Gesa CU (WA) Offers Limited-Time Special Rates On CDs

POSTED ON BY

Availability: Residents of Washington State

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.

APYMINMAXINSTITUTIONPRODUCTDETAILS
2.20*%$5k-Gesa Credit Union7 Year Certificate
2.20%$2,500-Gesa Credit Union7 Year IRA Certificate (Traditional, Roth)
2.00*%$5k-Gesa Credit Union60 Month Certificate
2.00%$2,500-Gesa Credit Union60 Month IRA Certificate (Traditional, Roth)
Accounts mentioned in this post. Rates as of September 25, 2016.

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your account has an original maturity of 48-months or greater, the penalty will equal 540 days interest on the amount withdrawn subject to penalty.

Bump Certificates

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.

APYMINMAXINSTITUTIONPRODUCTDETAILS
1.80%$2,500-Gesa Credit Union60 Month Bump IRA (Traditional, Roth)
1.70%$500-Gesa Credit Union60 Month Bump CD
1.45%$2,500-Gesa Credit Union48 Month Bump IRA (Traditional, Roth)
1.35%$500-Gesa Credit Union48 Month Bump CD
1.10%$2,500-Gesa Credit Union36 Month Bump IRA (Traditional, Roth)
1.00%$500-Gesa Credit Union36 Month Bump CD
Accounts mentioned in this post. Rates as of September 25, 2016.

Availability

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.

Comments
Gesa CU (WA) Raises Rates on 36-, 48-, and 60-month CDs - Local Only

Availability:

Residents of Washington State

Gesa Credit Union (Gesa CU) began the New Year by raising the rates on its longer term CDs: 36-month (1.70% APY), 48-month (2.00% APY), and 60-month (2.50% APY). The minimum opening deposit is $500, with no maximum balance cap. All three CDs are also available as IRAs (Traditional and Roth) at the same rates and with the same funding requirements.

As stated on Gesa CU’s Truth In Savings page, the Early Withdrawal Penalty reads as follows:

Gesa CU also offers a series of...

Continue Reading
Special CD and IRA CD Rates at Gesa Credit Union in Washington State

Gesa Credit Union has competitive rates on its special certificates. The two best deals are the 14-month CD which has a 1.14% APY and a 30-month CD which has a 1.64% APY. There’s also a 5-year CD with a 2.14% APY and a 7-year CD with a 2.34% APY. These rates are listed in the credit union’s savings page as of 3/19/2014. Minimum deposit for consumer certificates is $500, and the minimum for IRA certificates is $2,500. One downside is a maximum deposit. For the 14-month CD, the maximum deposit...

Continue Reading
Top Long-Term CD Rates at Gesa Credit Union - Washington State

Gesa Credit Union has competitive rates on its long-term certificates and IRA certificates. These include a 2.06% APY 7-year CD, a 1.91% APY 5-year CD and a 1.81% APY 4-year CD. Minimum deposit is $5,000. Rates are 10 basis points lower for a $500 minimum. These rates are listed in Gesa CU's savings page as of 1/11/2013.

The early withdrawal penalty for the CDs with terms from over 2 years to under 7 years is 180 days of interest on the amount withdrawn. The penalty for the 7-year CD is 365...

Continue Reading
3.00% 30-Month CD at Gesa Credit Union in Washington State - Local Only
Gesa Credit Union is offering competitive rates on its mid-term and long-term certificate accounts. These include 2.46% APY for 24 months, 3.00% APY for 30 months and 3.53% APY for 60 months. Minimum deposit is $500 for the 24- and 60-month terms and $10,000 for the 30-month term. IRA certificate rates are also available, but the rates are lower. These rates are listed in the credit union's Certificates page as of 7/10/09.

The credit union also has a reward checking account. It's not the best deal for reward checking. The top...

Continue Reading
3.01% Reward Checking Account at a Washington State CU (Gesa)
Update 4/11/09: The yield has fallen to 3.01% APY. See bottom of post for the rate history.

Gesa Credit Union is offering a reward checking account called Colossal Checking that pays 3.01% APY for balances up to $10,000 (0.15% for above) and refunds ATM fees without limit if the following monthly requirements are met:
  • 12 debit card purchases
  • one direct deposit or ACH debit
  • receive eStatements
  • access online banking
If these are not met, the rate falls to 0.15%. There are no monthly service charges, and no minimum balance required to open or maintain the account.

The...




Continue Reading

More Past Offers