Trick or treat! Guess which category these Pelican State Credit Union (Pelican State CU) Share Certificates fall into.
Today’s rate increases of between 46 and 98 bps give all the Share Certificates their highest APYs since 2009. The minimum opening deposit is $500, with no stated balance cap.
Note: While Jumbo Share Certificates (minimum $10k deposit) are listed separately on the Credit Union’s website, the APYs for the Jumbo Share Certificates are the same as for the regular Share Certificates.
Pelican State CU’s 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.
Pelican State CU’s Truth-in-Savings document is not available on their website, but a very helpful CSR sent me a copy, which 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 a year 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 are eligible for membership.
Relationship: Immediate family members of current Pelican State CU members are also welcome to apply.
Joining Pelican State CU and/or opening a Share Certificate can be done online, or at any of 15 full-service Louisiana branches located in Alexandria, Baton Rouge (2), Denham Springs, Jackson, Lafayette, Lake Charles, Monroe (2), Opelousas (2), Pineville, Prairieville, 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 7.12% (excellent) based on June 30, 2018 data. In the past year, Pelican State CU has increased its total non-brokered deposits by $26.29 million, an excellent annual growth rate of 9.57%. 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 eighth largest credit union, with more than 51,600 members and assets in excess of $348 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, all of Pelican State Credit Union's Share Certificate APYs currently rank first.
The above rates are accurate as of 10/25/2018.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table.