GTE Financial Ups 12-Month Add-On IRA To 3.30% APY


Deal Summary: 12-month Add-On IRA Special, 3.30% APY, $500 minimum deposit, additional deposits limited by personal tax contribution limits.

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

Florida-based GTE Financial has raised the rate on its 12-month Add-On IRA Special to 3.30% APY. The minimum opening deposit is $500, with no stated balance cap. There’s also a Jumbo version of the 12-month IRA Special, requiring a $100k minimum deposit, but it earns the same 3.30% APY. Although not stated on the landing page, the Add-On IRA Special requires new money to open.

Additional deposits of $100 or more are allowed throughout the term, but the add-on feature sounds better than it actually is:

All Promo Traditional IRA Certificates allow for add-on deposits after opening, but are limited by personal tax contribution limits of $5,500 if you are under age 50 and $6,500 if you are over age 50.

Monthly dividend are allowed without penalty and,

You can withdraw up to 10% of the principal plus dividends one time per year (20% of the current balance if over 59 1/2 years old) with no early withdrawal penalty on IRA certificates.

If the 12-month Add-On IRA Special is closed early, the Early Withdrawal Penalty would be "up to 90 days of earned dividends."


While the IRA Special can be funded through an ACH transfer or wire transfer, there is a $5k limit when funding online. Deposits of over $5k can be made at a GTE Financial location or a CO-OP Shared Branching location.

60-Month Jumbo Promo Share Certificate

In March, I wrote about GTE’s 60-month Add-On Share Certificate (3.04% APY) and 60-month Add-On Jumbo Share Certificate (3.30% APY). Those rates are still in effect.

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. If a recession occurs 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.


Headquartered in Tampa, Florida, GTE Financial’s field of membership (FOM) provides 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, qualifies for credit union membership. According to the online application, “It's usually $10 to join CU Savers, but it's on us.”

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 an Add-On IRA Special 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. You can also call GTE Financial at 813.871.2690 or 888.871.2690 to apply for membership and an IRA Add-On Special.

When you join GTE Financial, you will need to fund your primary savings account.
$5 will be automatically transferred from your primary savings to a Member Owner Share.

Credit Union Overview

GTE Financial, has an overall health grade of "B+" at, with a Texas Ratio of 9.72% (excellent), based on March 31, 2019 data. GTE Financial has an average capitalization level (8.56%), the result of holding $2.12 billion in assets with $181.68 million in 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 235,000 members and assets in excess of $2.1 billion.

How the Add-On IRA Special Compares

When compared to 142 nationally available similar length-of-term IRAs, which require a similar minimum deposit, GTE Financial’s 12-month Add-On IRA Special APY currently ranks first.

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

How the Jumbo Add-On Share Certificate Compares

If a comparison is made to nationally available similar length-of-term CD APYs, GTE Financial’s 60-month Jumbo Add-On Share Certificate Special APY currently shares the top spot with The Federal Savings Bank’s 5-year Promo CD, regardless of minimum deposit requirements. When I wrote about GTE Financial’s 60-month Share Certificate Special in March, the APY only rated sixth.

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. Mountain America Credit Union (MACU) used to offer competitive rates on its Growth Certificates (which are capped at $100k), but rates dropped several months ago.

The above rates are accurate as of 7/19/2019.

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, 5-year CD rates, IRA CD rates, nationwide deals

  |     |   Comment #1
Yet another rate increase. Not a surprise. Nearly four handles.
  |     |   Comment #2
More of a teaser rate to bring new members in then after 12 months when rates are lower they hope you will keep your IRA with them.You have to decide if you think rates will be higher 2/3/4 years from now, i bet lower after the 2020 election then a prolonged period of 0 interest rates.
  |     |   Comment #3
Was reading that the Fed is going to cut rates by .50 next month. And as what #2 says what will rates be in 12 months?

