GTE Financial Has Promo CDs With Unlimited Add-Ons

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Deal Summary: 60-month Jumbo Promotional Share Certificate (3.30% APY, $100k), 60-month Promotional Share Certificate (3.04% APY, $500), new money, unlimited additional deposits.

Availability: Easy membership by joining CU Savers ($10 one-time membership fee); residents of certain Tampa Zip Codes; SEGs.

For a limited-time, Florida-based GTE Financial is offering Promotional Share Certificates with increased rates and an unlimited add-on feature, “which means you can add money at any time during your term, in as little as $20 increments.” In the past, GTE Financial capped the add-ons at $6k, but during this special promotion there is no limit on the amount of additional money that can be deposited. Although not stated on the landing page, the Promotional Share Certificates require new money to open – $500 minimum for regular Share Certificates and $100k minimum for Jumbo Share Certificates (25 bps higher). Of the eight Promotional Share Certificates currently offered, the 60-month is the most competitive.

The FAQs 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.

According to the fine print on the landing page,

No withdrawals may be made on a GTE Financial Share Certificate in the first 60 days of account opening.

Thanks to DA reader, interested, for posting this deal in the Forum.

How to Open and Fund

The “How to Open and Fund" page explains the process to ensure you receive the promotional rate.

When funding the Share Certificate – Make sure to fund using a non-GTE Debit or Credit Card, or choose the option to supply a different bank and provide the account number, routing number and financial institution name. Remember to not select ‘Transfer from a GTE Federal Credit Union Account’ option, as that will disqualify you from receiving the APY special. The limit to fund a Share Certificate online is $5,000. You can visit our awesome Community Financial Center team at a GTE location to handle funding for deposits greater than $5,000.

What if it’s a large sum that I am looking to move over? 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.

Optimum Utilization

A long-term add-on CD is a great hedge against falling rates, or as one DA reader called it, “cheap rate insurance.” Let’s say you open a 60-month Promotional Share Certificate with the minimum $500 deposit. Should a recession occur within the year and rates fall back to near zero, you can continue to make additional deposits and be guaranteed a 3.04% APY for another four years or so. Should rates continue to rise, the $500 investment won’t lose too much ground: the difference between a $500 5-year CD earning 5% and one earning 3% is only about $50 over five years.

Set Sail with Savings

Now through April 30, 2019, you could win a 4-day, 5-night cruise for two.

Open a Share Certificate for any of the below terms and make a $500 deposit at the time of opening to be entered to win a FREE Cruise with GTE's Set Sail promotion. With the opening and funding of a Jumbo Share Certificate of $100K+ you can receive a cruise package automatically.

Availability

Headquartered in Tampa, Florida, GTE Financial’s field of membership (FOM) has a way for 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 of a Community Partner (SEG) qualify for membership. Individuals who have an immediate family member who works for a Community Partner are also membership eligible.

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 Promotional Share Certificate can be done online, or at any of 24 Florida branches located in Brandon, Clearwater, Crystal River, Hudson, Lakeland (2), Lutz, New Port Richey, Ocala, Plant City, Riverview, 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 11.84% (above average), based on December 31, 2018 data. GTE Financial has an average capitalization level (8.60%), the result of holding $2.09 billion in assets with $179.92 million equity. 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 more than 236,000 members and assets in excess of $2 billion.

How the Promotional Jumbo Share Certificate Compares

If a comparison is made to nationally available similar length-of-term CD APYs, GTE Financial’s 60-month Promotional Jumbo Certificate Special APY currently ranks sixth, regardless of minimum deposit requirements. Not bad, but not great.

A comparison to standard CD APYs can’t accurately measure the intrinsic value of unlimited additional deposits, and at the moment, nationally available add-on CDs are rare. Until recently, Mountain America Credit Union (MACU) offered competitive rates on its Term Deposit Plus accounts (MACU’s version of an add-on CD), which are capped at $100k.

The above rates are accurate as of 3/29/2019.

To find the best CD rates, either nationwide or state-specific, please refer to our CD Rates Table page.

Related Pages: Orlando CD rates, Tampa CD rates, 1-year CD rates, 5-year CD rates, nationwide deals

Comments
Anonymous
Anonymous   |     |   Comment #1
Ken, your comparison is already out-of-date. Utah First FCU 60-Month CD rate has fallen to 3.10% APY.
Ken Tumin
Ken Tumin   |     |   Comment #12
Looks like Utah First FCU's 5yr CD rate just went down. It's now removed. Thanks.
Anonymous
Anonymous   |     |   Comment #2
Just so you know, they do a hard credit pull to open an account. An odd thing about the documents you need to supply to them is a signed copy of your Social Security card, I find that rather odd since they already did a hard credit pull on you.
An2
An2   |     |   Comment #11
Not only a signed social security card. Also proof of residence (utility bill, etc.) and bank statement from funding source. I told them to cancel my application and good bye.
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gregk
gregk   |     |   Comment #3
If you've already established a (3.51%APY) Mountain America "Term Deposit Plus" CD, but expect to have more than $100,000 of deployable funds in hand over the next 5 years, then GTE Financial's add-on makes good sense to add to it. The rate's lower (3.04%) but could well be higher than anything available when your add-on moment arrives.

