General Electric Credit Union Jumbo Share Certificate Rates Surge

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Deal Summary: 1-Year Jumbo Plus Share Certificate, 5.60% APY, $250k minimum. 1-year Jumbo Share Certificate, 5.40% APY, $100k minimum. 5-year Share Certificate, 4.75% APY, no 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.

Following recent 100 bps rate increases, the General Electric Credit Union (GECU) 1-Year Jumbo Plus Share Certificate (5.60% APY) and 1-year Jumbo Share Certificate (5.40% APY) are offering excellent rates. While the Jumbo Share Certificates ($100k minimum) have been part of the product line for more than ten years, GECU added the Jumbo Plus Share Certificates ($250k minimum) about nine months ago.

APYMINMAXINSTITUTIONPRODUCTDETAILS
4.95%$100k-General Electric Credit Union1 Year Jumbo Share Certificate
4.95%$100k-General Electric Credit Union1 Year Jumbo IRA (Traditional, Roth)
Rates as of April 23, 2024.

The Jumbo and Jumbo Plus Share Certificates are also available as IRA Certificates (Traditional and Roth), earning the same APYs with the same deposit requirements.

5-Year Share Certificate

Although the 5-year Share Certificate has not had a rate increase since early February, its 4.75% APY has become more competitive as other long-term CD rates have fallen. Several months ago, GECU eliminated the $500 minimum deposit for its Share Certificates; non-Jumbo Certificates can now be opened with any amount, with no stated balance cap. The 5-year Share Certificate is also available as an IRA Certificate (Traditional and Roth), earning the same APY with the same no minimum deposit requirement.

APYMINMAXINSTITUTIONPRODUCTDETAILS
3.85%--General Electric Credit Union5 Year Share Certificate
3.85%--General Electric Credit Union5 Year IRA (Traditional, Roth)
Rates as of April 23, 2024.

The fine print on the Certificates landing page reads,

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.

As stated in the Truth-in-Savings section of the Account Disclosures (page 9), 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.

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.

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 the GECU Membership and Eligibility page for a comprehensive description of membership eligibility requirements.

Account Opening

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 (3), Fairfield, Lebanon, Loveland, Mason, Montgomery, 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.

Funding and Other Details

The following information is from a conversation with CSR.

  • Funding – ACH, wire (no fee), check, internal transfer. Funding must be received within 30 days of account opening.
  • CO-OP Shared Branch Participant – No.
  • Dividends – Compounded/credited monthly and can be paid out fee-free.
  • Maturing Funds – Cashier’s check to address on file, wire transfer ($20 fee), or transferred to a GECU Share Savings account.
  • Beneficiaries – Unlimited, equal shares, Social Security numbers are required.
  • Grace Period – 10 calendar days before automatic renewal.
  • Credit Check – Soft pull.

Credit Union Overview

General Electric Credit Union has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 5.31% (excellent), based on December 31, 2022 data. In the past year, GECU has increased its total non-brokered deposits by $271.81 million, an excellent annual growth rate of 8.94%. 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 $4.6 billion, more than 254,000 members, and more than 209,000 customer accounts.

How the 1-Year Jumbo Plus Share Certificate Compares

When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available within the FOM, no banks or credit unions have higher rates than currently offered on the General Electric Credit Union 1-Year Jumbo Plus Share Certificate, regardless of minimum deposit requirements. The following table compares the 1-Year Jumbo Plus Share Certificate to the two highest-rate CDs from other credit unions and the two highest-rate CDs from banks.

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 table compares the 5-year Share Certificate to the two highest-rate CDs from other credit unions and the two highest-rate CDs from banks.

The above information and rates are accurate as of 5/12/2023.

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, 1-year CD rates, 5-year CD rates, IRA CD rates

Comments
General Electric Credit Union Ups 3-Year Share Certificate Rate
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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.

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