Washington-based Gesa Credit Union (Gesa) began the month by raising the rate on its 7-month Certificate to 1.00% APY. This short-term Certificate requires a $500 minimum opening deposit and has no stated balance cap.
The 7-month Certificate has been part of the product line for more than three years. The initial 1.17% APY was in effect for two years before it was increased to 1.47% APY in October 2019; the rate dropped to 0.77% APY last August. The 7-month Certificate currently has the second highest CD APY offered by Gesa – the highest (1.10% APY) is offered on the 84-month Certificate ($100k minimum deposit).
As stated on Gesa’s Certificates page, the Early Withdrawal Penalty reads as follows:
If your account has an original maturity (term) of less than 12-months: The
penalty will equal 90 days interest on the amount withdrawn subject to penalty.
Headquartered in Richland, Washington, Gesa Credit Union’s field of membership (FOM) has expanded since I last wrote about Gesa in January 2019. In addition to all individuals who live, work, worship, or attend school anywhere in Washington State, the FOM now includes the residents of the following ten Idaho counties and twelve Oregon counties.
Idaho counties: Benewah, Bonner, Boundary, Clearwater, Idaho, Kootenai, Latah, Lewis, Nez Perce, and Shoshone.
Oregon counties: Clackamas, Clatsop, Columbia, Gilliam, Hood River, Morrow, Multnomah, Sherman, Umatilla, Union, Wasco, and Washington.
”Close relatives” of individuals who qualify for membership are also welcome to apply.
Joining Gesa and/or opening a Certificate can be done online or at any of 28 Washington branches located in Bremerton, East Wenatchee, Kennewick (2), Kirkland, Lynnwood, Moses Lake, Pasco (3), Puyallup, Richland (4), Seattle, Spokane (3), Spokane Valley, Tacoma, Tukwila, Walla Walla (2), Wenatchee, West Richland, and Yakima (2). Gesa's Temporary Changes to Hours and Services page not does currently list any branch locations "operating with modified services."
Become a member-owner of Gesa with as little as a $5 savings account deposit and enjoy the benefits.
Gesa participates in the CO-OP Shared Branch network,
the second largest branch network in the US. This gives Gesa members the ability to do your banking at a credit union conveniently located near you, with almost 200 locations in Washington State alone.
Credit Union Overview
Gesa Credit Union has an overall health grade of "A+" at DepositAccounts.com, with a Texas Ratio of 1.63% (excellent) based on September 30, 2020 data. In the past year, Gesa has increased its total non-brokered deposits by $601.45 million, an excellent annual growth rate of 19.84%. Please refer to our financial overview of Gesa Credit Union (NCUA Charter # 68278) for more details.
”It started in a shoebox.” GESA Federal Credit Union was established in 1953 by members of General Electric Supervisor's Association (G.E.S.A.). The initial membership was exclusive to the 2,600 exempt employees of General Electric, with the first account receipts stored in a shoebox. Thirty years later, membership was opened to select employee groups who could not support a credit union of their own. Gesa converted from a federal to a state charter credit union in 1997, as a result of legislation which prevented all federal credit unions from expanding beyond their core membership.
According to an August 2019 CUTimes article,
The second quarter’s largest approved merger was the $1.3 billion Inspirus Credit Union in Seattle, Wash., with the $2.1 billion Gesa Credit Union in Richland, Wash. That consolidation deal was initially announced in December 2018, creating the second largest cooperative in the Evergreen State. On Aug. 1, Inspirus CU began operating as a division of Gesa CU.
Gesa Credit Union is currently the second largest credit union headquartered in Washington, with more than 258,000 members and assets in excess of $4.2 billion.
How the Certificate Compares
When compared to the similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available within the FOM, Gesa Credit Union’s 7-month Certificate APY currently ranks first.
|Interest Rate||CD Length of Term||Credit Union/Bank|
|1.00% APY||7-Month Certificate||Gesa Credit Union|
|0.75% APY||7-Month CD Special||Veridian Credit Union|
|0.70% APY||7-Month Fixed CD||Lafayette Federal Credit Union|
The above information and rates are accurate as of 3/3/2021.
To look for the best CD rates, either nationwide and state specific, please refer to our CD Rates Table page.