Genisys Credit Union 7-Month CD Special Has Near Rate-Leading APY
The “Under 1-Year CD” nationally available category in yesterday’s CD Deals Summary was in a state of disarray. In addition to the Citizens State Bank 7-month CD Special’s unexpected 64 bps rate drop (and subsequent removal), two short-term CDs were no longer available and three other short-term CDs were removed because of rate decreases. After the changes had been made, the Genisys Credit Union (Genisys) 7-month Share Certificate Special (5.51% APY, $500 minimum deposit) was a “New To Summary” CD near the top of the category.
Genisys has been offering a variety of Share Certificate Specials (SCS) for approximately two years, generally with one SCS having a competitive rate, while the others offered so-so rates. In addition to the 7-month SCS, the current lineup includes 13-, 19-, 20-, and 25-month SCS.
Early Withdrawal Penalty
As stated in the Certificate Disclosure, the Early Withdrawal Penalty (EWP) reads as follows:
For certificates with a term of 14 months or less, the penalty is 90 days of dividends.
CSR stated that partial withdrawals are allowed, but any withdrawal made within the first three months after account opening will reduce the principal balance. CSR mentioned that Genisys “reserves the right to require up to 30 days advance written notice for any early withdrawal of funds.”
14-Month Flex Share Certificate
The remaining special is the 14-month Flex Share Certificate (5.15% APY, $100 minimum opening deposit) that offers unlimited additional deposits, one-time rate bump, and one-time penalty-free withdrawal.
As stated on the Savings Certificates page,
Flex Certificate additional deposits of $10 to $25,000 allowed per day.
One time option to change the rate offered on the same product.
One time option to withdraw up to 25% of principal with no penalty.
CSR stated that any withdrawal subsequent to the one-time penalty-free withdrawal or in excess of 25% of the principal, will incur the 90-day penalty as described above.
Availability
Headquartered in Auburn Hills, Michigan, Genisys Credit Union expanded its field of membership (FOM) nearly three years ago and now offers an easy membership requirement (EMR) that includes virtually any U.S. citizen (18 years or older) who has a valid Social Security number.
EMR – Making a minimum $5 contribution to the Arthritis Foundation or the Paint Creek Center for the Arts qualifies for membership in Genisys.
Eligibility by Location – 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
Eligibility by Family – 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 Share Certificate Special 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.
- 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 3.15% (excellent) based on September 30, 2023 data. In the past year, Genisys has increased its total non-brokered deposits by $249.89 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.
Given the “distinctive” 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 86th largest credit union in the country, Genisys has more than 270,000 members and assets in excess of $4.6 billion.
How the 7-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, one credit union has a higher rate 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 four highest-rate similar length-of-term CDs from other banks/credit unions with nationwide market areas.
How the 14-Month Flex Share Certificate Special Compares
When compared to the Add On CDs tracked by DepositAccounts.com, which require a similar minimum deposit ($5k or less) and are not limited by a low balance cap, the Genysis Credit Union 14-Month Flex Share Certificate Special APY currently ranks second.
The above information and rates are accurate as of 1/18/2024.
To look for the best CD rates, both nationwide and state specific, please refer to our Best CD Rates Table page.
