General Electric Credit Union Adds 3-Year Bump CD

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Deal Summary: Share Bump Certificates – 3-year (3.05% APY), 5-year (3.30% APY), $500 minimum deposit, rate adjustment one time per year during the term of the Certificate.

Availability: Residents of 16 southern Ohio counties, five northern Kentucky counties, and five Indiana counties; Employees and retirees of more than 335 SEGs, including General Electric Company.

Ohio-based General Electric Credit Union (GECU) is currently offering two Share Bump Certificates: 3-year (3.05% APY) and 5-year (3.30% APY). The minimum opening deposit is $500 with no stated balance cap.

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.

Yes, you read that right: you’re not limited to one rate bump during the entire term of the Certificate, but one rate bump every year.

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

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dividend penalty on the amount withdrawn if completed prior to maturity.

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

Individuals who live, work, worship, or attend school in the Kentucky counties of Boone, Campbell, Grant, Kenton, and Pendleton also qualify for membership.

Individuals who live or work in the Indiana counties of Dearborn, Franklin, Ohio, Switzerland and Union 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: Employees and pensioners of the General Electric Company in the Greater Cincinnati area, and the General Electric Company Aircraft Engine Division comprise the largest SEGs offering membership eligibility.

Please refer to GECU's Membership Information page for a comprehensive description of membership eligibility requirements. There are more than 335 SEGs that offer membership in GECU as an employee benefit.

Joining GECU and/or opening a Share Bump Certificate can be done online, or at any of 12 Ohio branches located in Blue Ash, Cincinnati (8), Fairfield, Loveland, and Mason, or at the sole Kentucky branch located in Madisonville, or by mail. GECU’s Membership and Account Application is 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 5.28% (excellent), based on March 31, 2018 data. In the past year, GECU has increased its total non-brokered deposits by $36.51 million, an above average annual growth rate of 1.7%. 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 $2.85 billion, more than 183,000 members, and over 272,000 member accounts.

How the Share Bump Certificates Compare

When compared to the 273 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available within the FOM, General Electric Credit Union’s 3-year Share Bump Certificate APY currently ranks first.

When compared to the 246 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available within the FOM, General Electric Credit Union’s 5-year Share Bump Certificate APY currently shares top billing with CommunityWide Federal Credit Union’s 60-month Share Certificate APY.

The above rates are accurate as of 7/14/2018.

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

Related Pages: Cincinnati CD rates, Evansville CD rates, 5-year CD rates

Comments
wr234t6
wr234t6   |     |   Comment #1
wish i had a way to join, don't live in the area and the SEGs all seem to be in the area. Perfect CD. Decent rate, bump up once a year, mild EWP. Anyone have a secret way in? :)
Anon
Anon   |     |   Comment #2
Just tell 'em Vinnie sent ya.
RJM
RJM   |     |   Comment #3
I am not a member here but I am always skeptical of the "bump" offers because so many, instead of bumping their rates, come out with an odd term "special" so they don't have to.

If I really wanted an account here, Id probably try by saying I worship in their area. It's not like they are going to demand a church membership card or attendence records.
alan1
alan1   |     |   Comment #4
As to bogus claims of "worship": Laving aside any consideration of ethics and honesty, please note that this blog is followed by employees of some financial institutions. It will not benefit anyone to post comments of such a nature. Posting such comments will not help legitimate applicants; it will not help liars.
Luvcd
Luvcd   |     |   Comment #5
Considering that US Bank has received at least 2017 and 2018 awards for "Ethics" and early this year wrote a check for (as I recall) over $600M to "correct a compliance issue." Quit preaching (pun intended) on ethics until and unless there is organizational ethics! If one believes they qualify, it is up to the institution to ferret out non-qualified. By the same token, it would normally be the insuring agency that would verify same if they have to step up to the plate. Similarly for life insurance, etc. on and on. Be careful out there!
Bogie
Bogie   |     |   Comment #6
alan 1, my thoughts too.
And yet others thinks it's acceptable to be dishonest just because others are dishonest. That's a very slippery slope not to be taken lightly.
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