I would look for a longer term CD but each person's goals or circumstances are different.
  |     |   Comment #4
Keep in mind the FED only controls short term rates. The long rates are controlled by the market. I really believe the longer term rates, 3-5 yr. have bottomed or very close to a bottom. The 3 & 5 will be higher 3 months from now so keep some powder dry.
  |     |   Comment #5
I only see that the 3.30% is only available for the Jumbo,100k cert. as of today. Please provide link if you see something else.
  |     |   Comment #6
Ok, I see it is only for IRA.
Plea Bargain
  |     |   Comment #7
I have had generally good service from GTE. Just careful with their online chat. It's a nice service but I often get conflicting info from them. If you think you're getting wrong info just try another representative.
  |     |   Comment #37
"If you think you're getting wrong info just try another representative".

Until you hear what you think is the "right info"?
  |     |   Comment #8
I have a couple of the Promo CDs and one Jumbo Promo, but I haven't found/rec'd a decent written certificate agreement from GTE. Does anyone have a good link that shows the actual terms of their add-on promo CDs? The papers they sent me after opening the cds didn't even have the rate on it. (!) And no reply from them yet on it. Reps do give conflicting information, so make sure you talk to someone who actually knows their products. I had 4 different variations from 4 CSRs.
  |     |   Comment #9
1st cd got needed info on paperwork .
2nd cd got blank rates on my paperwork
even after asking 2 csr who said will send new paperwork with info filled in.
no follow up. have to wait on website to see confirm rate, but does finally show.
Plea Bargain
  |     |   Comment #11
Same here.......They need to fix this. Apparently when the cd is new the rate just doesn't update for a day or two.....But they send these out with blank rates in the meantime.....dumb.
deplorable 1
  |     |   Comment #10
Don't forget that you can do up to $5,000 with a 2-3% cashback card bringing the rate to 5.30% or better. Maybe you can also have more than one in order to max out this years contribution limits?
  |     |   Comment #12
I Have opened 10 cd”s with GTE in the last month.All posted correctly on website with durations and rate being earned. Latest account disclosure arrived yesterday showing 0 apy/interest rate earned. All disclosures sent to me show the same.The form is a generic one that excludes some terms for the promo CD.Unprofessional of them sending this form as it excludes certain info.I take screen shots of everything and not worried but a CU with strange business practices. I am only using them fir the add on feature invested 20k with 3% cash back n already received the rewards. In 6 months will purchase another $20k with a 1 year total return of about 5.75 with only 1.25% taxable.
  |     |   Comment #13
Could you explain this? You're charging the add-on with your credit card?
  |     |   Comment #14
Using a CC for this purpose doesn't count as a cash advance on the CC??
  |     |   Comment #18
Results and outcomes vary widely and depend on the CC you are using. Sometimes it works great and is a real money maker. With other cards the charge might appear as a CA (cash advance). With still other cards the charge might go through as a purchase, but the card issuer will not pay you your rewards. It's a crap shoot but well worth a try unless you are a persnickety, fidgety sort of person who requires everything you try work perfectly first time around. If you are that sort of person: avoid.
  |     |   Comment #15
This month I tried to fund 2 CDs with the Citi Business AA card, one is $4900 and the other is $600. Both were charged as cash advance. Luckily they were declined due to the low CA limit I have set up.
  |     |   Comment #43
Did you mean to open CD with GTE?
  |     |   Comment #44
Did you get reject immediately when you opened the CD? In other words, did GTE try to charge your CD at real time?
  |     |   Comment #45
Hi deplorable1, when was the last time you fund CD with GTE via credit card counted as purchase? Thanks.
  |     |   Comment #16
Here's the problem I have with all IRA deals. If you want to avoid paying taxes, you have to do a direct transfer from one FI to the other. (Assuming you've already used up the one time indirect rollover for the year).

You have no control over how long it takes FI "A" to transfer the funds to FI "B."

Not only do you always earn zero interest during some period the transfer for an unspecified period of time over which you have no control (unless both ends allow a wire and you pay for it), but by the time the funds arrive at FI "B" the deal may already be over, and you are ****ed. You have absolutely no control over the timing. It could take FI "A" weeks or even longer to get the funds to FI "B."

