Pelican State Credit Union Review: Checking, Savings, CD and IRA Accounts

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Updated on Tuesday, September 1, 2020

Pelican State Credit Union checking account options

Pelican State Credit Union Free Kasasa Cash® Checking Account

Wow. We had to look twice when we saw this account’s eye-popping interest rate. And it has unlimited refunds for ATM fees too? Just an unbelievable checking account.
APYMinimum Amount to Earn APY
4.25%$0.01 (qualifying conditions met.)
0.76%Balances over $7,500 (qualifying conditions met.)
*A lower APY will be applied if you don’t meet the qualifications for the rates above.
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: None
  • ATM fees: None at Pelican State Credit Union and CO-OP ATMs. $1 per transaction at other ATMs.
  • ATM fee refunds: Unlimited refunds; however, qualifying conditions must be met, otherwise no refunds.
  • Overdraft fees: $30

The Free Kasasa Cash® Checking Account has all kinds of spectacular benefits — for starters, this account doesn’t have a minimum balance requirement and doesn’t charge a monthly fee.

It also earns one of the best interest rates we’ve ever seen on a checking account. You’ll need at least $1 in the account to earn interest, and the best rate only applies to up to $7,500. If you have more in your account, you’ll earn a respectable but significantly lower rate on every dollar over $7,500.

To qualify for the top rate, you’ll need to meet several conditions. Every month you must:

  1. Be enrolled in e-Statements.
  2. Log into online or mobile banking at least once.
  3. Complete at least 15 debit card purchases.
  4. Post and settle at least one direct deposit, online bill payment or ACH payment.

Any month where you don’t meet all the qualifying conditions, you’ll still earn interest but the rate will be very low.

Finally, this account provides unlimited refunds for ATM fees, so you can access your money for free wherever you go. You only receive the refunds if you meet the monthly qualifying conditions. Any month where you don’t, there will be no refunds.

How to get Pelican State Credit Union’s Free Kasasa Cash Checking Account

Before you can open a Free Kasasa Cash® Checking Account, you’ll need to join the Pelican State Credit Union. You can apply for membership online, at one of their branches or by filling the forms at home and sending them in. The membership form will ask for your Social Security Number, driver’s license, contact information and the funding method for your new account. Pelican State Credit Union accepts deposits by check, bank transfer and PayPal.

During the application, you’ll need to open a Shares Savings account for $10. $5 will pay your membership fee, while the other $5 will go into your savings account. You can also apply for a Free Kasasa Cash® Checking Account at this time using the same information.

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Pelican State Credit Union Free Kasasa Cash Back® Checking Account

This account doesn’t earn interest, but it does earns a fantastic 4% cash back rate when you spend on the debit card, better than most reward credit cards.
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: None
  • ATM fees: None at Pelican State Credit Union and CO-OP ATMs. $1 per transaction at other ATMs.
  • ATM fee refunds: Unlimited refunds; however, qualifying conditions must be met, otherwise no refunds.
  • Overdraft fees: $30

If you regularly spend on your debit card, the Free Kasasa Cash Back® Checking Account could be an appealing offer — it earns 4% in cash back on debit card purchases. The cash back applies on up to $250 in spending per month; if you max out, that’s $10 per month in rewards. There are no category restrictions so you earn rewards on any type of spending. Terms and limitations may apply.

To qualify for the cash back, you need to meet several qualifying conditions. Every month you must:

  1. Be enrolled in e-Statements.
  2. Log into online or mobile banking at least once.
  3. Make at least 15 debit card purchases.
  4. Post and settle at least one direct deposit, online bill payment or ACH payment.

This account also offers unlimited refunds for ATM fees, provided you meet the qualifying conditions. Any month where you don’t meet the conditions, you won’t earn cash back or receive ATM fee refunds. This account doesn’t charge a monthly fee though, even if you miss the qualifying conditions.

