Gesa Credit Union (Gesa CU) began the New Year by raising the rates on all its Certificates, with the most impressive rates on the 60-month (2.15% APY) and the 7-year (2.50% APY). The minimum opening deposit is $500, with no balance cap.
Gesa CU’s website lists two categories of Certificates - $500 and $5K minimum deposits, but currently the APYs are the same for either minimum deposit level.
Both Certificates are also available as IRAs (Traditional and Roth), earning same APYs, but with a single minimum deposit tier of $2.5K.
The rates on both the Certificates and IRAs are being advertised as "limited time special rates." In the past year, Gesa CU’s limited time special rates lasted approximately four months, but as we all know, past performance is no guarantee of future results.
In mid-November, Gesa CU revised its Early Withdrawal Penalties (EWP), resulting in substantial increases in the penalties. As stated on Gesa CU’s Truth In Savings page, the EWP reads as follows:
If your account has an original maturity of 48-months or greater, the penalty will equal 540 days interest on the amount withdrawn subject to penalty.
Gesa CU also offers a series of Bump Rate Certificates and IRAs: 36-month (1.45% APY), 48-month (1.55% APY), and 60-month (2.00% APY). The Bump Rate option allows for a one time exchange of the current interest rate for a new interest rate that Gesa CU is offering on Certificates and IRAs that have the same term and minimum balance.
Membership in Gesa Credit Union is residency based, with individuals who live, work, or worship, or attend school anywhere in Washington State eligible to join.
Close relatives of individuals who qualify for membership are also eligible to join.
Joining Gesa CU and/or opening a CD can be done online or by visiting of any of 15 Washington branches located in East Wenatchee, Kennewick (2), Pasco (2), Richland (4), Spokane, Walla Walla (2), Wenatchee, West Richland, and Yakima.
Credit Union Overview
Gesa Credit Union (NCUA Certificate # 68278) has an overall health grade of "A" at DepositAccounts.com, with a Texas ratio of 2.88% (excellent) based on September 30, 2015 data. In the past year, Gesa Credit Union has increased its total deposits by $147.47 Million, an excellent annual growth rate of 12.46%. Please refer to our financial overview of Gesa Credit Union for more details.
In 1953, members of General Electric Supervisor's Association (G.E.S.A.) formed GESA Federal Credit Union to serve the exempt employees of General Electric. (The first account receipts were held in a shoebox.) Thirty years later, membership was opened to select employee groups who could not support a credit union of their own. Gesa CU converted from a federal to a state charter credit union in 1997, as a result of legislation which prevented Gesa CU (and other federal credit unions) from expanding beyond their core membership. Almost 20 years later, Gesa CU has a membership of over 133,000 and assets in excess of $1.5 Billion.
How the CDs Compare
When compared to the 14 similar length-of-term CDs tracked by DepositAccounts.com, that require a similar minimum deposit and available to residents of Washington State, Gesa Credit Union’s 7-Year Certificate currently ranks first.
Gesa Credit Union’s 60-Month Certificate doesn’t fare as well: when compared to the 217 similar length-of-term CDs tracked by DepositAccounts.com, that require a similar minimum deposit and available to residents of Washington State, its APY currently ranks eighth.
The above rates are accurate as of 1/4/2016.
To look for the best nationwide CD rates and the best CD rates in your state, please refer to our CD rates table.