Genisys Credit Union (Genisys) has been offering a series of Share Certificate Specials (SCS) for most of the year with fairly competitive rates, but nothing really eye-catching. Earlier this month, 30 bps were added to the 13-month SCS, giving it a respectable 2.75% APY. The minimum opening deposit is $1k, with no stated balance cap. The fact that Genisys’ field of membership includes all of Michigan, the Minneapolis/St. Paul metro area, and Pennsylvania’s 3rd most populous county (Montgomery) makes this a noteworthy deal.
The SCS is also offered as an IRA (Traditional, Roth, and CESA) earning the same APY, with the same funding requirements.
As stated in the Certificate General Disclosure, the Early Withdrawal Penalty reads as follows:
For certificates with a term of one year or less, the penalty is 90 days of dividends.
For certificates with a term between 2-4 years, the penalty is 180 days of dividends.
For certificates with a term of 5 years, the penalty is 365 days of dividends.
Headquartered in Auburn Hills, Michigan, Genisys Credit Union's field of membership (FOM) is primarily residency-based, with U.S. citizens who live, work, worships, attend school, or own a business in the following areas eligible to join.
Michigan – all counties
Minnesota – Anoka, Dakota, Hennepin, Ramsey, Scott, or Washington Counties.
Pennsylvania – Montgomery County
In addition, Genisys “serves almost 450 different employee or associational groups.”
Immediate family members of a current Genisys member are welcome to apply, including parent, spouse, sibling, children, grandparent, grandchildren, including step-relations. Individuals who live in the same household as a Genisys member, “maintaining a single economic unit”, are also eligible.
Joining Genysis and/or opening a Certificate Special can be done online, or at any of 27 Michigan branches, mainly located in the greater Detroit metro area. Genisys also has three Minnesota branches (Minneapolis/St. Paul area) and a single Pennsylvania branch located in Blue Bell (Montgomery County).
The Membership Application is also available as a download and can be returned by mail or fax.
Credit Union Overview
Genisys Credit Union has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 2.53% (excellent) based on June 30, 2018 data. In the past year, Genisys has increased its total non-brokered deposits by $134.21 million, an excellent annual growth rate of 6.91%. Please refer to our financial overview of Genisys Credit Union (NCUA Charter # 68536) for more details.
As you might imagine, Genisys is not the Credit Union’s original name. Genisys can trace its roots back to the General Motors Truck & Coach Federal Credit Union, which was established in 1936. In the past 30 years, there have been three re-brands: Unisys Federal Credit Union, USA Credit Union, and finally Genisys Credit Union. Currently the fifth largest credit union in Michigan and the 98th largest in the country, Genisys has more than 204,500 members and assets in excess of $2.4 billion.
How the Share Certificate Special Compares
When compared to 424 similar length-of-term CDs tracked by DepositAccounts.com, which require a similar minimum deposit and are available within the FOM, Genisys Credit Union's 13-month Share Certificate Special APY currently ranks third.
The above rates are accurate as of 11/24/2018.
To search for the best CD rates, both nationwide and state specific, please refer to the CD rates section of DepositAccounts.com.