applied prior to the rate change. It will be interesting to see how this plays out.
  |     |   Comment #37
I just spoke to Pelican. My funds got there on 8/16 and they are honoring the deal for me. They opened the CD at the new lower rate but said I was in the queue for another department to adjust it so I get the 5.90% APY for 2 years. They said when they send me the Truth in Savings document it will reflect the 5.90% APY.
  |     |   Comment #41
Please see my comment #39. Please post your results!!
  |     |   Comment #43
Hi SouthernGirl…I called in and spoke to a helpful CSR who stated that they cannot guarantee the rate as they are limited to a specific amount of funding. They stated it may still take a couple of days to review all the recent applications. So we will see.
  |     |   Comment #44
Please see my comment # 42, so you will know when you receive the phone call about your application.
  |     |   Comment #46
The rate changed on 08/16/2023 around 4pm
  |     |   Comment #42
UPDATE: I just spoke with Pelican State CU and they will honor the rate of 5.90% APY on 24 month CD for new applications dated 08/14/23 through 08/16/23. Of course, you will need to contact and fund, as soon as possible.
  |     |   Comment #47
I just got word that if your account is not funded by tomorrow AM the 5.9% deal is off per a very helpful CSR. I had a transfer scheduled for tomorrow PM delivery but they would not budge. Definitely a bust for me in terms of time and effort but glad for those who were able to make it happen.
  |     |   Comment #48
Would it be possible for you to make a deposit tomorrow AM at a CO-OP shared branch in your area? Deposit will post to your account immediately.
  |     |   Comment #49
Thanks SouthernGirl for your help and for your generous contributions to the overall forum!

Unfortunately the timing just did not work out. Typically my workaround in a time sensitive manner is to do a bank wire in 24 hours but my application did not get approved until this afternoon not leaving enough time for that option this time. Lesson learned. The CO-OP would have been the ticket.
  |     |   Comment #50
Pelican State CU approved your application on the afternoon of 08/17/23. Unfortunately, Pelican did not allow you the time to send a wire to post on 08/18/23, which is their preferred method of guaranteed funding. How are you supposed to get a wire in and posted the same day, when there are cutoffs in the afternoon for wire transfers? Personally, I would call asap to speak to a CSR Manager to get this approved and the rate honored.

Also, on CO-OP deposits, even though the money is posted to your account, there are holds placed on the funds, depending on the amount, for 7 to 15 days. In most cases, you will not earn interest during those days. I discussed this with Pelican State CU on 08/17/23 and that is when I was told preferred method is a wire transfer.

I think Pelican State CU is incorrect in not allowing you the appropriate time to send a wire and the problem needs to be resolved immediately. There is no one that could have met the deadline for a guaranteed AM wire requested in the afternoon at most financial institutions
  |     |   Comment #51
Thanks SouthernGirl…I am working with a manager and it looks likely they will honor the rate and CD term. Appreciate your input!
  |     |   Comment #53
All complete I will say both the CSR’s and management were top notch. There were a couple of hiccups but ultimately I was able to get this open on the 16th and fully funded today as they offered a 1 day ACH (fees were waived) which allowed this to work.
  |     |   Comment #55
Totally agree; had great customer service from them
  |     |   Comment #52
Thank you for the heads up on this CU! I started the process 8/14 and the account was opened on 8/17, CD 8/18.
Overall I was pleased with this FI. Considering they were likely overwhelmed by new applications response was reasonable. My call to open cd was answered in under 5 min and the rep was knowlegable and process was efficient.
8/14 application submitted.
8/15 application acknowledged via application messaging.
8/16 Likely wasted a day requesting 3rd POD - only 2 entries were available on form. (Instead of inquiring about a 3rd, I believe adding the POD information in the application comment field would have speeded my application.) Through messaging they asked if I was planning to open checking or other accounts. I indicated the [email protected]%.
8/17pm They messaged new account info and indicated rates had lowered and they may honor rate at start of application if I funded quickly. Wire was suggested. I was ready for a quick transfer. (NorthernTrust ACH is next day.)
8/18am Funds posted. Opened the certificate - it opened at the current rate however they will honor the rate which will be adjusted.
Disappointment is that the rate went away in less than a week - had to hustle to open and fund so quickly.
  |     |   Comment #54
lmr959 good for you and congratulations! You must've been one of the very first ones to apply. It pays to wake up and not waste time in grabbing such a good offer. I've been one of those who wasted time so....missed the boat! Enjoy it! :)
  |     |   Comment #57
Thank you SouthernGirl. I applied as soon as I saw your original post and got the 5.90% APY for 2 years.

I did an ACH push from an external FI and the funds were available at Pelican the next day with no hold. I'm glad I didn't do a wire as instructed by Pelican. A wire would have cost me $10 at Pelican for an incoming wire plus $25 at the sending FI. The ACH was free.
Pelican State Credit Union Offers Rate-Leading 24-Month CD Nationwide
Deal Summary: 24-month CD, 5.27% APY, $500 minimum deposit.

Availability: Nationwide easy membership requirement

Louisiana-based Pelican State Credit Union (Pelican State) recently boosted its 24-month CD APY to a rate-leading level. Following an increase of 41 bps, the 24-month CD currently earns 5.27% APY. (While several of the Pelican State CDs saw rate increases this month, the 24-month CD had the largest increase and is the most competitive in the CD product line.) The minimum opening deposit is $500, with no stated balance cap. While Jumbo...

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Pelican State Credit Union Competitive CDs Now Available Nationwide
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...

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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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