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855-730-7283
6510 Millrock Drive, Suite 200
Salt Lake City, UT 84121

[Note – see Ken Tumin’s initial investigative review of GE Capital Bank and its competitive savings accounts and CDs here and here.]

GE Capital Bank is an Internet banking division of GE Financial Services. The bank was formed in 1993 and has since then offered deposit accounts in order to fund its commercial leasing and lending business.

GE Capital Bank offers some competitive rates on its deposit account offerings. An online savings account is available and comes with one of the top interest rates available nationwide. It currently requires no minimum deposit to open, has no transaction fees, and has a maximum deposit amount of 1 million dollars as of September 2013. Certificates of Deposit (CDs) are offered in term lengths ranging from 6 months to 6 years and currently come with a 10-day rate guarantee that ensures the highest APY available within first ten days after opening a CD. CD holders may transfer any interest earned on the CD into a savings account on a monthly basis, or they may have the interest added onto the principal in the CD. The maximum deposit amount for CDs is $1 million.

Since it offers and manages its deposit account products solely online, GE Capital Bank online banking is an easy way for depositors to manage their accounts. The secure digital platform makes it easy to check your account balance and pending transactions, as well as transfer funds between linked bank accounts.

GE Capital Bank was originally established as Everest National Financial in 1993, before finally changing to its current name in 2012. The bank is headquartered in Salt Lake City, Utah, and manages tens of billions of dollars in deposits via its online banking system. The bank is generally able to offer higher interest rates on its products because it does not have the overhead cost associated with operating physical branches. GE Capital Bank is one of the financial services offered by the General Electric Corporation (GE), which is a publicly traded company that offers solutions in energy, health and home, transportation, and finance.

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GE Capital Bank Increases Rate of Its Online Savings Account - 7/31/2014

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Higher CD Rates at GE Capital Bank - 5/15/2014

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Worst Possible Banking Experience...Couldn't Even Open An Account

I have a really good credit score and have accounts at several banks.  So when I take the time to apply online and get asked to call a customer service rep...I figure it's like the other banks and they just need clarification or want to talk to an actual person to verify information.  When I called they basically said they don't have access to the online application and made me waste another hour online giving them everything again so the rep could open my account for me over the phone.  Then they said to call back 48 hours later because the system had 2 applications for me and the system doesn't allow that and it requires manual review (it wasn't my choice to apply a 2nd time)...but whatever.

I call back 48 hours later and they say they can't open an account for me at this time because "something" couldn't be validated.  They don't tell me what.  I ask them what I can fax over or mail as proof of whatever they need but they said they can't tell me what couldn't be validated and that I would receive a letter telling me in very general terms again that an account couldn't be opened for me.

What a crappy bank!  I have accounts at many other banks (which I do leave open to avoid messing up my credit score).  If they simply said they checked my credit and noticed that I have too many accounts or something I'd say fine...but instead they said they couldn't validate some of my information and couldn't tell me what or how to correct it.  They didn't even let me speak to the department that handles the decision making process - stating they wouldn't be able to tell me the reason as well.  What a crappy bank.

If you can get an account opened with them - good luck...but just based on the service I received I can tell you this is not a service friendly or transparent bank.

UPDATE - this is an email I received - how informative!!! :)

=======================

Thank you for your recent application to open a GE Capital Bank CD accounts. We regret to inform you that, after reviewing your application, we must decline it and will not be able to open your account. We apologize for any inconvenience this causes, and appreciate you considering us for your savings needs. Sincerely, GE Capital Bank Customer Service

New Signup

Experienced No problems with openning a new savings account (not CD) at GE Capital. Procedure for a joint account with Online banking option is a bit long,repetive and tenious,but is also simple and straight forward. Communications from bank are responsive and setting up an external source went smoothly and were completed in a normal time frame. Website itself seems easy to navigate with simple menus. Seems to be a well organized site,but my experiences have been limited to the savings account area only.

Simple And Straight Forward

I opened up a Savings account with $10k and everything was easy and straight forward.  I established an ACH link with my bank account and then made a few transfers into the savings account.  I tried opening a 12 month CD and funded it with money from the savings account.  The account was opened but for some reason didn't get funded and it told me to call customer service.  I called and without any hold time got a helpful agent who was able to move the money over without issue.

Everything was quick and painless, very positive experience.  Now i just have to watch the renewal dates/grace periods for the CD.

Happy Birthday GE Capital Bank!

