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 previously on deposit with GECU."
Both Share Certificate Shares is also available as IRAs (Traditional and Roth), earning the same APYs and requiring the same $500 minimum deposit.
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 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 Share Certificate Special can be done online, or at any of 12 Ohio branches located in Blue Ash, Cincinnati (7), Fairfield, Loveland, and Mason, or at the Madisonville, Kentucky branch located just outside the GE Aircraft Engine plant. A second Kentucky branch recently opened in Highland Heights (southeast of Cincinnati).
Credit Union Overview
General Electric Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 5.02% (excellent), based on December 31, 2018 data. In the past year, GECU has increased its total non-brokered deposits by $141.46 million, an excellent annual growth rate of 6.49%. 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 billion, nearly 188,000 members, and over 264,000 customer accounts.
How the Share Certificate Special Compares
When compared to the 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 19-month Share Certificate Special APY currently ranks second.
The above rates are accurate as of 3/2/2019.
Searching for the best CD rates, either nationally available or state-specific? Please refer to our CD Rates Table page.