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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.

Related Posts

One Year Anniversary of GE Capital Bank’s Internet Operation - 6/27/2014

It has been just over one year since GE Capital Bank began offering its online savings account and CDs on the internet. I first reported on this internet bank o ...

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

GE Capital Bank just raised the rates on four of its CDs. The most noteworthy changes are the rate increases on its 6-year and 5-year CDs. The rates went up by 15 basis points. The 6-year CD now has a ...

New Higher Long-Term CD Rates at GE Capital Bank - 10/21/2013

GE Capital Bank raised its long-term CDs late last week. It has joined the 2% club with two CDs with yields at and above 2.00%: the 5-year CD has a 2.00% APY and the 6-year CD has a 2.05% APY. Minimum ...

Reviews (8)

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!

Rough Start But Sticking With It > > > Will Update Later

I identify with those who reported problems setting up accounts. I also ran into some of the difficulties in registering and setting up a new account. In all, it looks like it will have taken me almost two weeks (12 days) to establish my account and get it funded! Sort of ridiculous in this day and age of electronic transactions.

Like many people, I was attracted by the relatively high (0.90%) interest rate paid with no minimum balance required. And since this rate would be hard to beat, I've stuck with getting my account opened.

First, I tried opening the account online but about 3/4 of the way through the process, I was asked to verify my identity with four questions related to my credit report. I am certain I answered them correctly yet the screen wouldn't either allow me to advance in the process (OR) tell me I answered incorrectly! It just refreshed to the same screen every time I answered the questions and selected the "Next" button. I called their customer service line and went to the technical rep option. He told me they had identified a web-interface issue related to that problem and I would have to call back in a few days to resolve it. (It was over Thanksgiving holiday weekend.) He gave me an application ID number to reference. I didn't call on Monday and on Tuesday, I got an email saying after reviewing my application they would have to decline it!! I tried going to the website and opening my application ID number but it did not recognize it. I called customer service and the rep told me that yes, my application was declined but he did not know the reason. He told me I could go back through the website to reapply and it should work! The phone tree had sounded like they could take my application over the phone so I asked him if he could do that. He answered yes. I'm sure they like to avoid having people do that (too time-consuming) but I didn't want to get the same run-around from their website. We went through the application and when it got to the verification questions, they were the same questions I had been asked before. I answered the same way but this time it was accepted. He gave me my account number so that I could access my account online.

I didn't have any problem logging in, setting up user names or passwords, or entering the "linked" bank account information so that I could transfer money.

The next step was to wait on them to "verify" my bank accounts by making two small deposits into each. I would need to verify each account by entering the correct amount of each deposit. I waited and waited for three days and nothing happened. I emailed customer service because I knew I had been warned in the fine print that if I didn't fund the account promptly that it could be closed. I was assured that they would not close the account while I was waiting to verify my bank. They said they make the deposits the next business day but it can take "up to 5 business days" for MY bank to enter those deposits, depending on their procedures. In reality, it probably took AT LEAST five days for any of my banks to post the deposits! However, they finally did appear. "Verifying" them with GE Capital Bank was simple and worked smoothly.

Next, I went to FUND my new account. I entered a one-time transfer. I was dismayed when I saw that the "effective date" would be yet ANOTHER two days away!! That should happen tomorrow.

I will try to come back and update my review later to let you know how this all turned out. I'm hoping that my initial "growing pains" getting the account open and funded won't be indicative of my overall experience.

I do trust my deposit to be safe and that it will grow at the rate I was promised. However, after this experience (regardless of how smoothly it goes from here), I imagine I will give myself a LARGE pad of time in withdrawing funds to make sure they have time to complete 'processing'.

Worst Ever Banking Experience - Couldn't Open Account

GE Capital Bank has got to be the worst online bank. I tried to open an account only to be given an application ID and told to call in 48 hrs. I call after 48 hours and am told my application was not approved because "some piece of information" could not be validated. They won't even tell me what. If they would have told
me what information they needed I am certain that I could have provided them anything they needed. I have an 840 credit score, have 2 online accounts and have never been turned down for any loan, credit card, etc. For crying out loud, I am trying to give them money. Their customer service reps were useless. They would not/could not provide any useful information or offer a solution to allow me to provide whatever "could not be validated".

Would not deal with this bank after my experience. I would recommend going elsewhere for online banking needs.

GE Capital Bank

on Wednesday I called the bank to open a savings account. I was asked several questions that you would expect. then I was told to call back in 48 hours to complete the application. today, 7/11/14, I called back at about 930am and after about 10 minutes I was told there was a problem and I would be called back in the afternoon. at 330pm, I called back because no one called me. after being put on hold for several minutes, I was told the bank had not fixed the problem that resulted in their inability to ask me some multiple choice questions to continue the applications. the clerk told me he would put a note to call me back Monday. so far I am not impressed and have not been able to complete my application. it apparently is business as usual to make everyone wait about 48 hours to attempt to complete the second part of the application. apparently, you do not complete an application on the day you call them. this may be a policy to keep the headcount down. so far it has taken from Wednesday to maybe Monday to start on part two. who knows what Monday will be like.

GE Capitlal Bank

on Wednesday, 7/9/14, I applied for a savings account. the clerk said to call back in 48 hours. on Friday I called back and the clerk said there was some kind of procedural problem and she would call me back in the afternoon. when she went off the line to discuss whatever i got an email saying my application was denied. I told the lady and she said that was not correct and it was just because she was checking out my application. don't worry about it. at 330, since no one called I called back and a man said there was still a problem with my application. at approximate 5pm, when I was away from my phone the original woman who took my application, called and said the problem had resolved and she was ready to continue the application. I called back at about 530pm and a different lady said she could not go forward and I would have to reapply on Monday. today is Monday and I called and asked for a manager. I was given a guy in the escalation department. I asked him if he was the manager and he said no and would not give me a manager. I asked him about six times and he refused. so I applied again and he said my application was denied. all I did was give my name, address, social, and what I wanted to open the account with. that's it just like on Wednesday. I am going to try to find their headquarters.


Data for Q1 2014

Institution Health


Texas Ratio


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


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


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.



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

FDIC Certificate #33778
Year Established1993
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
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GE Capital Bank Savings Account Rates

0.90%-$1mOnline Savings
Learn MoreSponsored Note: Maximum flexibility, a great rate and no minimum deposit to open.

GE Capital Bank Money Market Rates

0.90%-$1mOnline Savings

GE Capital Bank CD Rates

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.

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