How to get Pelican State Credit Union’s Free Kasasa Cash Back Checking Account

Before you can open a Free Kasasa Cash Back® Checking Account, you need to join the Pelican State Credit Union. You can apply for membership online, at one of their branches or by filling the forms at home and sending them in. The membership form will ask for your Social Security Number, driver’s license, contact information and the funding method for your new account. Pelican State Credit Union accepts deposits by check, bank transfer and PayPal.

During the application, you’ll need to open a Shares Savings account for $10. $5 will pay your membership fee while the other $5 will go into your savings account. You can also apply for a Free Kasasa Cash Back® Checking Account at this time using the same information.

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Pelican State Credit Union Free Kasasa Tunes® Checking Account

For music and entertainment lovers, Pelican State Credit Union offers a checking account with monthly refunds for iTunes® and Amazon®.
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: None
  • ATM fees: None at Pelican State Credit Union and CO-OP ATMs. $1 per transaction at other ATMs.
  • ATM fee refunds: Unlimited refunds; however, qualifying conditions must be met, otherwise no refunds.
  • Overdraft fees: $30

The Free Kasasa Tunes® Checking Account is a specialty checking account for music and entertainment lovers. This account doesn’t earn interest; — it instead refunds purchases at iTunes® and Amazon®.

During the first 60 days after you sign up, Pelican State Credit Union will refund up to $25 spent at Tunes® and Amazon. In addition, every month you’re eligible for another $5 refund in purchases with these online retailers. Terms may apply.

To qualify for the monthly refund, you need to meet several conditions. Every month you must:

  1. Be enrolled in e-Statements.
  2. Log into online or mobile banking at least once.
  3. Make at least 15 debit card purchases.
  4. Post and settle at least one direct deposit, online bill payment or ACH payment.

If you meet these qualifying conditions, Pelican State Credit Union will also refund all your out-of-network ATM fees during the month. Any month where you don’t qualify, you won’t receive the refund for online retailers or for ATM fees. This account doesn’t charge a monthly fee though, even if you miss the qualifying conditions.

How to get Pelican State Credit Union’s Free Kasasa Tunes Checking Account

Before you can open a Free Kasasa Tunes® Checking Account, you need to join the Pelican State Credit Union. You can apply for membership online, at one of their branches or by filling the forms at home and sending them in. The membership form will ask for your Social Security Number, driver’s license, contact information and the funding method for your new account. Pelican State Credit Union accepts deposits by check, bank transfer and PayPal.

During the application, you’ll need to open a Shares Savings account for $10. $5 will pay your membership fee while the other $5 will go into your savings account. You can also apply for a Free Kasasa Tunes® Checking Account at this time using the same information.

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Pelican State Credit Union Choice Checking Account

This account doesn’t earn rewards and charges a monthly fee. Kind of a letdown compared to Pelican State Credit Union’s other checking accounts.
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $6 (can be waived)
  • ATM fees: None at Pelican State Credit Union and CO-OP ATMs. $1 per transaction at other ATMs.
  • ATM fee refunds: None
  • Overdraft fees: $30

Unlike the Kasasa options, the Choice Checking Account doesn’t offer interest or rewards, just comes with basic services like a debit card, online banking and the option to order checks. You can order checks online or through a branch. On Nov. 13, 2018, customer service told us that it would cost about $20, depending on the style and number of checks.

This account charges a $6 monthly maintenance fee, though there is a way to reduce and completely avoid the fee each month. First, if you use e-Statements, Pelican State Credit Union will subtract $1 off the fee. They also deduct 50 cents for each purchase you make on the debit card. If you make at least 20 purchases, that would wipe out the rest of the monthly fee.

With the debit card, you can make free withdrawals from Pelican State Credit Union and CO-OP network ATMs. However, Pelican State Credit Union charges a $1 fee for out-of-network transactions and ATM fees aren’t refunded on this account.

How to get Pelican State Credit Union’s Choice Checking Account

Before you can open a Choice Checking Account, you need to join the Pelican State Credit Union. You can apply for membership online, at one of their branches or by filling the forms at home and sending them in. The membership form will ask for your Social Security Number, driver’s license, contact information and the funding method for your new account. Pelican State Credit Union accepts deposits by check, bank transfer and PayPal.

