Genisys Credit Union (Genisys) is currently offering three Share Certificate Specials (SCS): 17-month (2.25% APY), 30-month (2.40% APY), and 61-month (2.65% APY). These SCS seem to be following my “Special Rates Rule of Three,” with one very competitive rate, one good rate, and one not-so-special rate. In this instance, the 17-month SCS has the very competitive rate. These limited-time offerings can be opened with a $500 minimum deposit, with no stated balance cap.
The SCS are also offered as IRAs (Traditional, Roth, and CESA) earning the same APYs, with the same funding requirements.
Dividends are paid and compounded quarterly and can be reinvested or transferred to another Genisys account.
As stated in the Certificate 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 13-59 months, the penalty is 180 days of dividends.
For certificates with a term of 5 years, the penalty is 365 days of dividends.
There is a ten-day grace period before automatic renewal, with the 17-month term renewing into a 12-month term, the 30-month term renewing into a 24 month term, and 61-month term renewing into a 60-month term.
Headquartered in Auburn Hills, Michigan, Genisys Credit Union's field of membership (FOM) is primarily residency-based, with U.S. citizens who live, work, worship, 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 Share 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.
If you’re eligible, join today with an initial $5 deposit!
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 2.45% (excellent) based on September 30, 2019 data. In the past year, Genisys has increased its total non-brokered deposits by $210.51 million, an excellent annual growth rate of 10.21%. 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 headquartered in Michigan and the 97th largest credit union in the country, Genisys has nearly 221,000 members and assets in excess of $2.7 billion.
How the Share Certificate Special Compares
When compared to the 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 17-month Share Certificate Special APY currently shares the top spot with five other CDs offered by five easy membership requirement credit unions.
The above rates are accurate as of 2/13/2020.
To search for the best CD rates, both nationwide and state specific, please refer to the CD rates section of DepositAccounts.com.