Dedicated to Deposits: Deals, Data, and Discussion

5.64% 12-Month CD at GTE Federal Credit Union - Easy Membership

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GTE Federal Credit Union has just started offering a 5.64% APY 12-month share and IRA certificate. The minimum deposit is $500. This rate applies to partner members who have combined loan & share balances of $15,000 or more or have a Partner checking account. Note, Partner checking has a $10 monthly fee if you don't maintain the $15K balance. This Partner relationship is not necessary for Jumbo certificates. The Jumbo minimum deposit is $100K.

This 5.64% yield is also available in their Add-On Dollar Certificate which allows you to add on to your certificate with as little as $100 throughout the term of the certificate.

If you join the credit, you might want to check if the free checking account could be used instead of the Partner Checking for this special one-year CD. According to this free checking promo page, they give you 6 months in which you get the Partner CD rates of 0.15% over the regular rates. I'm not sure if this would apply to this 5.64% special, but it's something to look into. Also, there's a $25 sign-up bonus that's available through August 31, 2007.

Credit union membership is open to members of the educational financial club, CUSavers. There doesn't seem to be any restritions to membership into this club. A one-time $10 fee is required to join CUSavers. In addition to joining CUSavers, you can be immediately eligible to join the credit union if live in certain areas of New Orleans, Louisiana, North Florida and Southwest Florida. Also, you can be eligible via Select Employee Groups or via immediate family. Please see their membership page for more details. You can request to have a new member packet mailed to you from this page.

Membership requires a minimum deposit of $5 in a share savings account. Note, there's a $3 monthly service fee for those members who do not maintain a minimum relationship of $500 in combined savings, loan and credit card balances. This can be waived under certain situations. Please see this this page for more details.

Branches are located in North, Central, West Central & Southwest Florida; Portland, Maine; and New Orleans, Louisiana. The credit union is federally insured by the NCUA (Charter # 196). It's a large credit union with $2.2 billion in assets and 207,461 members.
  Tags: Louisiana, CD rates, Maine, Florida

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