Thanks for your good service. I opened a savings account using a mobile phone a few months ago and the process was straightforward. No problems. The test deposits and subsequent transfers in and out of the account went through without a hitch. I mailed a deposit to them to check that service as well and again, no difficulties. I found the CSR's I have spoken to by phone focused, knowledgeable and helpful. One even set up a conference call to a bank I was linking to. The ability to link up to four external accounts adds value and flexibility. 5 stars for you!

VIEW MORE REVIEWS

Health

Data for Q1 2014

Institution Health

A+

Texas Ratio

GRADE:
A+

The Texas Ratio is an indicator of how much capital a bank has available compared to the total value of loans considered at risk. As of March 31, 2014 GE Capital Bank had $29.03 million in non-current loans and owned real-estate with $2.98 billion in equity and loan loss allowances on hand to cover it. This gives GE Capital Bank a Texas Ratio of 0.97% which is excellent. Any bank with a Texas Ratio near or greater than 100% is considered at risk.

Texas Ratio Trend

GRADE:
A+

The Texas Ratio for GE Capital Bank decreased dramatically from 1.88% as of March 31, 2013 to 0.97% as of March 31, 2014, resulting in a positive change of 48.14%.This indicates that the balance sheet and financial strength for GE Capital Bank has improved dramatically in recent periods.

Deposit Growth

GRADE:
A+

In the past year, GE Capital Bank has increased its total deposits by $2.82 billion, resulting in 24.77% growth for the year. A strong track record of growth is an indicator of consumer confidence and the bank's ability to strengthen its balance sheet. The growth GE Capital Bank has shown is excellent.

Capitalization

GRADE:
A+

Both FDIC and NCUA consider capitalization levels of banks and credit unions to be of high importance. Higher capitalization allows for a greater buffer when cover loans that may fail in the future. GE Capital Bank has $17.87 billion in assets with $2.98 billion in equity, resulting in a capitalization level of 16.67%, which is excellent.

Institution Statistics

Overall
FDIC Certificate #33778
Year Established1993
Employees199
Primary RegulatorFDIC
Assets and Liabilities
Assets$17.87 billion
Loans$13.08 billion
Deposits$14.21 billion
Equity Capital$2.91 billion
Loan Loss Allowance$71.11 million
Unbacked Noncurrent Loans$29.03 million
Real Estate Owned$0
Historic Data - March 2013
Assets$14.70 billion
Equity Capital$2.69 billion
Loan Loss Allowance$65.50 million
Unbacked Noncurrent Loans$29.03 million
Real Estate Owned$0
Profit Margin - Quarterly
Net Interest Margin3.13%
Return on Assets1.05%
Return on Equity6.49%
Interest Income$175.57 million
Rates
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Always verify rates and promotions with the bank or credit union. We are not GE Capital Bank, we are a rate comparison website and can not provide official rates or promotions.

GE Capital Bank Savings Account Rates

DetailsAPYMINMAXPRODUCT
0.95%-$1mOnline Savings
Learn MoreSponsored Note: Maximum flexibility, a great rate and no minimum deposit to open.

GE Capital Bank CD Rates

DetailsAPYMINMAXPRODUCT
2.30%$500$1m6 Year CD
Learn MoreSponsored Note: Steady growth, guaranteed returns and a low minimum deposit to open.
2.25%$500$1m5 Year CD
Learn MoreSponsored Note: Steady growth, guaranteed returns and a low minimum deposit to open.
1.65%$500$1m4 Year CD
Learn MoreSponsored Note: Steady growth, guaranteed returns and a low minimum deposit to open.
1.35%$500$1m3 Year CD
Learn MoreSponsored Note: Steady growth, guaranteed returns and a low minimum deposit to open.
1.20%$500$1m24 Month CD
Learn MoreSponsored Note: Steady growth, guaranteed returns and a low minimum deposit to open.
1.15%$500$1m18 Month CD
Learn MoreSponsored Note: Steady growth, guaranteed returns and a low minimum deposit to open.
1.15%$500$1m30 Month CD
Learn MoreSponsored Note: Steady growth, guaranteed returns and a low minimum deposit to open.
1.05%$500$1m12 Month CD
Learn MoreSponsored Note: Steady growth, guaranteed returns and a low minimum deposit to open.
0.70%$500$1m6 Month CD
Learn MoreSponsored Note: Steady growth, guaranteed returns and a low minimum deposit to open.
0.70%$500$1m9 Month CD
Learn MoreSponsored Note: Steady growth, guaranteed returns and a low minimum deposit to open.
Locations

GE Capital Bank is an Internet only bank and does not have branch locations. Its headquarters is located at 6510 Millrock Drive, Suite 200 - Salt Lake City, UT 84121