During the application, you’ll need to open a Shares Savings account for $10. $5 will pay your membership fee while the other $5 will go into your savings account. You can also apply for a Choice Checking Account at this time using the same information.

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Pelican State Credit Union Horizon Checking Account

The Horizon Checking account helps people with past credit or banking trouble rebuild their financial track record. After six months, you can convert to one of Pelican State Credit Union’s better checking accounts.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $10
  • ATM fees: None at Pelican State Credit Union and CO-OP ATMs. $1 per transaction at other ATMs.
  • ATM fee refunds: None
  • Overdraft fees: $30

If you’ve had credit or bank trouble in the past — say, you closed an account without paying all the overdraft fees — you may have trouble qualifying for a regular checking account. The Horizon Checking account is designed to help you rebuild your financial track record.

This account accepts people who might be denied for the other Pelican State Credit Union accounts. It requires a minimum opening deposit of at least $25, and also charges a steep $10 monthly fee that you can’t avoid.

This account comes with online banking and a debit card. It also includes credit counseling, which could be useful advice if you’re still sorting out credit issues. However, the account does not earn interest or rewards.

How to get Pelican State Credit Union’s Horizon Checking Account

After six months, you can ask Pelican State Credit Union to convert your account to one of their better options. They will confirm that you used the account responsibly (e.g. you paid the fee consistently in that time and didn’t overdraft), and then will switch you over.

The Horizon Checking account is not listed on their online application. They ask you to contact one of their representatives, either by phone or at a bank branch, to apply for this account.

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How Pelican State Credit Union’s checking accounts compare

Pelican State Credit Union offers so many phenomenal checking accounts, we have trouble picking a favorite. If you want to earn interest, you’ll have to look far and wide to find a rate as generous as Free Kasasa Cash® Checking Account. Not only does it crush the average checking account, it’s also light years better than most CDs and money market accounts.

Free Kasasa Cash Back® Checking and Free Kasasa Tunes® Checking are also great options if you’d rather receive money back from your purchases. Kasasa Cash Back® earns cash back on all spending, whereas Kasasa Tunes® can earn more per month, but only refunds spending at iTunes® and Amazon®.

Pelican State Credit Union’s Horizon account could be worth a look for people with financial trouble, since after six months time you can swap it for one of their better accounts. The only one we would skip is Choice Checking, since it doesn’t offer any rewards and comes with a monthly fee.

If you use any of the Kasasa accounts, you’ll be making a fine choice. But if you’d still like to window shop before deciding, here are some of the other top-tier checking accounts from around the country.

Pelican State Credit Union savings account options

Pelican State Credit Union Primary Shares Savings Account

If you want to join the credit union, you’ll need to open this account for at least $10. The rates are pretty good, but not quite as generous as some of the other accounts at Pelican State Credit Union.
APYMinimum Amount to Earn APY
0.40%$100.01
0.40%$5,000.01
0.40%$10,000.01
0.55%$20,000.01
0.55%$50,000.01
0.55%$100,000.01
  • Minimum opening deposit: $10
  • Monthly account maintenance fee: None
  • ATM fees: None at Pelican State Credit Union and CO-OP ATMs. $1 per transaction at other ATMs.
  • ATM fee refunds: None
  • Overdraft fees: $30

As part of their membership application, Pelican State Credit Union requires new customers to open a Primary Shares Savings account. You’ll need to deposit at least $10. $5 pays your membership fee, while the other $5 goes in your savings account.

This account does not charge a monthly maintenance fee. It earns interest, but only if you have more than $100 in your account. The rates are above average for a savings account, but not as generous as some of the other products at Pelican State Credit Union.

If you want to open a separate account to keep track of your money (maybe to save for a specific goal), you can open a secondary Regular Shares Savings account. There’s no minimum deposit or fee for this secondary account and it earns the same interest rates.

With the Primary Shares Savings account, you can only make three free withdrawals per month. If you make more than three, Pelican State Credit Union charges $5 for each extra transaction.

