GenFed Financial Adds Market-Leading 18- and 30-Month CD Specials

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Deal Summary: Share Certificate Specials – 18-month (6.00% APY), 30-month (5.30% APY), $1k minimum deposit, rates guaranteed through December 31, 2023.

Availability: Counties in Ohio (9), Illinois (3), and Indiana (1)

Ohio-based GenFed Financial (GenFed) is currently offering very competitive rates on the 18-month (6.00% APY) and 30-month (5.30% APY) Share Certificate Specials. The minimum opening deposit for a Share Certificate Special is $1k, with no stated balance cap. According to CSR, the current APYs are guaranteed through December 31, 2023. (GenFed routinely changes rates on a monthly basis.)

Both Share Certificate Specials are available as IRA Share Certificate Specials (Traditional, Roth, CESA), earning the same APYs with the same deposit requirements.

Many thanks to DA reader, drew95, for his recent Forum post about these excellent GenFed rates.

Early Withdrawal Penalty

As stated in the Share Certificate Agreement, the Early Withdrawal Penalty reads as follows:

A substantial penalty is imposed if certificate funds other than dividends are withdrawn before the maturity date as follows:

  • One year to less than two years 183 days of dividends
  • Two years to less than three years 274 days of dividends

Penalty is charged only on the amount withdrawn and applies whether or not dividends have been earned and may reduce principal.

American Share Insurance

As drew95 noted in his Forum post,

One catch. It only have private deposit insurance (ASI & ESI).

The following appears at the bottom of every page of the GenFed website:

ACCOUNTS INSURED UP TO $500,000. American Share Insurance insures each account up to $250,000. Excess Share Insurance Corporation provides up to an additional $250,000 of insurance per account. By members’ choice, this institution is not federally insured, and if the institution fails, the federal government does not guarantee that depositors will get back their money. MEMBERS’ ACCOUNTS ARE NOT INSURED OR GUARANTEED BY ANY GOVERNMENT OR GOVERNMENT-SPONSORED AGENCY.

For those unfamiliar with ASI, here are a few facts to help you decide if you’re comfortable with an ASI insured credit union:

  • ASI is the nation’s largest provider of private share insurance for credit unions.
  • ASI has been insuring credit unions since 1974.
  • Only ten states permit credit unions to be privately insured (Alabama, California, Idaho, Illinois, Indiana, Maryland, Nevada, Ohio, Texas, and Wyoming).
  • Privately insured credit unions are legitimate credit unions that are regulated by their home state.
  • ASI-only insured credit union liquidations have been rare, with only three occurring in the past six years: Cumorah Credit Union, NV, 2009; USA One National Credit Union, IL, 2012; and Bensenville Community Credit Union, IL, 2014.

The above facts are intended as neither endorsement nor dispargement of ASI or ASI insured credit unions.

Availability

Headquartered in Akron, Ohio, GenFed Financial’s field of membership (FOM) is community-based that includes counties in Ohio (9), Illinois (3), and Indiana (1).

Ohio: Individuals who live, work, worship, attend school, or volunteer in the counties of Erie, Lorain, Medina, Paulding, Summit, or Williams qualify for membership, as do those who live, work, worship, or attend school in the counties of Cuyahoga, Defiance, or Portage.

Illinois: Individuals who live, work, worship, attend school, or volunteer in the counties of Clinton, Jefferson, or Marian are eligible to join.

Indiana: Individuals who live or work in Shelby County qualify for membership.

Account Opening

Joining GenFed and/or opening a Share Certificate Special can be done online or at any of seven full-service Ohio branches located in Antwerp, Akron, Bryan, Lorain, Sheffield Lake, and Wadsworth (2); two full-service Illinois branches located in Centralia and Mount Vernon; and the sole Indiana branch in Shelbyville.

A Traditional Savings account [$5 minimum opening deposit] establishes your GenFed membership.

When you open your first account at GenFed, we’ll make your first $25 deposit for you!

Funding and Other Details

The following information is from a conversation with CSR.

