General Electric Credit Union 5-Year CD Now Earns 4.00% APY

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Deal Summary: – 5-year Share Certificate, 4.00% APY, $500 minimum deposit, 60-day rate guarantee.

Availability: Residents of 21 southern Ohio counties, nine 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) has boosted its 5-year Share Certificate rate to 4.00% APY. Following a 50 bps increase, the 5-year Share Certificate currently has the highest 5-year CD rate in the country. The minimum opening deposit is $500, with no stated balance cap.

APYMINMAXINSTITUTIONPRODUCTDETAILS
4.00%$500-General Electric Credit Union5 Year Share Certificate
4.00%$500-General Electric Credit Union5 Year IRA (Traditional, Roth)
Rates as of September 30, 2022.

The 5-year Share Certificate is also available as an HSA Certificate or IRA Certificate (Traditional and Roth), earning the same APY with the same deposit requirements.

Since my last GECU blog post in July, there’s a new limited-time feature for Share Certificates:

60-Day Rate Match: If the rate increases on the same term Certificate purchased on or after August 1, 2022, an account owner can request a rate adjustment to the certificate anytime within the first 60 days from account opening. Limited time only. 60-Day Rate Match does not apply to Bump Certificates.

1-Year Share Certificates

The 1-year Share Certificate offers three rates based on deposit levels: 3.00% APY, $500, Share Certificate; 3.30% APY, $100k, Jumbo Share Certificate; and 3.50% APY, $250k, Jumbo Plus Share Certificate. All three 1-year Share Certificates are available as an HSA Certificate or IRA Certificate (Traditional and Roth), earning the same APYs with the same deposit requirements.

APYMINMAXINSTITUTIONPRODUCTDETAILS
3.50%$250k-General Electric Credit Union1 Year Jumbo Plus Share Certificate
3.50%$250k-General Electric Credit Union1 Year Jumbo Plus IRA (Traditional, Roth)
3.30%$100k-General Electric Credit Union1 Year Jumbo Share Certificate
3.30%$100k-General Electric Credit Union1 Year Jumbo IRA (Traditional, Roth)
3.00%$500-General Electric Credit Union1 Year Share Certificate
3.00%$500-General Electric Credit Union1 Year IRA (Traditional, Roth)
Rates as of September 30, 2022.

As stated in the Truth-in-Savings disclosure, the Early Withdrawal Penalty reads as follows:

For certificate terms less than 18 months, you will incur a 90-day dividend penalty on the principal amount withdrawn if completed prior to maturity. For certificate terms of 18 months or greater, you will incur a 180-day dividend penalty on the principal amount withdrawn if completed prior to maturity.

11-Month No Penalty Certificate Special

GECU added the 11-month No Penalty Certificate Special to the product line about two months ago. Earning 2.55% APY, this limited-time No Penalty Certificate Special has no minimum opening deposit requirement. The above-mentioned 60-day rate guarantee applies to the 11-month No Penalty Certificate Special.

APYMINMAXINSTITUTIONPRODUCTDETAILS
2.55%--General Electric Credit Union11 Month No Penalty Share Certificate
Rates as of September 30, 2022.

According to the fine print on the 11-month No Penalty Certificate Special page,

Early withdrawals are not permitted within the first six (6) days after account opening. To withdrawal funds for this 11-month certificate with no penalty assessed, the entire amount, principal plus dividends earned, must be withdrawn in one single transaction. IRA and HSA Certificates are not eligible for the 11-month Certificate Special.

Funding and Access Maturing Funds

Funding a Certificate can be done by ACH, wire transfer, internal transfer, or check. (GECU does not participates in the CO-OP Shared Branch network, which is surprising to me.) Maturing funds will be distributed through a cashier’s check, wire transfer ($20 fee), or transferred to a GECU Share Savings account. There is a 10-day grace period before certificates automatically renew.

The fine print on the Certificates landing page states,

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.

Dividends are compounded and credited monthly and can be paid out at any time, if so desired.

Unlimited beneficiaries can be designated (equal shares), with Social Security numbers are required for all beneficiaries.

Availability

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. Since mid-2020, an additional five Ohio counties and four Kentucky counties have been added to the FOM.

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

Kentucky – Individuals who live, work, worship, or attend school in Boone, Bourbon, Campbell, Fayette, Grant, Harrison, Kenton, Pendleton, or Scott Counties also qualify for membership.

Indiana – Individuals who live or work in Dearborn, Franklin, Ohio, Switzerland, or Union Counties 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 and Eligibility page for a comprehensive description of membership eligibility requirements.

Joining GECU and/or opening a Share Certificate can be done online, by phone (513.243.4328 or 800.542.7093) or at any of the nine full-service Ohio branches located in Cincinnati (4), Fairfield, Loveland, Mason, South Lebanon, and West Chester, or at either of two full-service Kentucky branches located in Florence and Highland Heights.

Note: The Evendale GE Aircraft Engines Plant (Evendale, OH) is only open to GEAE Plant employees, with no public access.