How to get Pelican State Credit Union’s Primary Shares account

You can apply for your Primary Shares account and credit union membership online, at one of their branches or by filling the forms at home and sending them in. The membership form will ask for your Social Security Number, driver’s license, contact information and the funding method for your new account. Pelican State Credit Union accepts deposits by check, bank transfer and PayPal.

You’ll open the Primary Shares Savings account as part of the application. During this time, you can open other deposit accounts using the same info.

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Pelican State Credit Union Kasasa Saver Account

This account links to the Kasasa Checking accounts. It earns a solid rate, though you’ll need to meet several conditions in the checking accounts to qualify.
APYMinimum Amount to Earn APY
0.75%$0.01 (qualifying transactions met)
0.50%Balance over $50,000, if qualifying transactions met)
*A lower APY will be applied if you don’t meet the qualifications for the rates above.
  • Minimum opening deposit: None
  • Monthly account maintenance fee: None
  • ATM fees: None at Pelican State Credit Union and CO-OP ATMs. $1 per transaction at other ATMs.
  • ATM fee refunds: None
  • Overdraft fees: $30

If you have either the Kasasa Cash® Checking or Kasasa Cash Back® Checking account, you can also add on a Kasasa Saver account. This account does not have a minimum opening deposit requirement, so you can set one up without adding money; it also doesn’t charge a monthly fee.

The Kasasa Saver account earns interest provided you have at least $1 in the account. To qualify for the best rates, you need to meet several conditions through your linked Kasasa Checking account. Every month you must:

  1. Be enrolled in e-Statements.
  2. Log into online or mobile banking at least once.
  3. Make at least 15 debit card purchases.
  4. Post and settle at least one direct deposit, online bill payment or ACH payment.

If you meet these conditions, you’ll earn a terrific rate on up to $50,000 in your Kasasa Saver account, though you’ll also earn a slightly lower, but still respectable rate on every dollar over $50,000. Any month where you don’t meet the qualifying conditions, you’ll still earn some interest, but the rate will be very low.

With Pelican State Credit Union savings accounts, you can only make three free withdrawals per month. If you make more than three, Pelican State Credit Union charges $5 fee for each extra transaction.

How to get Pelican State Credit Union’s Kasasa Saver Account

Before you can open a Kasasa Saver Account, you need to join the Pelican State Credit Union. You can apply for membership online, at one of their branches or by filling the forms at home and sending them in. The membership form will ask for your Social Security Number, driver’s license, contact information and the funding method for your new account. Pelican State Credit Union accepts deposits by check, bank transfer and PayPal.

During the application, you’ll need to open a Shares Savings account for $10. $5 will pay your membership fee while the other $5 will go into your savings account. You can also apply for a Kasasa Savings account at this time using the same information. You will also need to open a Kasasa Checking account, if you don’t already have one.

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Pelican State Credit Union Freedom Shares Savings Account

Pelican State Credit Union describes this account as “a free savings account that pays a low, quarterly dividend” — we’d rather stick to their accounts with high dividend payments.
APYMinimum Amount to Earn APY
0.25%
$1000.00
  • Minimum opening deposit: None
  • Monthly account maintenance fee: None
  • ATM fees: None at Pelican State Credit Union and CO-OP ATMs. $1 per transaction at other ATMs.
  • ATM fee refunds: None
  • Overdraft fees: $30

The Freedom Shares Savings account does not have an opening deposit requirement. You can set one up for any amount. There’s also no monthly fee, no matter how low your balance gets.

However, this account only earns interest if you have at least $1,000. The rate is also very low, much lower than the typical deposit account at Pelican State Credit Union.

With the Freedom Shares Savings account, you can only make three free withdrawals per month. If you make more than three, Pelican State Credit Union charges a $5 fee for each extra transaction.

How to get Pelican State Credit Union’s Freedom Shares Savings Account

Before you can open a Freedom Shares Savings Account, you need to join the Pelican State Credit Union. You can apply for membership online, at one of their branches or by filling the forms at home and sending them in. The membership form will ask for your Social Security Number, driver’s license, contact information and the funding method for your new account. Pelican State Credit Union accepts deposits by check, bank transfer and PayPal.