  • Funding – ACH, wire, internal transfer, or Share Branch transaction.
  • Ownership – Individual, joint, or trust.
  • CO-OP Shared Branch Participant – Yes.
  • Dividends – Compounded/credited monthly; dividends can be withdrawn without penalty.
  • Maturing Funds – Cashier’s check to address on file or internal transfer to a GenFed Traditional Savings account.
  • Beneficiaries – Up to 4 and percentages can be assigned; Social Security numbers are required.
  • Grace Period – 10 calendar days before automatic renewal.
  • Credit Check – ChexSystems.

Credit Union Overview

GenFed Financial has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 2.49% (excellent) based on June 30, 2023 data. In the past year, GenFed’s total non-brokered deposits decreased by -$7.89 million, a below average annual growth rate of -2.97%. Please refer to our financial overview of GenFed Financial for more details.

Founded in 1937, GenFed Financial is currently the 31st largest credit headquartered in Ohio, with more than 24,600 members and assets in excess of $301 million. In somewhat of a “sad sign of the times” feature, GenFed has a “Cyber Scam of the Week” page. Did you know there is a “Soda Phish” scam that begins with a “seemingly harmless email from an employee at PepsiCo requesting a quote to purchase something your organization is selling and includes a malicious file attachment disguised as a Request for Quote (RFQ).” Luckily for me, I drink Coke.

How the 18-Month Share Certificate Special 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 a higher rate than currently offered on the GenFed Financial 18-month Share Certificate Special. The following table compares the 18-month Share Certificate Special to the two highest-rate CDs from other credit unions and the two highest-rate CDs from banks.

How the 30-Month Share Certificate Special 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 a higher rate than currently offered on the GenFed Financial 30-month Share Certificate Special. The following table compares the 30-month Share Certificate Special 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 12/23/2022.

To search for the best CD rates, both nationwide and state specific, please refer to our CD rates table page.

Related Pages: Fort Wayne CD rates, Cleveland CD rates, Indianapolis CD rates, Toledo CD rates, St. Louis CD rates, Paducah CD rates, 1-year CD rates, 5-year CD rates, IRA CD rates

Comments
RichReg
  |     |   Comment #1
Gaaaawd D*mn;,
I'd Tele-worship 5 days a week for the full 18 months to get that rate!
Hojo20
  |     |   Comment #2
Can someone in Ohio please adopt me this week so I can drop $250K into a CD?
RichReg
  |     |   Comment #3
Good luck with that.
1st week of January I'm planning my vacation in Cleveland; and plan to go to
mass at St.John Cantius. Does this make me eligible even after I move back to
the East Coast?
LovinSomeCDs
  |     |   Comment #4
Having to live in Ohio, Indiana, and/or Illinois....thats the ultimate tri-fecta of miserable states with never ending cloudy skies and bone chilling air! Made it an even quad, and throw Michigan in there are some real suffering! lol

These people DESERVE higher rates, they dont have much else. ;)
Saver5
  |     |   Comment #5
There's no such thing as bad weather, only bad clothing.
LovinSomeCDs
  |     |   Comment #6
Crap, someone inform the 25 million people who abandoned the midwest and northeast for the South, in the last 30 years.
111
  |     |   Comment #7
Lovin, you'll be singing a different tune during next year's hurricane season when you do a reverse carpetbagger skedaddle back to the North. Unless maybe we see a GoFundMe first from you, to cover your home insurance costs (speaking of higher rates, ya'know). ; )
LovinSomeCDs
  |     |   Comment #8
111,
We have been hearing this same song and dance since I can remember (1980s). The classic, yet very predictable blabbering of " Oh yeah, well the hurricane/sharks/abundant sunshine/low taxes will all KILL YOU if you live in where its sunny and beautiful" lol

And even if it does, big deal, thats what I have insurance for. My biggest insurance claim in my lifetime actually took place in the north, when all my pipes burst and caused 175k in damage. Hurricanes....bring them on. I do actually own a car, so I will simply drive away from the scary wind. ha

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