This is a terrible system.
  |     |   Comment #19
i opened an 42 month IRA about 3/4 months ago with Navy Fed. When you apply for the IrA Navy Fed guarantees that rate when until the funds arrive even if the offer is discontinued, which they did in my case.It took about 3 weeks with funds coming from Vanguard. Also, Navy Fed credited to my acct. a bonus $100 for opening the acct. About $50 of the bonus took care of the 7/10 days the money was out of the market, i will use the other $50 for when the funds are out of the market if i move the money again. 999 look for good deals and strike, and sit out the teaser deals.
  |     |   Comment #20
A good FI should have a policy about that. They should at least guarantee it if it's funded within a certain period of time. And they should make that time explicit so the customer knows what the risks are. I wouldn't expect them to guarantee it indefinitely because they also have no control over what the other FI does.

Your experience is one reason why Navy FCU has a good reputation. I haven't yet done business with them, but I qualify so I will keep them on my approved list. Thanks for the experience report.

My experience thus far with other FIs, regarding guaranteeing the rate in the case of an IRA direct transfer has been that they will not guarantee it. Knowing that, plus the unquantifiable loss of interest in transit, it's a big gamble to move your account. That's probably why they're so anxious to get your account in the first place because they know you'll be reluctant to move it.
  |     |   Comment #21
I made be mistaken but i think the rate was guaranteed for 45 days once Navy Fed processed the paperwork and sent it on through. The IRA form specifically stated 42 month 3.75 APY ira is what I signed on for. As i said total time out of market about two weeks.Navy Fed does date stamp the paperwork received from the other FI and will use that date account begins to earn interest, even though they may need a week to finalize all paperwork on their end. NFCU did a good job for me.
  |     |   Comment #22
Ken, if add-ons must be a max of $6500 CANNOT do an IRA transfer from an existing IRA trustee AND one is going to get a 1099 at the the end of that year in which the “contribution “ was made.
Say What?
  |     |   Comment #23
Specifically asked a CSR in the IRA department about whether IRA transfers could be made in amounts over $6500 and was told that it could be done. The response I received was made via secure email. That is, not just blah-blah-blah on the phone.

That $6500 limit only applies to annual contributions that are restricted by IRS rules. It would have helped if they mentioned that this doesn't apply to "trustee-to-trustee transfers" in their online disclosure for this product.

I also was told during a chat session that the rate would be locked once you open the account (either online or over the phone). I had the chat session log sent to my email so that I had something in writing.

It is true that the account will show 0% until it's funded (as well as any disclosures you might received). Which would lead you to believe that the rate wasn't locked at account opening.

I was told that this has something to do with the way their system handles unfunded accounts. Something along the lines that if it isn't funded within 30 days, the account is automatically deleted by the system.

The only negative thing about GTE's IRA's are that they have an outrageous outgoing IRA transfer fee of $50.00. So, depending on the amount you have in the CD, this will affect the yield.
  |     |   Comment #27
I joined Navy Fed today and had asked about whether they could guarantee the IRA rate once the paperwork for the transfer was initiated. The guy in the IRA dept said No. Cch, do you have a contact name of someone who could work with me to guarantee the rate? I am worried that the rate will fall between now and the time my IRA comes due next month.
Jay in LA
  |     |   Comment #25
I just went to the GTE site ant eh 3.30 percent rate is only offered on the jumbo CD, the regular CD still shows the 3.04 percent APY.
Jay in LA
  |     |   Comment #26
Sorry for the typos. "And the" 3.30 percent rate ....
  |     |   Comment #28
Odd that FIs offer deals on IRAs only. Makes little sense.

My IRA is at my broker and I am not splitting it up.
  |     |   Comment #30
IRAs are not moved/transferred as much
  |     |   Comment #33
Opened a $100k 5 year add-on CD 3.3% APY (Regular CD, NOT IRA) on 7/22. Everything done online - join CU, fill out info, set up ACH transfer for full amount ($100k for CD + $5 for share acct). All went without a glitch.