During the application, you’ll need to open a Shares Savings account for $10. $5 will pay your membership fee while the other $5 will go into your savings account. You can also apply for a Freedom Shares account at this time using the same information.

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Pelican State Credit Union Christmas/Vacation Club Account

These accounts put money aside for a specific goal during the year, like holiday shopping. The interest rate isn’t great though, so it would be more effective to save through another account.
APYMinimum Amount to Earn APY
0.25%$0.01
  • Minimum opening deposit: None
  • Monthly account maintenance fee: None
  • ATM fees: None at Pelican State Credit Union and CO-OP ATMs. $1 per transaction at other ATMs.
  • ATM fee refunds: None
  • Overdraft fees: $30

Pelican State Credit Union offers both Christmas and Vacation Club accounts. These accounts are meant to save for a specific goal during the year, like holiday shopping. They’re separate from your main bank accounts and you put money aside when you can.

These accounts do not have a minimum opening deposit requirement; you can launch your account with any amount. They don’t charge a monthly fee, while they earn interest on all balances, the rate is just average and also lower than several other products at Pelican State Credit Union.

To motivate you to hit your savings goals, the Club accounts restrict how often you can take out money. The Christmas Club account isn’t supposed to release your money until the first week of November; if you take money out before then, you’ll owe a $20 withdrawal fee.

The Vacation Club account is a little more flexible, however. There’s no set timeline for taking money out, and you can make three free withdrawals per month. If you make more than three though, Pelican State Credit Union charges a $5 fee for each extra transaction.

How to get Pelican State Credit Union’s Christmas/Vacation Club Account

Before you can open a Christmas/Vacation Club Account, you need to join the Pelican State Credit Union. You can apply for membership online, at one of their branches or by filling the forms at home and sending them in. The membership form will ask for your Social Security Number, driver’s license, contact information and the funding method for your new account. Pelican State Credit Union accepts deposits by check, bank transfer and PayPal.

During the application, you’ll need to open a Shares Savings account for $10. $5 will pay your membership fee while the other $5 will go into your savings account. You can also apply for a Christmas/Club account at this time using the same information.

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Pelican State Credit Union Team Pelican Savings Account

A savings account for children 17 and younger. If your kid has a successful report card, Pelican State Credit Union pays them a cash bonus.
APYMinimum Amount to Earn APY
0.40%$0.01
  • Minimum opening deposit: None
  • Monthly account maintenance fee: None
  • ATM fees: None at Pelican State Credit Union and CO-OP ATMs. $1 per transaction at other ATMs.
  • ATM fee refunds: None
  • Overdraft fees: $30

The Team Pelican Savings account is meant for children 17 and younger, though an adult must be a joint account holder to set things up. This account does not have a minimum opening deposit requirement and does not charge a monthly fee.

It earns interest on all balances and the rate is above average. In addition, every time your child earns the highest possible grade in a class, Pelican State Credit Union pays them a $1 bonus. They pay up to $10 per report card.

How to get Pelican State Credit Union’s Team Pelican Savings Account

Before you can open a Team Pelican Savings Account for your child, you need to join the Pelican State Credit Union. You can apply for membership online, at one of their branches or by filling the forms at home and sending them in. The membership form will ask for your Social Security Number, driver’s license, contact information and the funding method for your new account. Pelican State Credit Union accepts deposits by check, bank transfer and PayPal.

During the application, you’ll need to open a Shares Savings account for $10. $5 will pay your membership fee while the other $5 will go into your savings account. Once you’re a member, you can set up a Team Pelican Savings account for your child.

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How Pelican State Credit Union’s savings accounts compare

The Pelican State Credit Union savings account are not quite at the same level as their checking accounts. They aren’t bad accounts by any means. We like that none of their savings accounts charge a monthly fee and they all pay either average or above average interest rates.

It’s just that the Pelican State Credit Union checking accounts offer such incredible rates, it’s hard to compete. If you’ve maxed out the rewards on a Kasasa Checking account, it might be worth adding on either the Kasasa Saver or Primary Savings account so you can keep earning some interest. But don’t make this move until you’ve taken advantage of the checking rewards.

