GCS Credit Union (IL) Adds 75-Day CD Special


Availability: Residents of Bond, Clinton, Jackson, Jefferson, Jersey, Logan, Macon, Macoupin, Madison, Marion, Montgomery, Monroe, Perry, Randolph, Sangamon, St. Clair, Washington, and Williamson Counties, Illinois.

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.

Joining GCS and/or opening a Share Certificate can be done online, or at any of eight Illinois branches located in Alton, Collinsville, Edwardsville, Granite City (3), Madison, and O’Fallon.

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.

The above rates are accurate as of 7/4/2016.

To look for the best nationwide CD rates and the best CD rates in your state, please refer to our CD rates table or our Rates Map page.

Anonymous   |     |   Comment #1
One wonders how many residents of those counties will read about it here. 

Nice deal.
Anonymous   |     |   Comment #2
Not quite so nice as the 5.09% 15 month CD they offered in November of 2008.  Did those days really happen?  Never to return I am sure.
Anonymous   |     |   Comment #3
Are these insured?
Anonymous   |     |   Comment #4
NCUA Certificate #68623 per "Credit Union Overview" above.
Anonymous   |     |   Comment #5
Interest rates are tumbling again today.......You people should have locked in Cd rates like I told you......Too late now.
5.09% 15-Month CD at GCS Federal Credit Union in Illinois
Update 11/17/08: This special CD appears to have ended. Please refer to the credit union's website for the latest rates and specials.

GCS Federal Credit Union has a very attractive CD special with a 5.09% APY for a 15-month term. The minimum deposit is $1,000, and there is no mention of a maximum deposit. It's listed in a banner on the credit union's front page and in the rate table.

I've posted on a few good CD deals from this credit union in the past. My last post was in January.

Membership is...

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5.25% 60-Month / 5.09% 36-Month CD at an Illinois Credit Union (GCS).
GCS Federal Credit Union is offering some high yields on its long term certificates. The yields over 5% range from 5.09% APY for a 36-month term to 5.25% APY for a 60-month term. The minimum deposit is $2,500, and they're also available as an IRA certificate.

It has been a while since I had posted on this credit union. My last report was on October 2006 when they were offering a 6.14% CD.

Field of membership includes persons who live, work, worship or go to school in Madison County or most of...

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6.14% 19-Month CD at an Illinois CU (GCS FCU).
GCS Federal Credit Union is offering a 6.14% APY 19-month share certificate. The minimum deposit is $2,500. This is a limited time offer.

The field of membership includes persons who live, work, worship or go to school in Madison and most of St. Clair Counties. Select employee groups are also eligible. See site for details.

Branches are located in the Illinois cities of Edwardsville, Pontoon Beach, Granite City and Madison which are just east of St. Louis, Missouri.

The credit union is NCUA insured. It has $233 million in assets and 37,604 members.

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