My question is suppose I establish a GTE 5 year add-on CD for the minimum $500 deposit at 3.04%APY (which in fact I've done), but then 2 years from now add $100,000 to the balance. Would my rate from that point forwards increase to the "Jumbo" 3.30%APY, or remain 3.04% as it was at the start? Not something I asked them or even thought of before opening.

For anyone calling GTE Financial to confirm the details and terms of this promotion, beware that no one's apparently told their general purpose reps that the typical $6,000 per year add-on limit
doesn't apply to this promotional offer. I struggled with two of them who adamantly insisted I was mistaken in believing the add-on potential was unlimited, before finally speaking to the "Deposit Account Department" directly and having that provision affirmed.
Robb
Robb   |     |   Comment #4
@Gregk The one concern that I would have with any of these add-on CD's (and I opened one up as rate insurance at MACU) is what is to keep them from changing the add-on feature at any point in the future especially if rates were to tank out? In other words, is there any guarantee that they don't take away the add-on option during the term of the CD at some point?
Newbie1
Newbie1   |     |   Comment #36
Robb, I take you were not around for the Valor add-on fiasco where the add-on feature was taken away. Hopefully it won’t be the case with these CDs. My guess is most FIs budget for additional deposits and this may be why MACU changed rates mid month. If there is a DA rush, rates might drop soon at GTE.
Robb
Robb   |     |   Comment #51
Thanks Newbie for the color on Valor. Will be interesting to see where rates go from here. The Fed/govt. seems intent on pushing more inflation into the system. Not sure if you caught this today...Kudlow pushing for an immediate cut:

https://www.vanityfair.com/news/2019/03/larry-kudlow-fed-interest-rates?verso=true
nyan
nyan   |     |   Comment #61
Problem is, the FI can never tell what might be around the bend if unlimited, because it depends when thousands of customer's funds become available. I'm sure there will be very large pockets of deposits in clusters (when other good CD deals listed here at DA mature, and people move funds to GTE mid-stream if there are no better options elsewhere.) I'll open with $500. I have an add-on elsewhere paying 3% with 2 years left (matures 2021). After that for years 3-5, if they still allow addons and there are no better options, I might move it there, but my hunch is this will be insurance only. But a place that has excessive fees as GTE seems to have, probably would be one to try to change the rules mid-stream so I wouldn't count on it. Question is if it's worth another hard pull. Sigh. I'll probably do it just for $500 but not a place to be with long term until they stop feeing to death
deplorable 1
deplorable 1   |     |   Comment #6
@gregk: This is definitely one of those credit unions where you get different answers depending on who you talk to. I think I asked that question before about getting the higher rate once you hit $100,000 and the answer was no definitely not.
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Newbie1
Newbie1   |     |   Comment #34
Gregk.
The current member disclosure document details the unlimited add-on feature for these promotional certificates. The accounts are clearly labeled as promotional certificates in your accounts list, so there will not be any problem distinguishing them from standard certificates. Make sure you keep a copy of the current member disclosures in case you run into issues in the future.

