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 deposit) are listed separately on Pelican’s website, the APYs for the Jumbo Share Certificates are the same as for the regular Share Certificates.
Pelican’s Share Certificates are available as IRAs (Traditional, Roth, CESA), earning the same APYs with the same funding requirements. Just like the Jumbo Share Certificates, Jumbo IRAs earn the same APY as the regular IRAs.
The Truth-in-Savings document is not available on the Credit Union's website, but a very helpful CSR sent me a copy 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
Headquartered in Baton Rouge, Pelican State Credit Union expanded its field of membership (FOM) more than two 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 associations (Families & Friends Association-North Lake Supports & Services, ARC of Baton Rouge, or Parents Association of Northwest Supports & Services).
Residency: Individuals who live in either Rapides Parish or St. Landry Parish (Louisiana) are eligible to join.
Employment: Employees and retirees of several SEGs (listed on the online application) are eligible for membership.
Relationship: Immediate family members of current Pelican members are also welcome to apply.
Joining Pelican and/or opening a Share Certificate can be done online, or at any of 17 full-service Louisiana branches located in Alexandria, Baton Rouge (2), Denham Springs, Hammond, Jackson, Lafayette, Lake Charles, Monroe (2), Opelousas (3), Pineville, Prairieville, Shreveport, 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)
In addition to branch locations across Louisiana, Pelican participates in the CO-OP Shared Branch network.
No matter where Pelican members travel, you can access your account at over 5,000 credit union branches and over 2,000 self-service locations nationwide!
Credit Union Overview
Pelican State Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 8.28% (excellent) based on March 31, 2019 data. In the past year, Pelican has increased its total non-brokered deposits by $32.77 million, an excellent annual growth rate of 10.97%. 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 CU is currently Louisiana’s seventh largest credit union, with more than 53,700 members and assets in excess of $403 million.
How the Share Certificates Compare
Given the multi-state FOM, I’ve chosen to compare the Pelican’s Share Certificates to nationally available CDs.
When compared to similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available nationwide, Pelican State Credit Union's 48-month Share Certificate APY currently shares the top spot with Hanscom Federal Credit Union’s 48-month CD APY.
When compared to similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available nationwide, Pelican State Credit Union's 60-month Share Certificate APY currently ranks first.
The above rates are accurate as of 7/24/2019.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table.