General Electric Credit Union continues to have some good deals on CDs and a money market account. The best CD deal is a 1-year Jumbo CD with a 1.42% APY. Minimum deposit is $100K. The 5-year CD also has a competitive rate with a 2.64% APY. Minimum deposit is $500. The Jumbo 5-year IRA CD has a 2.71% APY. These rates are listed in the credit union's rates page as of 9/9/2011.
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 1.21% APY on balances of at least $50K. The rate is much lower at 0.50% for smaller balances of $10K to $50K. These rates are listed in the credit union's rates page as of 9/9/2011. When I last reported on this account in January the top rate was 1.41% APY.
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 5 stars (out of 5) with a Texas Ratio of 5.41% (excellent) based on June 2011 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).
How These Rates Compare
For nationally available accounts, the highest 1-year CD rate is 1.50% APY at Connexus Credit Union, but this requires an active checking account. Without a checking requirement, the highest rate is 1.30% APY at Alliant Credit Union ($25K minimum).
The best money market account rate is 1.25% APY at Incredible Bank.
These rates are accurate as of 9/9/2011.