GenFed Financial

Overview / Commentary
2492 Wedgewood Drive,Suite B
Akron, OH 44312

GenFed Financial is headquartered in Akron and is the 29th largest credit union in the state of Ohio. It is also the 975th largest credit union in the nation. It was established in 1937 and as of March of 2024, it had grown to 81 employees and 24,839 members at 11 locations. GenFed Financial's money market rates are 2X the national average, and it boasts an A+ health rating.

Field of Membership Restrictions

Membership in GenFed Financial is open to or volunteer in the Ohio counties of Erie, Lorain, Medina, Paulding, Summit, or Williams, or in the Illinois counties of Clinton, Jefferson, or Marion. Membership is also available to those who live or work in Shelby County, Indiana. Those who live, work, worship, or attend school in the Ohio counties of Cuyahoga, Defiance, or Portage also qualify.
See current membership details

Related Posts

Impressive 18-Month & 30-Month Certificate Specials In Ohio - 12/22/2023

Surprised to find this 6% Certificate. Eligible folks in Ohio, Indiana or Illinois may want to consider this 18-month one or the 30-month: 6.00% APY, 18-month, $1,000 min 5.30% APY, 30-month, $1,000 min One catch. It only has private deposit insurance (ASI & ESI)

Reviews (1)

Lacks Federal Insurance

Posted by: |

On GenFed web site each account says i is insured by American Share Insurance nothing to do with insurance by the federal government if the U.S.That seems like a red flag to me


Health Grade Components

NCUA #97106
Year Chartered1937
Primary Regulator
Profit Margin
Return on Assets - YTD0.48%
Return on Equity - YTD3.44%
Annual Interest Income$3.6MM
Assets and Liabilities
AssetsQ1 2024vs Q1 2023$323.3MM$307.1MM
LoansQ1 2024vs Q1 2023$210.1MM$202MM
DepositsQ1 2024vs Q1 2023$275.4MM$264.8MM
Equity CapitalQ1 2024vs Q1 2023$44.5MM$40.4MM
Loan Loss AllowanceQ1 2024vs Q1 2023$1.1MM$942K
Unbacked Noncurrent LoansQ1 2024vs Q1 2023$785K$987K
Real Estate OwnedQ1 2024vs Q1 2023$63K$0
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Always verify rates and promotions with the bank or credit union. We are not GenFed Financial; we are a rate comparison website and cannot provide official rates or promotions.

* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.

GenFed Financial Savings Account Rates

1.06%*$10k*-Health Savings Account
OTHER TIERS: 0.50% $100 - $2.5k | 0.65% $2.5k - $10k
0.10%$100-Christmas Club
0.05%$100-Traditional Savings Account
0.05%$100-IRA Accumulator
0.05%$100-Certificate Savings Club
0.05%$100-All Other Club Accounts
0.05%$0-Cash Cow Savings Account

GenFed Financial Money Market Rates

1.06%*$75k*-Money Market Account
OTHER TIERS: 0.50% $2k - $20k | 0.65% $20k - $75k

GenFed Financial Checking Account Rates

0.50%*$1.5k*-Premier Interest Checking
OTHER TIERS: 0.05% $0 - $1.5k
0.05%$1.5k-Business Interest Checking
0.05%$0-50+ Interest Checking
0.05%$0-eInterest Plus Checking

GenFed Financial CD Rates

1.50%$1k-60 Month Share Certificate
1.25%$1k-48 Month Share Certificate
1.10%$1k-57 Month Bump-Up Share Certificate - New money only
1.00%$1k-36 Month Share Certificate
0.75%$1k-12 Month Share Certificate
0.75%$1k-18 Month Share Certificate
0.75%$1k-24 Month Share Certificate
0.75%$1k-30 Month Share Certificate
0.65%$1k-37 Month Bump-Up Share Certificate - New money only
0.50%$500-3 Month Youth Share Certificate
0.50%$1k-6 Month Share Certificate
0.50%$1k-9 Month Share Certificate

GenFed Financial IRA Rates

1.50%$1k-60 Month IRA
1.25%$1k-48 Month IRA
1.00%$1k-36 Month IRA
0.75%$1k-12 Month IRA
0.75%$1k-18 Month IRA
0.75%$1k-24 Month IRA
0.75%$1k-30 Month IRA


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