General Electric CU Ups Rates On 1-Year Jumbo and 5-Year CDs

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Availability: Residents of 16 southern Ohio counties, three northern Kentucky counties, and five Indiana counties; Employees and retirees of more than 325 SEGs, including General Electric Company.

It’s been more than a year since General Electric Credit Union (GECU) had any real noteworthy CDs. That changed early this week when GECU raised the rates on the 1-Year Jumbo Share Certificate (1.55% APY) and the 5-Year Share Certificate (2.75% APY).

APYMINMAXINSTITUTIONPRODUCTDETAILS
2.75%$500-General Electric Credit Union5-Year Share Certificate
1.55%$100k-General Electric Credit Union1-Year Jumbo Share Certificate
1.55%$100k-General Electric Credit Union1-Year Jumbo IRA
Accounts mentioned in this post. Rates as of September 29, 2016.

The minimum opening deposit for the 1-Year Jumbo Share Certificate is $100K, while the 5-Year Share Certificate only requires a $500 opening deposit; there is no balance cap for either Share Certificate.

The 1-Year Jumbo Share Certificate is available as an IRA (Traditional), earning the same 1.55% APY, with the same funding requirements. The 5-Year Share Certificate is also available as an IRA (Traditional), but requires a minimum deposit of $100K to earn the 2.75% APY.

As stated in GECU’s Certificate Terms and Conditions, the Early Withdrawal Penalty reads as follows:

1-Year Jumbo - If you take this account below the principal value before maturity, we will impose a 90 day dividend penalty on the amount withdrawn.

5-Year - If you take this account below the principal value before maturity, we will impose a 180 day dividend penalty on the amount withdrawn.

Availability

Headquartered in Cincinnati, Ohio, General Electric Credit Union's field of membership is wide-ranging, 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 or work in the Kentucky counties of Boone, Campbell, and Kenton, and the Indiana counties of Dearborn, Franklin, Ohio, Switzerland and Union are also eligible for membership.

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.

Joining GECU can be done at any of 11 Ohio branches located in Cincinnati (8), Fairfield, Loveland, and Mason, or at the sole Kentucky branch located in Madisonville, or by mail. GECU’s Membership Application is available as a PDF for download.

Opening a Share Certificate must be done in person at any branch location.

Credit Union Overview

General Electric Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas ratio of 4.73% (excellent), based on June 30, 2015 data. In the past year, GECU increased its total deposit by $225.96 Million, an excellent annual growth rate of 14%. Please refer to our financial overview of General Electric Credit Union for more details.

General Electric Credit Union (NCUA Charter # 68574) was chartered in 1954 as a credit union for the employees of General Electric Aircraft Engines. In the 1980s, GECU opened its field of membership to SEGs (325+), and in 2007, a further expansion included residents of select counties in Ohio, Kentucky, and Indiana. Today, GECU is Ohio’s 2nd largest credit union, with over 150,500 members and assets in excess of $2.94 Billion.

How the CDs Compare

When compared to the 371 similar length-of-term CDs tracked by DepositAccounts.com that are available to Ohio residents, General Electric Credit Union’s 1-Year Jumbo Share Certificate’s APY ranks first, regardless of minimum deposit.

When compared to the 305 similar length-of-term CDs tracked by DepositAccounts.com, which require a similar deposit and are available to Ohio residents, General Electric Credit Union’s 5-Year Share Certificate currently ranks first.

The above rates are accurate as of 9/24/2015.

To search for nationwide CD rates and CD rates in your state, please refer to the CD Rates section of DepositAccounts.com.

Comments
Anonymous
Anonymous   |     |   Comment #1
Very nice...can PenFed be far behind?
gregk
gregk   |     |   Comment #2
Probably yes.  PenFed's new CEO seems to have a different mindset from his predecessor in regards to Certificate rates.  I suspect the end of year deals we've all become so accustomed to may well be a thing of the past.
lou
lou   |     |   Comment #3
Yes, I knew it was probably bad news for depositors when he retired. The only glimmer of hope is that new guy worked for him for a number of years.
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