Rates have recently fallen at General Electric Credit Union, but it continues to have some good deals on CDs and a money market account.
The 1-year Jumbo share certificate rate fell from 1.42% to 1.26%. The 1.26% rate is still very competitive for 1-year terms. This requires a $100K minimum deposit. The non-Jumbo 1-year CD rate is much lower at 0.90%.
The 5-year share certificate APY fell from 2.63% to 2.33%. Minimum deposit is $500. There's only a higher Jumbo rate for IRAs. That has a 2.39% APY.
For those with large savings, the Money Market Plus Account continues to be a good deal. The top tiered APY recently fell from 1.21% to 1.10%. This top tiered rate requires a minimum $50K balance. The rate is much lower at 0.50% for smaller balances of $10K to $50K. This account has a long history of maintaining very competitive top tiered rates.
The above rates are listed in the credit union's deposit rates page as of 4/5/2012.
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. The following Kentucky counties are also included: Boone, Campbell, and Kenton. Please refer to the credit union's membership information page 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 5.98% (excellent) based on September 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 CD and Money Market Rates Compare
The best 5-year CD rate that's nationally available is 2.27% APY at Melrose Credit Union. If you have a military connection, you may be able to qualify for Air Academy Federal Credit Union which has a 2.45% APY 5-year CD for a $10K minimum deposit.
The highest money market account rate that's nationally available is 1.25% APY at TIAA Direct.
These rates are accurate as of 4/05/2012.