I wish these converted to jumbos once the balance exceeds 100k, sadly I was informed they don’t. YMMV
deplorable 1
deplorable 1   |     |   Comment #5
I thought is was gregk that first brought this up. The 5 year is the most competitive and best option for the add-on capability. Don't forget they also do credit card funding of up to $5,000 for opening new CD's so you may want to go that rout rather than just the $500 min. Using a 2% cash back card the first year rate would be 5.04% and the average rate for all 5 years would be 3.44% overall(on the initial $5,000).
larry
larry   |     |   Comment #7
d1 which card posts as a purchase and pays 2% cb?
deplorable 1
deplorable 1   |     |   Comment #9
Citibank double cash: 1% on purchases + 1% on payments so 2% overall. There are probably a few others but they have restrictions on how you get the 2% and I don't know which ones code as a purchase.
https://www.doughroller.net/credit-cards/credit-cards-that-pay-2-percent-cash-back-on-all-purchases/
larry
larry   |     |   Comment #13
d1 thanks for the link as I've never visited that site before. So the big ? is does it code for a purchase. Are you going to try that Citibank double cash card soon to find out?
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deplorable 1
deplorable 1   |     |   Comment #21
The Citibank double cash card did post as a purchase for me 3 times so far and the last time was a few months ago. Doctor of credit has a good resource page here:
https://www.doctorofcredit.com/does-funding-a-bank-account-with-a-credit-card-count-as-a-purchase-or-cash-advance/#GTE_Federal_Credit
I posted that the double cash card works over there but I don't know how often they update that info.
larry
larry   |     |   Comment #45
deplorable 1 (Comment #21) That was an impressive set of moves you put on there for bonus city! Sounds like that debt on your local cc was used for a bonus and open up a checking/savings account? How do you know when using a cc for funding accounts that a ca will not be charged? Or are the purchases so large like $5k that ca won't allow that?
deplorable 1
deplorable 1   |     |   Comment #52
There is no way to tell for sure until it codes. I saw that one data point at DoC for a Citi card coded as a purchase. I called GTE and they said that they code it as a purchase. Then I called Citibank and they said they don't change the coding. So I figured it was worth a shot. My cash advance limit is $2,700(I should probably lower it to $50) so $5,000 should get kicked out as a cash advance. NFCU $250 also got coded as a purchase once the transaction was finalized. Maybe I have been lucky but I have never had a cash advance fee yet.
SMT1
SMT1   |     |   Comment #8
D1 #5 "I thought it was gregk that first brought this up".

No, gregk heard about it from a reply I made to one of his posts. I heard about it from a reply An0 made to an Ask the Community post I posted on 3/22/19. https://www.depositaccounts.com/community/ask/36720-add-cds.html

An0 heard it from another Ask the Community post on 3/15 https://www.depositaccounts.com/community/ask/36654-banks-credit-union-offering-addon-cds.html

The original person I can determine to have made a post on the deal is QED on 3/15 replying to the Ask the Community post, 2 weeks ago. Interestingly, Ken posted a plug for Rising Bank the next day, 3/16 on the same post and apparently did not notice QED's post.

Answers
Ken Tumin
Ken Tumin | Mar 16, 2019 | 6,015 posts since 2009
The new internet bank, Rising Bank offers 18-month and 36-month CDs that it calls Rising CDs. These have add-on deposit features. They are not ideal add-on CDs. The 18mo allows only one add-on deposit, and the 36mo allows only two add-on deposits. The minimum initial deposit is a hefty $25k. Also, there's a maximum balance of $500k.
Reply
5 votes | Report Post
QED
QED | Mar 15, 2019 | 68 posts since 2013
GTE Financial CU offers a great many add-on CDs. So does Freedom CU. The interest rates are decent, too, for add-on certificates. But they are a scooch lower than interest rates of CDs elsewhere which do not offer the add-on feature.
deplorable 1
deplorable 1   |     |   Comment #10
Sorry guys I didn't see see those posts I guess. GTE has had these unlimited add-on CD deals in the past and they seem to come and go.
Newbie1
Newbie1   |     |   Comment #39
It has been continuously available since at last November. At the time DA posters were predicting 4% would be the going rate in 2019, with 5% by the year end.
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AnnO
AnnO   |     |   Comment #37
My username is AnnO (the letter O), not An0, FYI. ;-) And the GTE deal has been known/posted about since last fall, not that it matters.
SMT1
SMT1   |     |   Comment #53
Sorry about the inaccurate moniker, AnnO.
QED
QED   |     |   Comment #15
While not disagreeing with Ken's take regarding the add-on feature being unbounded, I find there nevertheless appears to be some confusion surrounding this matter. Therefore, to be on the safe side, I have captured and saved a screenshot of the terms of my CD . . . for whatever good that might do me going forward.

Used my Alliant card (2.5% reward across the board) for funding so looking at 3.5% APY on my $500 (only) over the life of the CD. Not great. But worth it I suppose after considering the hoped for insurance value.
Newbie1
Newbie1   |     |   Comment #38
QED. Save the member disclosures doc, it is in there.
Sam Kiggle
Sam Kiggle   |     |   Comment #18
This is not a new rate, and why post it on the last day of the month? When it is likely to change Monday?
Southern Girl
Southern Girl   |     |   Comment #23
According to a CSR in the Member Experience Support Department and on the GTE Financial website, the promotional share certificates (add-on) rates expire on Tuesday, April 30, 2019.
Sam Kiggle
Sam Kiggle   |     |   Comment #25
The Ready to Cruise promotion ends April 30.
111
111   |     |   Comment #26
Yeah, so they say! The way things are going, they'll probably close it tomorrow! (LOL)
Southern Girl
Southern Girl   |     |   Comment #27
Verified with CSR #2 in the Member Experience Support Department the promotional share certificates (add-on) rates expire on Tuesday, April 30, 2019. Please read GTE Financial website and click share certificates, "From March 1 through April 30, 2019, open a share certificate for any of the below terms and make a $500.00 deposit..........." .
Sam Kiggle
Sam Kiggle   |     |   Comment #31
"Plus, March 1 through April 30, 2019, not only will you enjoy a great rate, we're giving away FREE Cruises with the opening and funding of an eligible Savings Suite product."