If you want to see a GECU team member at a GECU location, you can skip the lines by scheduling an appointment online in advance.

Opening a Share Savings account with a $5 minimum deposit establishes a GECU membership.

Credit Union Overview

General Electric Credit Union has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 3.23% (excellent), based on June 30, 2022 data. GECU has an average capitalization level (8.23%), the resulting of holding $4.19 billion in assets with $345.26 million in equity. 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 $3.8 billion, with over 240,000 members, and more than 210,000 customer accounts.

How the 5-Year Share Certificate Compares

When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available within the FOM and have minimum deposit requirements of $10k or less, no banks or credit unions have higher rates than currently offered on the General Electric Credit Union 5-year Share Certificate. The following tables compares the 5-year Share Certificate to the two highest-rate CDs from other credit unions and the two highest-rate CDs from banks.

APYCD Term (Early Withdrawal Penalty)Credit Union/Bank
4.00%5-year Share Certificate (EWP=180 days)General Electric Credit Union
3.75%60-Month MYSB Direct Online CD (EWP=90 days)M.Y. Safra Bank
3.65%5-Year Bread Savings CD (EWP=365 days)Bread Financial
3.64%5-Year Fixed CD (EWP=600 days)Lafayette Federal Credit Union
3.56%60-Month CD (EWP=180 days)Financial Resources Federal Credit Union

The above information and rates are accurate as of 9/26/2022.

To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.

Related Pages: Cincinnati CD rates, Evansville CD rates, 1-year CD rates, 5-year CD rates

Comments
Vernazza
  |     |   Comment #1
Thank Ken. I will take advantage of this today.
lou
  |     |   Comment #2
Don't, rates are still going up.
decades
  |     |   Comment #3
Some Fidelity brokered 1 month cd's have hit 3.00% + now surpassing 4-week T-bills.
deplorable_1
  |     |   Comment #4
Careful Iou even if rates do go up you will still get bashed on here for giving bad/risky advice. ; )
lou
  |     |   Comment #5
LOL - it wouldn't be the first time I was wrong about the direction of rates. However, given everything that is going on today, I don't think I am some wild-eyed fanatic for thinking rates are going higher in the next few months. Under the circumstances, not sure why anyone would buy CDs right now.
gregk
  |     |   Comment #6
In fact, I think it's pretty simple, lou, - though like with you believe they're making a huge and fateful mistake.

For 15 years a multitude here have been cowed into submission by abnormally low deposit rates, where a 5 year 3% CD has been like manna from heaven they will storm after as if ravenously hungry beasts.

Now they see this unheard of circumstance emerge with a feast of all but previously impossible 4% (or higher) offers, and nearly collapse with anxiety that something will happen and take it all away if they don't immediately act and gorge for all they are worth.

It's really quite pathetic and pitiable to observe, these people with no backbones or the fortitude to just patiently wait as interest rates move inexorably higher celebrate themselves scoring the "deals of a lifetime", when truly they are merely being played.
111
  |     |   Comment #7
lou - A serious question: If I'm not mistaken (which is quite possible, no doubt about that), you've been fairly consistent for at least the last several months, regarding the overall rate direction. Even in the face of increasing predictions of upcoming US recession, which some economists think might cause an immediate Fed “180” from hiking to cutting. Even considering recent news that many central banks across the developed world are also hiking, along with the Fed. If I'm not mistaken you've said higher rates are still more likely (again, I could be wrong in that assessment).

So - what's your outlook now, especially for rates from 2 - 6 years out?

And no, I'm not going to come back in 6 months, 1 year, 4 years, whatever - to moan or groan about a missed prediction. I'm just curious about your opinion.
gregk
  |     |   Comment #8
Lou's been wrong plenty (as he himself admits), 111. But fortunately you don't have to be a genius to see the direction of things for at least the next two years if not much longer. I'm looking at the "sweet spot" to deploy funds in 5-7 year Certificates as about one to one and a half years from now, with a peak rate somewhere between 5 and 6 percent. Stay liquid with likely soon to be 4 plus percent yields until then if you have the courage.
111
  |     |   Comment #9
Well, gregk, please don't take what I write next too personally. I frankly was not going to respond exactly in this way, until you chose to add your cute little addendum, “if you have the courage”.

You see, I did not ask you any question at all. I also did not ask for my “courage” - nor anything else of mine - to be analyzed by you. I simply asked lou a question. You just happened to intervene a minute or two too early - when I was interrupted by a phone call. Understand now?
Mals
  |     |   Comment #10
I have courage but by doing nothing, or even earning 2-3%, I stand to lose big money with every passing month trying to wait for the peak which may take many months or hopefully a couple years to attain. Like others have preached, laddering up in this environment is still a sound strategy. And I am thrilled to get 4.00-4.5% returns with short-to-medium term Treasuries and brokered CD's. I will also keep some powder dry to get better rates if they materialize and use my ladder maturities to reinvest as rates hopefully keep rising. A "bird in the hand' as they say.
lou
  |     |   Comment #11
111, I am not sure I can give you a definitive answer. I am taking the Fed Reserve Chairman at his word that high inflation is an existential threat to the economy, and they are going to keep increasing rates until they tame it. Could he be lying? Maybe. Could core inflation, the preferred Fed measure, start coming down sooner than expected. Sure, but at this point the odds are in favor of persistent inflation, which will require higher rates to subdue consumer demand. I am old enough to remember the 1970's, so I remember how hard it was to stamp out inflation once it became embedded in the economy. It looks like to me we at this point in the economic cycle once again.

