In March, Michigan-based Genisys Credit Union (Genisys) added a 7-month Share Certificate Special (SCS) offering a good, but not great APY. Genisys recently added 50 bps to the 7-month SCS, boosting the rate to 1.25% APY. The 7-month SCS can be opened with a $500 minimum deposit, with no stated balance cap.
As stated on the Savings Certificates page,
Certificate specials are for a limited time and the credit union may end it at any time without notice.
Dividends are paid and compounded quarterly and can be reinvested or transferred to another Genisys account.
As stated in the Share Certificate Savings page, the Early Withdrawal Penalty reads as follows:
90 days of earned dividends for certificates of one year or less
While partial withdrawals are allowed, if a withdrawal causes the balance to fall below the required minimum, the certificate will be closed.
Funding can be done by ACH, wire transfer, or internal transfer. Genisys participates in the CO-OP Shared Branch network, making a transfer of funds relatively easy. Maturing funds will be distributed by check to the address on file or deposited in a Genisys savings account. There is a ten-day grace period before a Certificate automatically renews and the 7-month SCS will renew as a 6-month Share Certificate.
Genisys also has a very competitive rewards checking account (RCA), Genius Checking, which currently earns 4.07% APY on qualifying balances up to $7.5k. Qualifying balances over $7.5k earn 0.05% APY, with non-qualifying balances not earning any interest.
I’ve highlighted the Genuis Checking account in previous blog posts because it’s an excellent RCA opportunity for those who have limited funds, but want a great return with little effort. The Genius Checking’s maximum potential earnings (on a $7.5k balance) is approximately $305. The best savings account rate currently offered by internet banks is 1.26% APY; earning $305 in a savings account earning 1.26% APY would require a balance of approximately $24k to be on deposit for a year.
More details about the Genius Checking account can be found in an August 2021 blog post.
Headquartered in Auburn Hills, Michigan, Genisys Credit Union expanded its field of membership (FOM) more than a year ago and now offers an easy membership requirement (called a “Contribution Eligibility”) that includes virtually any U.S. citizen (18 years or older) who has a valid Social Security number.
Contribution Eligibility – by making a minimum $5 contribution to the Arthritis Foundation or the Paint Creek Center for the Arts qualifies for membership in Genisys.
Location Eligibility – individuals who live, work, worship, attend school, or own a business in any of the following areas are eligible to join.
Michigan – all counties
Minnesota – Anoka, Dakota, Hennepin, Ramsey, Scott, and Washington Counties
Pennsylvania – Montgomery County
Family Eligibility – 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 Share Certificate Special can be done online, or at any of 28 Michigan branches, located mainly 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 (248.322.6512).
You must complete a payment of $5.00 in your share savings account as a condition of admission to membership.
Genisys participates in the CO-OP Shared Branch and ATM networks, providing its members with access to more than 5,600 branches and more than 30,000 surcharge-free ATMs nationwide.
Credit Union Overview
Genisys Credit Union has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 1.54% (excellent) based on December 31, 2021 data. In the past year, Genisys has increased its total non-brokered deposits by $413.02 million, an excellent annual growth rate of 13.85%. Please refer to our financial overview of Genisys Credit Union (NCUA Charter # 68536) for more details.
Given the unique spelling, it’s not surprising that “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 fourth largest credit union headquartered in Michigan and the 87th largest credit union in the country, Genisys has nearly 250,000 members and assets in excess of $4 billion.
How the 7-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, one bank and one credit union have higher rates than currently offered on the Genisys Credit Union 7-Month Share Certificate Special. The following table compares the 7-Month Share Certificate Special to the two highest-rate CDs from other credit unions and the two highest-rate CDs from banks.
|APY||CD Term (Early Withdrawal Penalty)||Credit Union/Bank|
|1.60%||9-Month Share Certificate Special (EWP=182 days)||NASA Federal Credit Union|
|1.55%||9-Month CD (EWP=90 days)||TAB Bank|
|1.25%||7-Month Share Certificate Special (EWP=90 days)||Genisys Credit Union|
|1.25%||8-Month CD (EWP=90 days)||Evansville Teachers Federal Credit Union|
|1.25%||6-Month CD (EWP=90 days)||Limelight Bank|
The above information and rates are accurate as of 6/3/2022.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.