Nothing about "we guarantee our rates won't change" until April 30. Why would any bank make that guarantee, what do they get in return?

https://www.gtefinancial.org/for-members/current-offers/set-sail-savings-plus-cruise
Sam Kiggle
Sam Kiggle   |     |   Comment #33
What does this mean Southern Girl?

"Terms and conditions apply. Promotion is subject to change at any time."
Southern Girl
Southern Girl   |     |   Comment #46
Sam Kiggle #33
It means that at GTE Financial the original promotional share certificate expiration date was February 28, 2019 and it was extended from March 1, 2019 through April 30, 2019.
Lazy Tim
Lazy Tim   |     |   Comment #47
That is not what subject to change at any time means.
Southern Girl
Southern Girl   |     |   Comment #48
GTE Financial will "honor this promotion". Why don't you call and ask like I did. I have the names of two representatives in the department that services the certificate of deposits.
Tiny Gin
Tiny Gin   |     |   Comment #49
"This promotion" is a cruise. I have no doubt they will honor it, and also have no doubt they can change it, end it, or change the rates, at any time.
AnnO
AnnO   |     |   Comment #35
The current rates have been in place at GTE since some time last fall, and was posted about by Ken in Nov 2018. https://www.depositaccounts.com/banks/gte-cu/offers/#p20880

Today's re-post was prompted by this user submission yesterday: https://www.depositaccounts.com/banks/gte-cu.html#promo36791

It's been months, a reminder that this is available doesn't hurt.
Sam Kiggle
Sam Kiggle   |     |   Comment #40
Since the beginning of 2019, and most frequently the past two weeks, this site has posted CD rates when they are only available for a few days or even a few hours. It just seems odd to not wait another day to see if the rate is likely to be here for April.
Newbie1
Newbie1   |     |   Comment #41
@Sam, while I understand your frustration that longer term rates seem to be plummeting, this rate has been available for months and did receive a blog post. At that time, many here at DA turned their noses up at the “low” rate. FIs do change rates mid-month so the rate could adjust any day in April. Blogs like this do have an impact on the longevity of rate offerings.
Sam Kiggle
Sam Kiggle   |     |   Comment #42
Newbie, I am not "frustrated that longer term rates are plummeting."

My comment is pretty simple and clear. Posting an old deal on the last day of the month.
Newbie1
Newbie1   |     |   Comment #65
Ken has been posting deals on the last day of every month for the past decade and you are the first person I can recall whom has a problem with this. As to this being an “old deal”, we shall see on Monday. We can’t criticize Ken for our decision not to take advantage of this offer back in November, December, January, February or March.
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Newbie1
Newbie1   |     |   Comment #83
Is this a case of YMMV? I opened in November and have the same terms as per the disclosures. I am sorry to hear you do not. I have been watching GTE, hoping they would bump the rate up.

It is great that you are already a member and can open another relatively easily. I should probably do the same to give myself another four months. It is true there was one change — the entry in the cruise drawing. Have an enjoyable weekend.
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GTE_Not_For_Me
GTE_Not_For_Me   |     |   Comment #20
If you plan on opening an IRA CD be advised that they have a $50 fee for doing an outbound IRA transfer.

I've never seen anything like this before. I've run across IRA fees for opening/maintaining/closing an IRA account.

But, never a ridiculous $50 fee for having them cut and mail a check to another IRA custodian! This is a poison pill for me.

PS

When I talked to a CSR via chat she said I should call a member specialist. I called the number she gave me and I had to walk the guy thru the website to get to the disclosure statement that shows the fee. When I asked him to verify that there indeed was such a fee he said that I should contact them via email! Pretty useless customer service in my opinion.
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RickZ
RickZ   |     |   Comment #24
Andrews Federal Credit Union recently instituted a $10 fee for processing an outbound IRA transfer. I wasn't happy about that fee, but $50 really is excessive.
Southern Girl
Southern Girl   |     |   Comment #29
According to a CSR in the Member Experience Support Department the $50.00 fee is only charged when you initiate the paper work for an IRA transfer at the ingoing institution. If you initiate the closing IRA withdrawal form paper work at GTE Financial Credit Union and request a check made payable to another IRA custodian, the $50.00 fee is not charged.
Sam Kiggle
Sam Kiggle   |     |   Comment #32
Do any of you ever read the disclosure statement? Instead of asking a bank employee?
Ahoy! Skallywags
Ahoy! Skallywags   |     |   Comment #28
so is anyone going to take the $100,000 cruise?
111
111   |     |   Comment #30
Dunno. There seem to be a lot of "S. S. Minnows" out there right now.....
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RIDICULOUS !
RIDICULOUS !   |     |   Comment #50
how in the world does posting smileys to ( 111 #30 ) in the comments #43 call for a DELETION ??
gregk
gregk   |     |   Comment #55
There is no discernible rationale for half (or more) of the deletions that occur her, Ridic, - including (in all likelihood) the disappearance of this one.

