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Supercharge your savings with a Share Certificate

Get up to 5.00% APY on a 24-month term when you open a Share Certificate at Pelican!3

Whether you are looking for a no-risk, great rewards solution like a Share Certificate or an account to plan for retirement like a Traditional or Roth IRA, Pelican has a variety of options that could be the ideal solution for you! 

Share Certificates

  • Greater rates than savings accounts
  • Fixed rates guaranteed for length of term
  • Wide range of terms available
  • Penalty on earning for early withdrawal 
  • Safeguard future funds with partial withdrawal or closure fees prior to maturity
  • Dividends posted monthly
  • $500 minimum deposit to open regular certificates
  • Jumbo certificates available ($10,000 minimum deposit to open)
  • Retains federal insurance up to $250,000
  • Check out our current rates to learn more! 

Regular & Jumbo IRA

  • Potential tax advantages and tax-free earnings
  • High-dividend Regular IRA— opening deposit of $1,000-$9,999.99
  • Even higher-dividend Jumbo IRA —opening deposit of $10,000+
  • NCUA insured up to $250,000
  • Rate and term specials available
  • Dividends will be capitalized
  • Contributions may be made through payroll deduction or deposit
  • Distributions for RMD (72 years old) may be distributed by check, withdrawal, or automatic transfer to another Pelican State CU account
  • Dividends posted quarterly
  • Dividend rate is fixed for duration of IRA Certificate 

Check out these share certificate rates!

Term Dividend Rate APY3
6 Months 4.75% 4.86%
8 Months 4.80% 4.90%
12 Months 5.05% 5.17%
24 Months 4.90% 5.00%
36 Months 4.15% 4.23%
48 Months 3.65% 3.71%
60 Months 3.75% 3.82%

Share Certificate Calculator

Use this calculator to find out how much interest you can earn on a Share Certificate. Just enter a few pieces of information and we will calculate your annual percentage yield (APY) and ending balance. Click on the "View Report" button to see a detailed schedule of your Share Certificates balance and interest earned.

Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.

Traditional IRA Roth IRA
  • No income limits to open
  • No minimum contribution in any year allowing flexibility
  • Contributions are tax deductible on state and federal income tax1
  • Earnings are tax deferred until withdrawal (when usually in lower tax bracket)
  • Withdrawals can begin at age 59½
  • Early withdrawals subject to penalty2
  • Mandatory withdrawals at age 70½
  • Members under age 50 may contribute $5500 maximum per year
  • Members over age of 50 may contribute $6500 maximum per year
  • No minimum amount to set up
  • Contributions are NOT tax deductible
  • Earnings are 100% tax free at withdrawal1
  • Principal contributions can be withdrawn without penalty1
  • Withdrawals on interest can begin at age 59½
  • Early withdrawals on interest subject to penalty2
  • No mandatory distribution age
  • No 70½ age limit on making contributions as long as you have earned income

How is the interest rate calculated on a Share Certificate?
The APY is a percentage rate that reflects the total amount of dividends that will be paid on the certificate based on the dividend rate and frequency of compounding for an annual period. The dividend rate and APY are fixed and will be in effect for the initial term of the certificate. The APY is based on an assumption that dividends will remain on deposit until maturity.

What options do you have for dividend payment?
When setting up a Share Certificate, members may choose to have their monthly dividends:
  • Mailed
  • Transferred internally to another share
  • Remain in the Share Certificate to continue compounding

Are you taxed on the dividends earned on a Share Certificate?
Yes. The IRS treats interest earned on Share Certificates as income, whether the money is received in cash or reinvested. The same treatment applies to interest credited to a Share Certificate that allows the funds to be withdrawn early without penalty.

The interest is taxable in the year it is paid. If you have earned more than $10 in interest in a year, Pelican will mail you a 1099-INT statement.

Does opening a Share Certificate reduce your taxable income?
No. If you're looking to reduce your taxable income you may be interested in an IRA.
  • Traditional IRAs: Any deductible contributions and earnings you withdraw, or that are distributed from your traditional IRA, are taxable. Also, if you are under age 59 ½, you may have to pay an additional 10% tax for early withdrawals unless you qualify for an exception.
  • Roth IRAs: These are not tax deductible if it’s a qualified distribution (or a withdrawal that is a qualified distribution). Otherwise, part of the distribution or withdrawal may be taxable. If you are under age 59 ½, you may also have to pay an additional 10% tax for early withdrawals unless you qualify for an exception.

What happens to a Share Certificate at the end of the term?
The renewal policy for Share Certificates is stated in the Rate Schedule. For Share Certificates that automatically renew for another term, you have a grace period of ten (10) days after maturity to withdraw funds in the account without being charged an early withdrawal penalty.

How do I use the Share Certificate Calculator?
Dividends on our Share Certificates currently compound monthly AND they are posted to the account after the end of each month. You can see your dividends add up in MyPelican.

The interest earned on Share Certificates is added to the Share Certificate balance at regular intervals. This is called "compounding." This calculator allows you to choose the frequency that the Share Certificates' interest income is compounded. The more frequently this occurs, the sooner the accumulated interest income will generate additional interest.

Please note that the calculator on this page is for informational purposes only.

If I open an IRA Share Certificate and have a required monthly distribution, would I get charged a penalty for taking it out of the certificate?
No. If it's a required monthly distribution on an IRA Share Certificate, then we do not charge for early withdrawal.

What are the penalties for early withdrawal?
For all terms and all share certificates, the early withdrawal penalty will be 40 percent (40%) of the total dividends that would have been earned over the term of the account. This includes IRA certificates.
Can I add a beneficiary other than my spouse to my IRA?
If you are married and your spouse is not named as your sole primary beneficiary, spousal consent is required in the following states of residence where the IRA is opened, which are community property states:
  • Alaska
  • Arizona
  • California
  • Idaho
  • Louisiana
  • Nevada
  • New Mexico
  • Texas
  • Washington
Wisconsin's property act is also based on key community property principles. Regardless of your state of residence, we recommend getting spousal consent if your spouse is not your sole primary beneficiary. 

Check out our rates!

1Subject to some minimal conditions.
2Certain exceptions apply, such as healthcare, purchasing first home, etc.
3APY = Annual Percentage Yield is accurate as of today and is subject to change at any time, without advance notice. Minimum opening balance $500.00. Rates are fixed for the term of the certificate, but may change after that. Certificates are established on the day the account is opened and funded. Once established, the current rate in effect is locked in for the term of the certificate. Funds may be wired in order to receive and lock in a rate once the account has been established. Deposits sent by mail will be subject to the date the certificate is funded, not the day it was opened. Early redemption penalties apply. Penalties are imposed for early certificate withdrawals, which will reduce earnings. 4.90% APY: This offer is available for new money to Pelican State Credit Union only. Balances currently in a Pelican deposit account cannot be transferred to a share certificate for this promotion. New funds cannot be combined with existing funds. The certificate must be funded at the time it’s opened. This promotion is subject to termination at any time without advance notice. If the certificate is not opened and funded before the offer expires, Pelican State Credit Union will not honor the rate and term. Promotion does not apply to IRA certificates. At maturity, the certificate will roll-over for a 6-month term at the current rate, unless otherwise requested.