Update: According to the GTE Financial promo page, "This offer expires Friday, October 27th, 2017 at 5pm EST."
Florida-based GTE Financial is offering limited-time Share and Jumbo Share Certificate Specials, with very competitive rates. New money is required for both the Share Certificates ($500 minimum) and Jumbo Share Certificates ($100k minimum).
The Share Certificate Special landing page gives you “the skinny” on this promotion, including the following:
1. Open a new Promotional Share Certificate starting October 3, 2017. (Go to 'Open Additional Checking/Deposit Account' and make sure to choose a Share Certificate that has the word ‘Promo’ or 'Promotional' in the name).
2. Move your money from another Financial Institution to a new Promotional GTE Share Certificate to qualify for this special Yield (money already deposited at GTE is ineligible).
5. We’ve included the Add-on feature to all Promotional Share Certificates! That means, you can add money at any time during your term, in as little as $20 increments.
6. There’s no cap to how much you can deposit during this special (Typically there is a $6,000 cap).
GTE Financial also has an FAQs page that’s highly detailed. The “What if it’s a large sum that I am looking to move over?” section addresses the issue of transferring large amounts.
If you apply and open a Promotional Share Certificate online, it will walk you through the funding process. However, there are limits to how much you can deposit using the online experience. If you are looking to make a deposit into the Promotional Share Certificate over $5,000, we recommend making a deposit at a GTE Financial location or a Shared Branching location.
The Members Advantage program, which can add an additional 25 bps on certificates, does not apply to this promotion.
Because we’ve increased our Yields for this special promotion up to 1.25% APY, you will be unable to combine other APY and deposit offers.
The fine print on the promotion page explains the Early Withdrawal Penalty.
If you decide to make a withdrawal on the Promotional Share Certificate, you would forfeit up to 90 days earned dividends for 6 and 12 month terms. For longer terms, you would forfeit up to 180 days earned dividends.
Thanks to the DA reader who emailed me about these great rates.
Headquartered in Tampa, Florida, GTE Financial’s field of membership (FOM) permits almost any U.S. citizen or resident alien to join.
Easy membership: Joining GTE Financial’s non-profit educational financial club, CU Savers (one-time $10 membership fee), qualifies for credit union membership.
Residency: Individuals who live, work, worship, or attend school in the following Tampa Zip Codes are eligible to join - 33602, 33603, 33604, 33605, 33606, 33607, 33609, 33610, 33619.
Employment: Employees (and their immediate family members) of a Community Partner (SEG) qualify for membership.
Relationship: Immediate family members (spouse, child, parent, sibling, stepparent, stepchild, grandparent, or grandchild) of a current Credit Union member is eligible for membership.
Joining GTE Financial and/or opening a Share Certificate can be done online, or in person at any of 23 Florida branches located in Brandon, Clearwater, Crystal River, Hudson, Lakeland (2), Lutz, New Port Richey, Ocala, Plant City, Sarasota, Seffner, Seminole, St. Petersburg (2), Tampa (7), and Temple Terrace.
Credit Union Overview
GTE Financial, has an overall health grade of "B" at DepositAccounts.com, with a Texas Ratio of 12.78% (above average), based on June 30, 2017 data. In the past year, GTE Financial has increased its total non-brokered deposits by $67.29 million, an excellent annual growth rate of 4.1%. Please refer to our financial overview of GTE Financial (NCUA Charter # 196) for more details.
GTE Financial’s predecessor, Peninsula Telephone Employees Federal Credit Union (PTEFCU) was established in 1901. While GT&E purchased Peninsula Telephone Company in 1935, the PTEFCU name remained in place until 1958, when it was changed to GTE Federal Credit Union. In the 1990s, GTE Financial was the first Florida credit union (and the second in the country) to implement a successful debit card program. The Credit Union rebranded in 2012, and is currently Florida’s seventh largest credit union, with nearly 255,000 members and assets in excess of $1.8 billion.
How the Share Certificate Specials Compare
When compared to the similar length-of-term CDs tracked by DepositAccounts.com that are available nationwide, GTE Financial's Jumbo Share Certificate Special APYs currently rank first or second, regardless of minimum deposit.
The above rates are accurate as of 10/11/2017.