Now through October 31, 2020, General Electric Credit Union (GECU) is offering an 11-month Share Certificate Special earning 1.21% APY. The minimum opening deposit is $500 of new money, with no stated balance cap. New money is defined as “proceeds not previously on deposit with GECU.”
The 11-month Share Certificate Special is also available as both a HSA or IRA Certificate (Traditional and Roth), earning the same APY with the same deposit requirements.
The fine print on GECU’s Certificates page includes two statements to be aware of:
GECU reserves the right to end or modify this offer at any time.
Certificates will be opened, and interest will accrue as of the date funding is received; funding must be received within 30 calendar days of opening the account.
As stated in the Certificate FAQs, the Early Withdrawal Penalty reads as follows:
The penalty is based on the principal penalized which doesn’t include dividends earned. Principal penalized equals the withdrawal amount minus any accrued dividends. You’ll be penalized 90 days of interest on terms less than 18 months and 180 days of interest for terms 18 months or higher.
Headquartered in Cincinnati, Ohio, General Electric Credit Union's field of membership (FOM) is varied, with residency, employment, and organizational membership as the 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.
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.
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.
School Affiliation: Students (and their family members) and employees of Kings Local Schools, Loveland City Schools, or Mason City Schools qualify 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.
Please refer to GECU's Membership Information page for a comprehensive description of membership eligibility requirements.
Joining GECU and/or opening Share Certificate Special can be done online, by phone (513.243.4328 or 800.542.7093) or at any of nine Ohio branches located in Blue Ash (2), Cincinnati (4), Fairfield, Loveland, and Mason, or at either of three Kentucky branches located in Florence, Highland Heights, and Madisonville. Note: The TriHealth Bethesda North, TriHealth Good Samaritan, Mercy Hospital Anderson, and Mercy Hospital West branches in Cincinnati are temporarily closed.
If you need to visit with a branch team member, we ask that you schedule an appointment in advance by calling your branch directly.
If you do not to make an appointment, we will take your name when you arrive and may ask you to wait in your car. This is to ensure we serve members in order, and to manage capacity at each location.
Opening a Share Savings account ($5 minimum deposit) establishes a GECU membership.
Credit Union Overview
General Electric Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 3.56% (excellent), based on June 30, 2020 data. In the past year, GECU has increased its total non-brokered deposits by $128.88 million, an excellent annual growth rate of 5.03%. 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 $3.6 billion, nearly 199,000 members, and more than 274,000 customer accounts.
How the Share Certificate Special Compares
When compared to 287 similar length-of-term CDs tracked by DepositAccounts.com that required a similar minimum deposit and are available within the FOM, General Electric Credit Union’s 11-month Share Certificate Special APY currently shares the top spot with Barksdale Federal Credit Union’s 12-month Certificate APY.
The above rates are accurate as of 9/28/2020.
Searching for the best CD rates, either nationally available or state-specific? Please refer to our CD Rates Table page.