Genisys Credit Union Ups 5-Year CD And Jumbo CD Rates
About a week ago, Genisys Credit Union (Genisys) raised the rates on its 5-year Jumbo Certificate (1.30% APY) and 5-year Share Certificate (1.25% APY) by 25 bps. The minimum opening deposit for the Jumbo Certificate is $100k, with the Share Certificate requiring only a $500 minimum deposit.
Both Certificates are also offered as IRA Certificates (Traditional, Roth, and CESA) earning the same APYs, with the same deposit requirements.
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
182 days of earned dividends for terms longer than one year but less than five
365 days of earned dividends for a term of five years
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.
Genius Checking
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 of $7.5k earn 0.05% APY, with non-qualifying balances not earning any interest.
| APY | MIN | MAX | INSTITUTION | PRODUCT | DETAILS |
|---|---|---|---|---|---|
| 4.07*% | - | $7.5k | Genisys Credit Union | Genius Checking | |
| OTHER TIERS: 0.05% → $7.5k+ | |||||
This 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 0.65% APY; earning $305 in one of those savings accounts would require a balance of approximately $47k to be on deposit for a year.
More details about the Genius Checking account can be found in an August 2020 blog post.
Availability
Headquartered in Auburn Hills, Michigan, Genisys Credit Union expanded its field of membership (FOM) earlier this year and now offers an easy membership requirement (which Genisys calls “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, or 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 can be done online, or at any of 28 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 (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 5,000 branches and nearly 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 0.94% (excellent) based on June 30, 2021 data. In the past year, Genisys has increased its total non-brokered deposits by $475.92 million, an excellent annual growth rate of 17.37%. 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 fourth largest credit union headquartered in Michigan and the 88th largest credit union in the country, Genisys has more than 242,000 members and assets in excess of $3.8 billion.
How the Jumbo Certificate and Share Certificate Compare
When compared to the similar length-of-term CDs tracked by DepositAccounts.com, which are available nationwide, Genisys Credit Union's 5-year Jumbo Certificate APY currently ranks third, regardless of minimum deposit requirements.
The above information and rates are accurate as of 11/19/2021.
To search for the best CD rates, both nationwide and state specific, please refer to the CD rates section of DepositAccounts.com.