You just have to let it go.
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Fee Galore
Fee Galore   |     |   Comment #56
I may open one up just as "insurance"... but this place is fee greedy.
Never seen another CU charge a fee for Shared Branch services ($3/day).
So if you don't live local, every large deposit/withdrawal you make has a $3/daily fee.
I guess that means if you want to deposit/withdraw to your CD, you'd better have $$ in your share savings as well, for that $3/daily fee for using shared branch each time...

Sigh.
Fee Galore
Fee Galore   |     |   Comment #57
When Alliant is paying 2.1% just for their normal savings account, "insurance" is all tihs will be...
Fee Galore
Fee Galore   |     |   Comment #58
Though I noticed Ken, that they are not currently charging the $10 fee to join their association for membership, at least as of now, it's on them...
WATCH THESE FEES
WATCH THESE FEES   |     |   Comment #59
FEES TO NOTE!
$3 daily fee for Shared Branch.
If share savings only (no checking) card is ATM card not debit card.
ATM card is CoOp, and no fee if you use CoOp, but ATM card is WITHDRAWAL ONLY.
You can't deposit with ATM card.
Deposit (if out of area) is either Shared Branch ($3 fee), send check (free) or INCOMING ACH (free, they said no limit on THEIR end on incoming ACHs, up to the sending institution what the limit is). Note that even OUTGOING ACHs have fees (I believe $3 but have to check again).
INACTIVITY FEE: charged every SIX MONTHS so if you've had no activity that you've initiated in your (required) share savings account after 6 months, the fees start. So you'll need to have some activity (ie, set up an automatic ACH transfer for 10c into it every 3 months or something so you don't forget). LOW BALANCE FEE: once your CD matures, and you take it out, it's probably not worth to "stay" with them unless you want to have $500 sitting around earning virtually no interest, or they have more good CD deals right at the time your CD matures, for they also will FEE you if you don't have at least $500 in combined accounts. So when your CD matures and you take out your money, you can't just keep your membership open with $10 in it or something like that. At least for right now they're not charging to join their qualifying organization, so in 5 years when your CD(s) mature and if you take the money out, you can always close your accounts there, and I'm sure re-join later if another good deal comes up. These are the hoops you need to jump thru to avoid excessive fees.
anonymous
anonymous   |     |   Comment #60
I suspect many people who follow DepositAccounts can avoid the low balance fee, without keeping $500 at GTE. According to GTE's "About Savings" fine print: "A $6 monthly service fee will be assessed from your primary share account ... unless one of the following is met: minimum relationship of $500; primary account owner is under age 22 or age 65 or over..."
deplorable 1
deplorable 1   |     |   Comment #68
I agree lots of fees here but most are avoidable. The 2 that bug me the most are the $2 fee for ACH transactions initiated from their website. Also the $10 per month fee for no activity in 6 months. So far I have not been charged any fees but I had to make a few $20 additions to my CD's in order to avoid the inactivity fee which is a real PITA to remember. Here is the full list of fees:
https://www.gtefinancial.org/File%20Library/GTE/PDFs/Member-Schedule-of-Current-Charges.pdf
111
111   |     |   Comment #74
D1 - To avoid the inactivity fee, you could just ACH-push or even Billpay from another FI a very small amount to your GTE "Regular Share Savings" account every quarter or so, right? You wouldn't necessarily have to add to the CD? Or, is GTE truly expecting a CD holder to update the CD itself every 6 months to avoid this fee?
Sylvia
Sylvia   |     |   Comment #79
111 (#74), a few cents added or subtracted from your savings account suffices. Initiated from external account, of course. It's what I do.
deplorable 1
deplorable 1   |     |   Comment #80
Sure you could automate it with some small amount. I just did $20 because then I could add it to the CD. They have a $20 min. for add-ons. In fact I was getting close to the 6 months so I just linked it to my BoA checking for the trial deposits to keep activity. Bank of America does not pull back their trial deposits like most banks do.
QED
QED   |     |   Comment #62
Just wanted to add my data point to put in a good word for GTE Financial. I have been a member there since fall of 2017. I have a very active account and have needed their assistance perhaps more than an average member. GTE Financial has always treated me fairly. The people who help me are knowledgeable, caring, respectful, and attentive to my concerns. Among the many interactions I've had with GTE, I'm unable to recall a single one which was annoying or which left me with regret. Bottom line, I have found GTE Financial a good place to do business.