Got a confirmation call and email later that day that all is good and account opened. Full CD disclosure attached to email, all correctly filled out. ACH transfer completed on 7/25 for the full amount.

Set up online banking on 7/23, could see my accounts right away. Used online chat to request a beneficiary form and faxed that in.

Can also confirm hard credit pull occurred on 7/23.

So far, excellent experience.
  |     |   Comment #34
Wow,that fast..Took me about two weeks,10 emails and a rejection to get it done.
  |     |   Comment #35
Just like with everything else, it all depends on the person who gets to work on your case. There are different levels of competence and willingness to get things done right and quickly.
  |     |   Comment #36
Or having accurate and all the necessary information the first time around.
  |     |   Comment #38
Pretty good CDs but NO management tools and it costs $2 to transfer money out of the Share Account. Very good Customer Service, I just wish I had more control over the Renewal/ Interest Disbursement/ Withdrawal functions.
  |     |   Comment #41
Is it possible to pull the fund via the external account(like Ally)?
  |     |   Comment #39
Sam-I-am, I am thinking to open the 5-year CD too. Would you help to answer the questions below?
(1) Did you specify the source of the fund(external bank account information) when you open the CD? (that is GTE pulled the money in)
(2) If not, did you initiate the transfer from your external(non-GTE) bank and do a push?
  |     |   Comment #40
I opened a $100,000 CD, GTE will pull the money off the account you give them.
  |     |   Comment #42
thank you John.
  |     |   Comment #46
Hi, anyone tried to add a joint owner onto these Add-on CDs? I am thinking to add my spouse as a joint owner to increase the FDIC insurance limit to the Add-on CD where I am the only owner as of now? Is this doable? Also, what is about adding spouse as a beneficiary , will the FDIC insurance coverage get doubled too? I am trying to find a best way to do so. Any suggestion is appreciated.
  |     |   Comment #47
Yu - The FDIC will likely not have much to do with this, since GTE FCU is regulated by the NCUA - as are all Federal credit unions. Not the FDIC.

As you research this, I suspect you will find that issues having to do with changes in the “ownership” or “titling” of CDs (or requests to change such) - particularly those made AFTER those CDs have already been started - are probably one of the many items that are relegated by the NCUA to the dominion of the individual FCU.

Jusr sayin'.

As far as the rest, I suggest you spend a lot of quality time here: , as prior posts in this forum (mine and others) have pointed out.
  |     |   Comment #48
Thanks a lot 111 for the information.
I just went to , and it looks like there is no difference from coverage point of view whether I add spouse as joint owner or beneficiary. In both cases, the amount covered is 500K. Now the biggest question is if GTE will honor to keep the same rate and the Add-on Feature unchanged if I do so. I can't find if someone on this forum did it already.
On the other hand, the reason I am trying to find out the difference between the joint owner and the beneficiary is I am not sure if going with beneficiary route, then my spouse doesn't need to join GTE. Because when I joined GTE a couple of years ago, I got a hard pull on my credit report, and this is what I am trying to avoid this time.

Thanks again.
  |     |   Comment #49
Yu - Wow, that was a quick response!

Sorry if my prior post was a bit terse - I tend to post that way when folks mess up stuff like, does the FDIC or the NCUA have jurisdiction over FCUs.

You posted in comment #48 - “... and it looks like there is no difference from coverage point of view whether I add spouse as joint owner or beneficiary.”

I am not at all certain of that, and I would encourage you to explore further. In particular, look at the following thread -

It may show some pretty distinct differences between the coverage granted by the NCUA in adding a person as a joint owner, versus adding the exact same person as a POD beneficiary. These differences are important.

And BTW, I've found over the years that Credit Unions, far more than banks, will often do an initial credit “hard pull” even if the applicant is NOT requesting a credit card or other checking account! In some ways it doesn't make sense - but it often happens anyway.
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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.

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

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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:

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