Dedicated to Deposits: Deals, Data, and Discussion
DETAILSINSTITUTIONAPYMINMAXPRODUCT
Synchrony Bank2.30%$25k-60 Month CD
Learn MoreSponsored Note: Synchrony Bank was formerly GE Capital Retail Bank. FDIC Insured.
Synchrony Bank1.75%$25k-48 Month CD
Accounts mentioned in this post. Rates as of July 29, 2014

Higher CD Rates at GE Capital Retail Bank

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GE Capital Retail Bank (formerly MetLife Bank) did something that is rare these days. It increased the rates of some of its CDs. Its Jumbo 4-year and 5-year CD rates went up by 10 bps. The 5-year Jumbo CD rate is now 1.75% APY, and the 4-year Jumbo CD rate is now 1.50% APY. These require a minimum deposit of $100,000. The rate tiers of $50K, $25K, $15K and $2K have lower rates. As one example for a $25K minimum deposit, the 5-year CD rate is 1.65% APY. The bank also offers IRA CDs. These rates are listed at the bank’s CD page as of 5/14/2013.

Unfortunately, not all of GE Capital Retail Bank CD rates went up. The 18-month CD rate fell from 1.10% to 1.05% APY for a $100K deposit and from 1.10% to 1.00% APY for a $15K deposit. This is still competitive, but the 12-month CD is the best deal for those who prefer a short-term CD. The 12-month CD still has a 1.05% APY for a $25K minimum deposit. This is one of the top rates for internet banks.

The bank’s CD early withdrawal penalties are fair. According to the bank’s disclosure:

For a CD with a term of twelve months or less, the penalty will be an amount equal to 90 days simple interest on the amount withdrawn at the current rate. For a CD with a term of more than twelve months, the penalty will be an amount equal to 180 days simple interest on the amount withdrawn at the current rate.

In January MetLife officially became GE Capital Retail Bank. As I mentioned in January, the products remained the same including the CDs, IRAs and money market accounts. In addition, they are still offering a free identity theft resolution service for deposit customers.

GE Capital Retail Bank’s main office is located in Draper, Utah. The bank has been around for awhile. It was established with FDIC insurance in 1988. However, it has not been in the retail deposit-taking business before the MetLife Bank acquisition. Its business focus has been on providing customized credit programs to retailers and consumers.

The bank has an overall health score at DepositAccounts.com of 5 stars (out of 5) with a Texas ratio of 7.98% (excellent) based on December 2012 data. Please refer to our financial overview of GE Capital Retail Bank for more details.


  Tags: CD rates, IRA rates

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Comments
4 Comments.
Comment #1 by OldGuy posted on
OldGuy
I like the transition from MetLife to GE so far.  Hopefully, the bank will begin offering a regular "loyalty reward" for renewing CDs, like Ally does.  A customer survey GE conducted after the acquisition dangled the possibility of as much as 50 basis points!  I'd be happy with 25.

10
Comment #2 by Anonymous posted on
Anonymous
GE Capital Retail bank sent an invite to me asking to complete an online survey.  They would credit your account with $25 upon completion.

6
Comment #3 by ytytytyt posted on
ytytytyt
.

.

Dear Mr Tumin,

Most of the Bonds (except Junk) are moving down, so what you're describing as "rare" may become quite "commonplace".  Let us see how Bonds are doing over next 2/3/4 weeks.

Yours Truly,
- Anon
In FED I Trust  :-)

4
Comment #10 by paoli2 posted on
paoli2
Can someone advise me if GE Capital Bank foa GE Capital Finance is one and the same bank in Holiday, Utah?  Thanks for any info.

2