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 Union||24 Month CD|
|5.27%||$10k||-||Pelican State Credit Union||24 Month Jumbo CD|
|5.17%||$500||-||Pelican State Credit Union||12 Month CD|
|5.17%||$10k||-||Pelican State Credit Union||12 Month Jumbo CD|
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.
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.
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 pullSoft 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 DepositAccounts.com, 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 DepositAccounts.com 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 DepositAccounts.com 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.