If you want a savings account that comes close to matching Pelican State Credit Union’s top checking rates, you’ll need to look elsewhere. It’s a tough challenge, but these online savings accounts are up to the task.

Pelican State Credit Union’s CD rates

Pelican State Credit Union Share Certificates

These are fantastic rates, both for short-term and long-term CDs. A great choice for larger deposits.
TermAPY ($500)APY ($10,000)
6 months0.45%0.45%
12 months 0.65%0.65%
24 months0.80%0.80%
36 months0.91%0.91%
48 months1.08%1.08%
60 months1.13%1.13%
  • Minimum opening deposit: $500 ($10,000 for Jumbo)
  • Minimum balance amount to earn APY: $500 ($10,000 for Jumbo)
  • Early withdrawal penalty: For terms of 12 months or less, the penalty is 90 days of dividends. For terms between 13 months and 36 months, the penalty is 180 days of dividends. For terms or 37 months or longer, the penalty is 270 days of dividends.

Pelican State Credit Union offers Share Certificates whose terms range from as short as six months to as long as 60 months (five years.)

You need to deposit at least $500 to open a Share Certificate and keep that much in your account to earn the APY. The Certificate rates are fantastic for both short and long-term Certificates. They also offer Jumbo Certificates which require a deposit of at least $10,000. However, as of Oct. 31, 2018, their Jumbo rates were identical to the regular rates.

If you take money out of your Share Certificate before the end of the term, Pelican State Credit Union will charge an early withdrawal penalty. On Oct. 31, 2018, we asked customer service how the penalty works and they say it depends on your Share Certificate term:

  • For terms of 12 months or less, the penalty is 90 days of dividends.
  • For terms between 13 months and 36 months, the penalty is 180 days of dividends.
  • For terms or 37 months or longer, the penalty is 270 days of dividends.

How to get Pelican State Credit Union’s Share Certificate

Before you can open a Share Certificate, you need to join the Pelican State Credit Union. You can apply for membership online, at one of their branches or by filling the forms at home and sending them in. The membership form will ask for your Social Security number, driver’s license, contact information and the funding method for your new account. Pelican State Credit Union accepts deposits by check, bank transfer and PayPal.

During the application, you’ll need to open a Shares Savings account for $10. $5 will pay your membership fee while the other $5 will go into your savings account. You can also set up a Share Certificate at the same time.

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How Pelican State Credit Union’s CD rates compare

If you’re looking for a generous CD, Pelican State Credit Union is definitely the right place. Their Share Certificate rates are phenomenal across the board. Whether you want a short 6-month certificate or one that lasts up to 60 months, Pelican State Credit Union matches the best rates in the business for every, single term.

The only downside we noticed is they don’t offer any specialty CDs, like a bump-up option which lets you increase the rate midway through or a Flex CD which lets you take money out early. These are nitpicky complaints because when you open a CD, the main priority is the interest rate. You’ll be well-pleased with what you get at Pelican State Credit Union.

If you want some more variety, perhaps to check out some specialty offers or terms not at Pelican State Credit Union, we’ve tracked down the rest of the very best CDs from other institutions here.

Pelican State Credit Union’s IRA CD rates

Pelican State Credit Union IRA Certificates

As far as IRA CD rates go, these are some of the best in the business. Pelican State Credit Union provides excellent options for both short and long-term retirement goals.
TermAPY ($1,000)APY ($10,000)
6 months0.65%0.65%
12 months0.85%0.85%
24 months1.01%1.01%
36 months1.11%1.11%
48 months1.27%1.27%
60 months1.32%1.32%
  • Minimum opening deposit: $1,000 ($10,000 for Jumbo)
  • Minimum balance amount to earn APY: $1,000 ($10,000 for Jumbo)
  • Early withdrawal penalty: For terms of 12 months or less, the penalty is 90 days of dividends. For terms between 13 months and 36 months, the penalty is 180 days of dividends. For terms or 37 months or longer, the penalty is 270 days of dividends.