It has become increasingly likely we are going to hit with a painful recession which will test the Fed's determination to maintain high interest rates. I think they mean it but of course I don't really know. The hard part will be trying to time the peak so I am not purchasing CDs after rates start falling. That won't be easy.
Mals
  |     |   Comment #13
Well said Lou, I completely agree. I guess I am fearful the drop can happen just as fast as we have moved up, like 2018/19. I have learned to live off 3.00-4.00%, so all returns above this amount is all a bonus, notwithstanding the negating inflation impacts which effect me less than some others.
111
  |     |   Comment #12
Much thanks to #11 and #10 in this thread, for their input.
Shelby
  |     |   Comment #15
Putting money to work is more complicated then just waiting for some fantastic rate that may/or may not appear in two years.Like the Grass Roots sang "Let's live for Today." In other words, if you have assets to put to work now as rates for 5 yr CD's/Treasuries are north of 4% then go in. The best it may get over the next year is 5 year rates topping out at 5%. If one can average 4.5% and higher for 5 years that seems reasonable to me. To pass judgement on others and call them names such as spineless, no backbone etc does not contribute to this financial forum whatsoever and has no place here!
lou
  |     |   Comment #16
"topping out at 5%"

I am not so sure about this. The Fed Funds rate is 3.25% today and we are now seeing some 4% 5-yr rates. Many are predicting the Feds Fund rate could easily go to 5% or higher in the next 6 months. If the current differential between the Federal Funds rate and the 5-yr rates hold, then you could easily see 5-yr 6% CDs.
Shelby
  |     |   Comment #17
No one can predict with any certainty where the Fed Funds rate will top out.As in the stock market there is always a buyer for every seller. We are only talking about 5 yr durations and if a 5% yield satisfies you grab it.For those who want to play the hold out game trying to grab the highest rate possible then all the power to you!
gregk
  |     |   Comment #18
Shelby, in your (I presume) long life, have you never learned to perceive the difference between "playful" and "rhetorical" vis-a-vis "defamatory" and "malicious"?  We are not in a schoolroom here, but rather onstage, and a bit of incidental and inconsequential theatre injected into the proceedings should cause no harm or hurt any feelings.

Someone like PD means everything he writes here (no matter how outrageous, extreme, and made up) with purely literal intent, absent any self-questioning, absent any irony, and absent any humor.  Is your preference that we all imitate such a model?
55Chevy
  |     |   Comment #19
Gregk, my preference is you take your line of BS to another site where others may be impressed by your "incidental and inconsequential theatre" because obviously many are not in this blog...
lou
  |     |   Comment #20
I have been following gregk's comments for many years, and his insights have contributed to the overall usefulness of this site. No reason for him to take his comments to another site. I don't always agree with him but I have learned a lot from his observations about the CD market and how to maximize interest income in uncertain markets.
cobo
  |     |   Comment #21
**** them. They nerfed their Amplified High-Yield Checking account, which previously tracked the 4-week treasury bills.
General Electric Credit Union Offers Rate-Leading 3-Year CD
Deal Summary: Certificates – 3-year (3.50% APY) and 2-year (2.50% APY), $500 minimum deposit.

Availability: Residents of 21 southern Ohio counties, nine 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 Certificates that claim to have the “Best Rates in the Tri-State” area (Ohio, Kentucky, Indiana): 3-year (3.50% APY) and 2-year (2.50% APY). The minimum opening deposit is $500, with no stated balance cap. Of the two,...

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General Electric Credit Union Adds Top-Rate 11-Month CD Special
Deal Summary: 11-month Share Certificate Special, 1.21% APY, $500 minimum deposit, new money.

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.

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.”

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General Electric Credit Union Has 19-Month CD Special, 3.20% APY
Deal Summary: 19-month Share Certificate Special, 3.20% APY, $500 minimum deposit, new money.

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.

Now through March 29, 2019, General Electric Credit Union (GECU) is offering two competitive Share Certificate Specials: 19-month (3.20% APY) and 4-month (2.25% APY). The minimum opening deposit for either is $500 of new money, with no stated balance cap. New money is defined as “proceeds not...

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General Electric Credit Union Ups 2-Year Jumbo CD
Deal Summary: 2-Year Jumbo Certificate Special, 3.00% APY, $100k minimum deposit

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) 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...

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General Electric Credit Union Adds 3-Year Bump CD
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.

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