Probably should mention that, because I live a great distance away from Tampa, all of my interactions with this credit union have been via telephone and/or the internet.  I have never visited a GTE Financial brick and mortar office in person, and I have no travel plans for Tampa I assure you.
HPP
HPP   |     |   Comment #63
does the $500 cd "count" towards the minimum $500 balance to avoid fees? I couldn't find this on the site and want to make sure I don't have to but $500 in a savings as well. Thanks!
HPP
HPP   |     |   Comment #64
Also, can someone explain "shared branch daily fee"? I have heard of a shared branch fee before, but never one charged on a daily basis... How is this avoidable? What triggers it? Thanks!
Devin Nunes' Cow
Devin Nunes' Cow   |     |   Comment #66
Instead of charging per transaction, they charge per day that you use shared branch ($3 flat fee per day for any day that you use shared branch services with your GTE account).
So if you go to a local shared branch by you to do some transactions with your GTE account say next Tuesday, you'll be charged (by GTE) a flat $3 fee for any and all transaction you do that day (whether it's 1 transaction or 5).
Like a Seal Jumping Thru Hoops
Like a Seal Jumping Thru Hoops   |     |   Comment #67
AAAAAAHHHHHHH!!!
Verification is pretty extreme. 4 documents -- so far: ID, separate utility bill w/address, signed SS card, and printed statement from bank you're funding from with your address on it.
Couple that with hard pull on your credit, and lots of fees (including shared branch if you don't live nearby), inactivity fees after every 6 months of inactivity, and likely not even sticking around for the long term because of their "less than $500" fee (because once your CD matures you must still keep $500 in combined accounts at the CU to avoid low-balance fees, even in the primary share! So most people will just close out their accounts at that point.) Just for "insurance" if rates tank? (And if they do, GTE will probably just try to "pull a Valor"). And I'm willing to bet we'll be bombarded with constant mailings/emails/ads and have our names/addresses sold to marketing lists. Worth it?
deplorable 1
deplorable 1   |     |   Comment #73
I don't remember all those hoops or a hard credit pull. I do take hard pulls to open credit unions though and GTE has definitely been worth it for me. They run regular CD specials many of them with add-on capability. They also allow one of the highest credit card funding limits I have seen. They really need to get rid of that 6 month inactivity fee though.
arf arf
arf arf   |     |   Comment #81
hard pull, verified with csr, they will not make an exception even if just opening at cd. they use equifax.
Trump/Pence 2020
Trump/Pence 2020   |     |   Comment #88
They did not do this for me......They must have drastically changed in the last year and a half. Opening was very easy back then.
deplorable 1
deplorable 1   |     |   Comment #69
I ended up doing this for only $500 with my Citibank 2% card for rate insurance. I'm going to do a 6 month for $5,000 next and I needed to save my credit line for that one. I wonder if the 6 month rate will go up, down or be left unchanged once this promotion ends? Maybe I should snag one now just to be sure.
Bowman
Bowman   |     |   Comment #90
Not a bad idea to do the 6M on a 2%+ card. Assuming you can just continue to fund via CC, you could just keep rolling these.
deplorable 1
deplorable 1   |     |   Comment #91
That's the plan. I'm also going to get a Citibank 2% card for the wife and use that one just for CDs.
#70 - This comment has been removed for violating our comment policy.
111
111   |     |   Comment #75
A general question for whoever might know - have you been told by any GTE CSR(s) that there is any limit on the NUMBER of these 60-month Promotional CDs that a member can open? Thanks in advance.
Bill Barr
Bill Barr   |     |   Comment #76
Now Larry Kudlow is saying rates should be raised. He and Stephen Moore are both idiots. Where does Trump find these guys?
Bill Barr
Bill Barr   |     |   Comment #77
When will rates head up again?
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Mak
Mak   |     |   Comment #89
People are so sure that rates are going to go lower so the contrarian in me says.... maybe not...:)
#87 - This comment has been removed for violating our comment policy.
deplorable 1
deplorable 1   |     |   Comment #78
I have had 3 at one time so i know 3 is ok. I never thought to ask if there was a cap. Even if there was a cap you could probably just use different ownership categories.
#92 - This comment has been removed for violating our comment policy.
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#94 - This comment has been removed for violating our comment policy.
laipusram
laipusram   |     |   Comment #95
How long did it take for people to get their accounts created? Sent in applications and documents last week, tomorrow's Wed already and haven't heard back (called, was told everything in order, they'll contact me.) For those who joined this week or last week, how long did it take to get your account #?
SMT1
SMT1   |     |   Comment #96
Laipusram #95. I guess it might depend on the CSR working on the application. I started a couple of weeks ago and they seemed pretty quick replying with secure email. I suspect they have been busier after this thread started. I was delayed because I needed to obtain a new copy of my social security card. But once I delivered a letter from the social security administration stating that they were processing my new social security card, it took 24 hours to finish the application and deliver a member number. I did follow up with a call when I delivered the letter.

