General Electric Credit Union has some good deals on CDs and a money market account. The best CD deal is a 1-year Jumbo CD with a 1.62% APY. Minimum deposit is $100K. Another good deal is the 5-year CD and IRA CD which has a 2.85% APY. The minimum deposit this 5-year CD is only $500. These rates are listed in the credit union's rates page as of 1/9/2011.
As a comparison to the internet banks on 1/9/2011, the best 1-year CD rate is 1.50% APY at CNB Bank Direct. The best 5-year CD rate is 2.75% APY at Salem Five Direct
For those with large savings, the Money Market Plus Account is a good deal. It's a tiered-rate account with the top rate of 1.41% APY on balances of at least $50K. The rate is much lower at 0.50% for smaller balances of $10K to $50K. This is an account that you'll want to ensure the balance remains no lower than $10K. If your account falls below $10K any one day of the month, your rate reverts to the current Share Savings account rate for the entire month which is currently 0.25%. These rates are listed in the credit union's rates page as of 1/9/2011.
General Electric Credit Union was founded in 1954, for the employees of General Electric Aircraft Engines. Since that time, its field of membership has expanded, and membership is now open to those who live, work, worship, or attend school in the following Ohio counties: Hamilton, Butler, Warren, Montgomery, Clermont, Adams, Brown, Clinton, Fayette, Greene, Highland, and Preble. Please refer to the credit union's eligibility list for the full details.
The credit union has an overall health score at DepositAccounts.com of 4 out of 5 with a Texas Ratio of 6.36% (excellent) based on September 2010 data. Please refer to our financial overview of General Electric Credit Union for the full details. The credit union is federally insured by the NCUA (Charter # 68574).