You can open any of the Share Certificates as part of an IRA. The rates are the same and excellent. The terms range from six months all the way up to 60 months.

You need to deposit at least $1,000 to open an IRA Certificate and keep this much in the account to earn the APY; This is a little higher than the $500 it takes for a Share Certificate. Pelican State Credit Union also offers Jumbo IRA Certificates which require $100,000. However as of Oct. 31, 2018, the rates were identical to the regular IRA Certificates.

If you take money out of your IRA Certificate before the end of the term, Pelican State Credit Union will charge an early withdrawal penalty. The penalty depends on your IRA Certificate term:

  • For terms of 12 months or less, the penalty is 90 days of dividends.
  • For terms between 13 months and 36 months, the penalty is 180 days of dividends.
  • For terms or 37 months or longer, the penalty is 270 days of dividends.

How to get Pelican State Credit Union’s IRA Certificate

Before you can open an IRA Certificate, you need to join the Pelican State Credit Union. You can apply for membership online, at one of their branches or by filling the forms at home and sending them in. The membership form will ask for your Social Security Number, driver’s license, contact information and the funding method for your new account. Pelican State Credit Union accepts deposits by check, bank transfer and PayPal.

Once you’re a member, you can apply for an IRA Certificate at a bank branch or by requesting the application forms and mailing them in. These accounts are not available online.

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Pelican State Credit Union IRA Shares

This IRA account gives you more access to your money than an IRA CD. For a flexible account, the rate is excellent.
APYMinimum Amount to Earn APY
0.89%$100.01
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: None

If you want more flexible access to your retirement savings, Pelican State Credit Union also offers an IRA Shares account. You can take money out of this account without owing an early withdrawal penalty to Pelican State Credit Union; there’s no a set timeline, as there is with an IRA CD.

You must deposit at least $100 to open an IRA Shares account. This account does not charge a monthly fee, regardless of your balance; however, you’ll need more than $100 to earn interest. The rate on this account is quite good for this type of IRA.

How to get Pelican State Credit Union’s IRA Shares account

Before you can open an IRA Shares account, you need to join the Pelican State Credit Union. You can apply for membership online, at one of their branches or by filling the forms at home and sending them in. The membership form will ask for your Social Security Number, driver’s license, contact information and the funding method for your new account. Pelican State Credit Union accepts deposits by check, bank transfer and PayPal.

Once you’re a member, you can apply for an IRA Shares account at a bank branch or by requesting the application forms and mailing them in. These accounts are not available online.

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How Pelican State Credit Union’s IRA CD rates compare

With their retirement accounts, Pelican State Credit Union comes through yet again. Their IRA CD rates are fantastic and some of the best we’ve seen, for both short-term and long-term deposits. Whether your retirement is years away or just around the corner, you can find a solid match for your savings timeline.

Their IRA Shares account is also high-quality. While these accounts always earn less in exchange for more access to your money, Pelican State Credit Union still pays a competitive rate. It’s a great choice if you need time to decide where to commit your portfolio.

If you need help with your retirement plan, Pelican State Credit Union could be an excellent resource — but so could these top lenders. They also offer some of the very best IRA CD rates and are worth comparing against Pelican State Credit Union.

Overall review of Pelican State Credit Union’s banking products

The Pelican State Credit Union is a hidden gem in Louisiana. They offer some of the best rates we’ve ever seen and the high-quality is consistent with pretty well all their banking products.

Their Kasasa checking accounts offer a mix of fantastic benefits. You just need to decide whether you want a sky-high interest rate, a lucrative cash back rate or a $5 month refund at Amazon and iTunes, a tough decision. For larger deposits, the Share and IRA Certificates offer fantastic rates for both long-term and short-term savings goals.

If there is a weak area at Pelican State Credit Union, it’s their savings accounts — but even here none of their accounts charge monthly fees and several of them pay above average rates.

Pelican State Credit Union only has a little more than 50,000 members — if more people realized just how good their products are, we bet this number would soar.

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