I would just keep calling...squeaky wheel!
111
111   |     |   Comment #97
I'm much earlier in the process since I did the online application process just yesterday. The last or nearly-last screen said -

"Yay! We received your app.
We will give you a call.
In order to complete your membership a GTE Member Advocate will reach out to you within 24 hours to firm up a few details!"

The email the application automatically generates also says "a GTE Member Care Advocate will contact you within 1 business day."

I have a hunch it might be longer...
GTE_Not_For_Me
GTE_Not_For_Me   |     |   Comment #98
Head's up for people doing IRA's. Received the following reply via email regarding the $50 fee for outbound IRA transfer requests (that's per transfer request, not closing the account).

"The $50 charge would be if you were transferring funds out of a GTE Financial IRA to another IRA at a different financial institution. There is no way to avoid this fee if you are transferring funds out of the credit union."
Nothing
Nothing   |     |   Comment #99
Take an once in a year distribution and roll it into another IRA within the IRS "grace period," and/or if over 70 1/2 tell them that it is part of a RMD...see what they say to that!
Strunk and White
Strunk and White   |     |   Comment #101
It's actually "a once" because once, even though it begins with a vowel, sounds like it begins with a "w". Likewise, it's "an hour" because hour sounds like it begins with an "o".
GTE_Not_For_Me
GTE_Not_For_Me   |     |   Comment #100
Duh!

Turns-out, the unlimited add-on CD special is not available for IRA's.

So, that onerous $50 IRA transfer fee has been rendered moot.
decades
decades   |     |   Comment #104
I am about to select it here
60 Month Promo Add On Traditional IRA Share Certificate

$500.00
3.04%

I don't see any for roth though
decades
decades   |     |   Comment #102
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.
There’s no cap to how much you can deposit during this special (typically there is a $6,000 cap).

So does that mean you can only add large amounts with no cap during the timeframe this special is in effect?
decades
decades   |     |   Comment #103
guess it means if you take advantage of this special offer , will enjoy the no cap add on feature through life of cd
111
111   |     |   Comment #105
My membership was approved today. I called them when I hadn't received a call back, and it was pretty quick from that point. The "secure email" method of getting them the verification docs may be faster than the "join portal" way. I asked my CSR to set up one add-on CD right away, and I see that's been done and is awaiting funding. She gave me my member number, and I set up online access, which was pretty straightforward. As someone above posted, the "60 Month Add-On CD Disclosure" document does indicate that the CD is a "promotional" one, and that promotional CDs do have the "unlimited" add-on feature.
???
???   |     |   Comment #106
I just received my 5yr 3% add-on certificate disclosure.
It shows acct # , maturity date, $500 balance.
It has NO rate % or yield %
Same for anyone else ???
???
???   |     |   Comment #107
seeing 111 post .
also noticed just now my CD disclosure has Standard at top right hand corner.
GTE may have opened wrong CD
111
111   |     |   Comment #108
@??? - Just to make sure we're on the same page, what I had requested from the GTE CSR was the 5 year add-on, non-IRA, non-jumbo, 3.04% CD, with the $500 minimum deposit. I funded the $500 with a credit card. My CD disclosure is a PDF file named "60 Month Add On CD Disclosure". It shows the effective date, CD account number, maturity date, and current balance ($500). It ALSO shows dividend rate (3%), and APY (3.04%).

At the top right corner mine states "STANDARD SHARE / IRA CERTIFICATE DISCLOSURE". However, further down on that form, the text states "The Promotional & Jumbo Add-On Certificates also allow for deposits of $20.00 of more throughout the term of the share certificate, with no limit."

Also, on the GTE website, under Account Balances" my CD is listed as "60MOPromoAddOn Share Cert", which seems to indicate its status as a "Promo" and not a Standard CD.

The "STANDARD SHARE / IRA CERTIFICATE DISCLOSURE" phrase is probably a catch-all title that covers all their CDs. However, I think I'll email my CSR there (who has been great) and make sure.
???
???   |     |   Comment #109
111 #108
i follow terms and conditions when opening accounts to the letter, set it and forget it.
Hardly ever have concerns of AA.
My disclosure for CD came as snail mail.which most people refer to as the Gospel for verifying terms .No?


