The traditional gifts for a 75th anniversary celebration are diamonds and gold. While GCS Credit Union (GCS) isn’t handing out gemstones or precious metals, it is offering a 75-day Share Certificate (2.25% APY) to mark its Diamond Jubilee.
This limited-time offer requires a minimum deposit of $1k of new money, and according to CSR, there is no balance cap. If you’re wondering what that translates to in terms of actual earnings:
- $100k deposit in GCS's 75-day Share Certificate = $462
- $100k deposit in any 1% Savings Account = $205
Headquartered in Granite City, GCS Credit Union’s field of membership (FOM) is mainly residency based, with individuals who live, work, or attend school in the southern Illinois counties of Bond, Clinton, Jackson, Jefferson, Jersey, Logan, Macon, Macoupin, Madison, Marion, Montgomery, Monroe, Perry, Randolph, Sangamon, St. Clair, Washington, and Williamson..
Membership eligibility is also extended to current members’ immediate family (spouses, children, grandchildren, parents, brothers, and sisters), and employees and retirees of GCS’s approved employee groups.
Note: GCS recently added eight counties (Jackson, Jefferson. Logan, Macon, Marion, Perry, Sangamon, and Williamson) to its FOM and the Credit Union’s online application has not yet been updated to include these additions.
Credit Union Overview
GCS Credit Union (NCUA Certificate # 68623) has an overall health grade of "A" at DepositAccounts.com, with a Texas ratio of 2.07% (excellent) based on March 31, 2016 data. GCS has an excellent capitalization level of 12.55%, the result of holding $137.21 million with $39.82 million in equity. Please refer to our financial overview of GCS Credit Union for more details.
GCS Credit Union was founded in 1941 as the Granite City Steel Employees Credit Union. Although a FOM expansion began in the ‘80s as the number of steel plant workers began to decline, GCS remained faithful to its original membership. A St. Louis Post-Dispatch April 2013 article (which actually reads like the premise for a sentimental “B” movie script) states,
A factory shut down in the middle of an economic downturn. While some might see the out-of-work factory workers as bad credit risks, one local financial institution helped out with short-term loans of $200, $500 and $1,000, to tide people over.
That's what GCS Credit Union did after U.S. Steel-Granite City Works temporarily shut down for several months beginning in late 2008. All of the loans were repaid, said Mark Holshouser, who is retiring as president and CEO of GCS Credit Union after 34 years.
Following the recent merger with Bell Community Credit Union of Alton, Illinois, GCS has become Illinois’ 22nd largest credit union with more than 35,500 members and assets in excess of $317 million.
How the CD Compares
When compared to the 175 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available in the southern Illinois area, GCS Credit Union's 75-day Share Certificate APY has no competition.
|Interest Rate||CD Length of Term||Credit Union/Bank|
|2.25% APY||75-Day Share Certificate||GCS Credit Union|
|1.60% APY||91-Day Certificate Special||INOVA Federal Credit Union|
|1.06% APY||3-Month Term Savings CD||Quorum Federal Credit Union|
The above rates are accurate as of 7/4/2016.