GTE Financial 48-Month Jumbo Share Certificate Rate Soars To The Top
Following a significant rate increase of 42 bps, the GTE Financial 48-month Jumbo Share Certificate earns 5.12% APY, which is currently the highest rate offered on a nationally available 4-year CD. The minimum opening deposit is $100k, with no stated balance cap.
GTE Financial also offers “regular” Share Certificates with APYs 26-27 bps lower than the Jumbo Share Certificates APYs and can be opened with a minimum $500 deposit.
GTE Financial Jumbo Share Certificates are also available as Jumbo IRA Certificates (Traditional, Roth, CESA, SEP), earning the same APYs with the same deposit requirements.
The 60-month Jumbo Share Certificate also had a significant rate change, but in the other direction: following a drop of 150 bps, the 60-month Jumbo Share Certificate now offers a decidedly uncompetitive 3.30% APY.
| APY | MIN | MAX | INSTITUTION | PRODUCT | DETAILS |
|---|---|---|---|---|---|
| 3.30% | $100k | - | GTE Financial | 60 Month Jumbo Share Certificate | |
| 3.04% | $500 | - | GTE Financial | 60 Month Share Certificate |
As stated in the Share Certificate Account Disclosure, the Early Withdrawal Penalty reads as follows:
The penalty applies to the amount withdrawn each time a withdrawal is made, and is based on the dividend rate in effect at the time of the withdrawal. The penalty will equal 90 days of dividends for accounts with terms of 12 months or less, and 180 days of dividends for account with terms greater than 12 months. If dividends are insufficient to cover any applicable penalties, there is the possibility of a principal reduction.
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.
Helpful Forum Post
The January 30, 2023 Forum post by DA reader, John19, is well worth the read. With 72 comments from other DA readers, the thread provides a great deal of first-hand information about GTE Financial.
Availability
Headquartered in Tampa, Florida, GTE Financial’s field of membership (FOM) has a way for virtually 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 GTE Financial member is also welcome to apply.
Account Opening
Joining GTE Financial and/or opening a Jumbo Share Certificate can be done online, or at any of 24 Florida branches located in Bradenton, Brandon, Clearwater, Crystal River, Hudson, Lakeland (2), Lutz, New Port Richey, Ocala, Plant City, Riverview, Sarasota, Seffner, Seminole, St. Petersburg (2), Tampa (6), and Temple Terrace.
Current GTE Financial members can open a Jumbo Share Certificate through the GTE online banking platform.
All it takes is a $5 deposit to become a member! When you have $100 or more in your savings account, the money will earn dividends.
Funding and Other Details
The following information is from a Live Chat with CSR.
- Funding – ACH, wire ($10 fee), credit card (up to $5k), internal transfer, or shared branch transaction.
- Ownership – Individual, joint, and trust.
- CO-OP Shared Branch Participant – Yes.
- Maturing Funds – Transferred to a GTE Financial Savings Account.
- Dividends – Compounded/credited monthly and can be transfer to a GTE Financial Savings Account without penalty.
- Grace Period – 7 calendar days before automatic renewal.
- Beneficiaries – Unlimited, percentages can be assigned, Social Security numbers required.
- Credit Check – Hard pull.
Credit Union Overview
GTE Financial has an overall health grade of "B" at DepositAccounts.com, with a Texas Ratio of 6.59% (excellent), based on March 1, 2023 data. In the past year, GTE Financial 's total non-brokered deposits decreased by -$27.54 million, an average annual growth rate of -1.06 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 ninth largest credit union, with nearly 232,000 members and deposits in excess of $2.4 billion.
As stated in GTE Financial’s “Check Out Our Timeline section,
2021 – GTE Financial opens a Community Financial Center in Lakewood Ranch and is named Corporate Philanthropist of the Year. GTE achieves $1 Billion in Total Loan Originations, providing affordable financing as the community recovers from COVID-19.
How the 48-Month Jumbo Share Certificate Compares
When compared to similar length-of-term CDs tracked by DepositAccounts.com that are available nationally, no banks or credit unions have higher rates than currently offered on the GTE Financial 48-month Jumbo Share Certificate, regardless of minimum deposit requirements. The following tables compares the 48-month Jumbo Share Certificates to the two highest-rate CDs from other credit unions and the two highest-rate CDs from banks.
The above information and rates are accurate as of 6/1/2023.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.