By PDF,, are you referring to an online access document?
Nothing
Nothing   |     |   Comment #110
Would disclosure sent in the mail by a surgeon after the fact be ok?
???
???   |     |   Comment #112
#110
remarks ...dot dot dot
stupid is as stupid does
111
111   |     |   Comment #113
PDF file = Portable Document Format file, the common electronic Adobe file format that's been used for many years.
???
???   |     |   Comment #111
so i called and CSR said online documents confirmed terms but a hard copy snail mail request could be honored showing apr/apy
case closed
rockies
rockies   |     |   Comment #114
If you are looking for a high yield 5 year CD and you do not have $100K to invest, check out the 3.35% nationwide CD from First National Bank of America requiring only $1,000 minimum. Same rate for Traditional and Roth IRA.
https://www.fnba.com/deposit-rates-east-lansing/
111
111   |     |   Comment #115
GTE's website says their unlimited add-on CD rates are good through April 30. I'm thinking of starting a couple more April 29, via credit card. Does anyone have any predictions (or even guesses) as to whether they'll drop the rates?
keithsanfran
keithsanfran   |     |   Comment #116
I am very sorry I exposed all my credit records to GTE in an effort to get the 3+% five year add on CD. They kept asking for more and more documentation which was troubling. They also did not keep in touch after I submitted documents during the process. I told them to stop my application and have never heard back from them to acknowledge this. I am really frightened to have given then so much information.... I saw their terrible reviews but ignored them. I am sorry. I recently saw this massive list of negatives reviews from another site and this confirmed how bad they are. Bad mistake I made to give them my financial records. I honestly feel like they can't be trusted with them. Here is the other site with reviews, https://gte-financial.****edconsumer.com/5/RT-P.html
GTE Financial Offers Promo CDs With Unlimited Add-Ons
Deal Summary: Promotional Share Certificate – 60-month (3.04% APY), 48-month (2.94% APY), 36-month (2.84% APY), 30-month (2.68% APY), and 24-month (2.53% APY), $500 minimum, new money required. APYs 25 bps higher with $100k minimum.

Availability: Easy membership requirement by joining CU Savers ($10 one-time membership fee); residents of certain Tampa Zip Codes; SEGs.

For a limited-time, Florida-based GTE Financial has raised the rates on its Share Certificates and included an add-on feature, “which means you can add money at any time during your term, in as little as $20...

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GTE Financial Has Top CD Rates, Nationally Available

Update: According to the GTE Financial promo page, "This offer expires Friday, October 27th, 2017 at 5pm EST."

Deal Summary: Share Certificate Specials – 6-month (1.56% APY), 12-month (1.76% APY), 18-month (2.32% APY), 24-month (2.48% APY), 30-month (2.78% APY), $100k minimum, new money required. APYs 25 bps lower with $500 minimum.

Availability: Easy membership requirement by joining CU Savers ($10 one-time membership fee); residents of certain Tampa Zip Codes; SEGs.

Florida-based GTE Financial is offering limited-time Share and Jumbo Share Certificate Specials, with very competitive rates. New money is...

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GTE Financial Ups Nationally Available Long-Term CDs
Deal Summary: Member Advantage Share Certificates – 36-month (2.02% APY), 48-month (2.27% APY), 60-month (2.58% APY), $500 minimum deposit.

Availability: Easy membership requirement by joining CU Savers ($10 one-time membership fee); residents of certain Tampa Zip Codes; SEGs.

Florida-based GTE Financial has raised the rates on its long-term Member Advantage Share Certificates: 36-month (2.02% APY), 48-month (2.27% APY), 60-month (2.58% APY). Rates are 25 bps lower without Member Advantage. The minimum deposit is $500, with no stated balance cap.

The Share Certificates are also available as IRAs (Traditional,...

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$100 Checking Account Bonus at GTE Financial - Easy Membership

GTE Financial Credit Union is offering a $100 bonus for opening its free checking account with direct deposit. The offer is scheduled to last until January 31, 2013. Promotion details are listed in this GTE Financial page as of 12/3/2012.

If you can manage the direct deposit requirement, this appears to be an easy bonus. The instructions do specify payroll direct deposit. Below is a copy of the offer's small print:

GTE Financial's Free Checking qualifies for this offer. This has no minimum balance requirements and no monthly service fees. GTE Financial...

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5.64% 12-Month CD at GTE Federal Credit Union - Easy Membership
GTE Federal Credit Union has just started offering a 5.64% APY 12-month share and IRA certificate. The minimum deposit is $500. This rate applies to partner members who have combined loan & share balances of $15,000 or more or have a Partner checking account. Note, Partner checking has a $10 monthly fee if you don't maintain the $15K balance. This Partner relationship is not necessary for Jumbo certificates. The Jumbo minimum deposit is $100K.

This 5.64% yield is also available in their Add-On Dollar Certificate which allows you to add on...

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