General Electric Credit Union Ups 2-Year Jumbo CD

Ohio-based General Electric Credit Union (GECU) has raised the rate on its 2-year Jumbo Certificate Special (JCS) to 3.00% APY. The minimum opening deposit is $100k with no stated balance cap.

The 2-year JCS is also available as an IRA (Traditional and Roth), earning the same APY and requiring the same $100k minimum deposit.

Added to the product line in June, the 2-year JCS had an initial 2.50% APY; last week’s 50 bps increase was its first rate change.

As stated in GECU’s Terms and Conditions brochure, the Early Withdrawal Penalty reads as follows:

For certificate terms of 18 months or greater, you will incur a 180-day
dividend penalty on the amount withdrawn if completed prior to maturity.

Bump Certificates

In July, I wrote about GECU’s two Bump Certificates: 3-year (3.05% APY) and 5-year (3.30% APY). Those rates are still in effect and either Bump Certificate can be opened with a minimum $500 deposit.

The bump option is not limited to one rate bump during the entire term of the Certificate, but one rate bump every term year. As stated on the Share Certificates page,

During the term of this certificate, the certificate owner has the option to initiate a rate adjustment one time per year during the term of their certificate to the prevailing GECU rate on that product. The certificate owner must provide a written or verbal request. One rate adjustment per year is reflective of an anniversary year, based on the certificate open date.

Both Bump Certificates are available as IRAs (Traditional and Roth), earning the same APYs, with the same funding requirements.

Availability

Headquartered in Cincinnati, Ohio, General Electric Credit Union's field of membership (FOM) is varied, with residency, employment, and organizational membership as defining criteria.

Residency: Ohio – Individuals who live, work, worship, or attend school in Adams, Brown, Butler, Clark, Clermont, Clinton, Darke, Fayette, Greene, Hamilton, Highland, Miami, Montgomery, Preble, Shelby, or Warren County are eligible for membership.

Kentucky – Individuals who live, work, worship, or attend school in Boone, Campbell, Grant, Kenton, or Pendleton County also qualify for membership.

Indiana – Individuals who live or work in Dearborn, Franklin, Ohio, Switzerland or Union County are eligible to join.

Church Affiliation: Parishioners of All Saints Church, Assumption Catholic Parish, Crestview Presbyterian Church, Forest Chapel United Methodist Church, Glen Este Church of Christ, North Cincinnati Community Church, Sharonville United Methodist Church, St. Michael’s Church, or True Holiness Covenant of the Peace Woodlawn Assembly are welcome to apply for membership.

Relationship: Immediate family members (spouse, child, sibling, parent, grandparent/grandchild, step parents/children/siblings, and adoptive relationships) of a current GECU member are eligible to join.

Employment: There are more than 335 SEGs that offer membership in GECU as an employee/retiree benefit. The General Electric Company in the Greater Cincinnati area and the General Electric Company Aircraft Engine Division are the two largest SEGs offering membership eligibility.

Please refer to GECU's Membership Information page for a comprehensive description of membership eligibility requirements.

Joining GECU and/or opening a Jumbo Certificate Special can be done online, by mail or, at any of 12 Ohio branches located in Blue Ash, Cincinnati (7), Fairfield, Loveland, and Mason, or at the Kentucky branch located in Madisonville (just outside the GE Aircraft Engine plant). A new northern Kentucky branch in Highland Heights (southeast of Cincinnati) is scheduled to open soon.

GECU’s Membership and Account Application is also available as a PDF for download.

Credit Union Overview

General Electric Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 3.84% (excellent), based on June 30, 2018 data. In the past year, GECU has increased its total non-brokered deposits by $3.7 million, an above average annual growth rate of 0.17%. Please refer to our financial overview of General Electric Credit Union (NCUA Charter # 68574) for more details.

General Electric Credit Union was chartered in 1954 as a credit union for the employees of General Electric Aircraft Engines. In the 1980s, GECU expanded its FOM to include SEGs, and in 2007 a further expansion included residents of select counties in Ohio, Kentucky, and Indiana. GECU is currently Ohio’s second largest credit union, with assets in excess of $2.9 billion, more than 183,500 members, and over 267,000 customer accounts.

How the Jumbo Certificate Special Compares

When compared to the similar length-of-term CDs tracked by DepositAccounts.com that are available within the FOM, General Electric Credit Union’s 2-year Jumbo Share Certificate APY currently ranks second, regardless of minimum deposit requirements.

The above rates are accurate as of 9/24/2018.

Searching for the best CD rates, either nationally available or state-specific? Please refer to our CD Rates Table page.