Genisys Credit Union 61-Month CD Special Is A Near Rate-Leader
Michigan-based Genisys Credit Union (Genisys) recently raised the rate on its 61-month Share Certificate Special (SCS) by a substantial 52 bps. Currently earning 4.58% APY, a 61-month SCS can be opened with a $500 minimum deposit, with no stated balance cap.
The 61-month SCS is also available as an IRA SCS (Traditional, Roth and CESA), earning the same APY with the same deposit requirements.
There are four other SCS in the Genisys product line, with the 61-month having the most competitive rate. The other three SCS (7-, 13-, and 25-month) offer good but definitely not great rates.
The remaining special is a 14-month Flex Share Certificate that offers unlimited additional deposits, one-time rate bump, and one-time penalty-free withdrawal. More details about the 14-month Flex Share Certificate are available in the April 24 Genisys blog post.
Early Withdrawal Penalty
As stated in the Certificate Disclosure, the Early Withdrawal Penalty (EWP) reads as follows:
For certificates with a term of 5 years, the penalty is 365 days of dividends.
CSR stated that partial withdrawals are allowed, but any withdrawal made within the first year will reduce the balance of the principal. CSR also stated that Genisys “reserves the right to require up to 30 days advance written notice for any early withdrawal of funds.”
Availability
Headquartered in Auburn Hills, Michigan, Genisys Credit Union expanded its field of membership (FOM) almost two years 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.
Account Opening
Joining Genysis and/or opening a Share Certificate Special can be done online, or at any of 26 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).
Existing members can also open a Flex Share Certificate using the Genisys Online Banking platform or by calling a Genisys Financial Services Representative (800.521.8400, extension 5).
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.
Funding and Other Details
The following information is from the Certificate Disclosure and a conversation with CSR.
- Funding – ACH, wire (no fee), internal transfer, Shared Branch transaction.
- CO-OP Shared Branch Participant – Yes.
- Ownership – Individual, joint, or in the name of a trust. IRA Certificates are not eligible for joint or trust ownership.
- Dividends – Compounded/credited quarterly and can be can be reinvested or transferred to another Genisys account.
- Maturing Funds – “When requesting to cancel a certificate during the grace period, the funds will be deposited into an account specified by you and earn the rate of the receiving deposit account.”
- Beneficiaries – Unlimited individuals (no trusts), equal shares, Social Security numbers are required.
- Grace Period –10 calendar days before automatic renewal as a 60-month Share Certificate.
- Credit Check – Soft pull.
Credit Union Overview
Genisys Credit Union has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 2.97% (excellent) based on December 31, 2022 data. In the past year, Genisys has increased its total non-brokered deposits by $287.22 million, an excellent annual growth rate of 8.46%. Please refer to our financial overview of Genisys Credit Union (NCUA Charter # 68536) for more details.
Given the unique spelling, it should come as no surprise 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 258,000 members and assets in excess of $4.4 billion.
How the 61-month Share Certificate Special Compares
When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available nationwide and have minimum deposit requirements of $10k or less, only one credit union has a higher rate than currently offered on the Genisys Credit Union 61-Month Share Certificate Special. The following table compares the 61-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 5/5/2023.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.
