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.
|2.58%||$500||-||GTE Financial||60 Month Share Certificate - Member Advantage|
|2.27%||$500||-||GTE Financial||48 Month Share Certificate - Member Advantage|
|2.02%||$500||-||GTE Financial||36 Month Share Certificate - Member Advantage|
The Share Certificates are also available as IRAs (Traditional, Roth, CESA, SEP), earning the same APYs with the same funding requirements.
The Members Advantage program, which was introduced in 2001, is reminiscent of a Rewards Checking Account (RCA), in that a higher rate can be earned by fulfilling a variety of requirements. In the case of the Members Advantage program, an additional 25 bps can be earned on certificates when fulfilling the requirements as described below:
Plus 2 of the following
MMA, IRA or Share Certificate
GTE Insurance product
GTE Investment Group>
Plus 1 of the following
8 debit card transactions
3 virtual banking transactions
A minimum of 1 Member Referral
This might be worthwhile for a certificate with a large deposit. For example, an extra 25 bps on a $250k deposit is an extra $625 per year. That's equivalent to the interest earned on an RCA earning 2.50% on a balance of $25k.
As stated on GTE Financial’s Account Disclosure broshure, the Early Withdrawal Penalty reads as follows:
Early withdrawal on a Share Certificate or IRA Share Certificate with a term greater than
one year receives up to a 180-day dividend penalty on the dollar amount withdrawn.
Headquartered in Tampa, 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 (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 22 Florida branches located in Brandon, Clearwater, Crystal River, Hudson, Lakeland, 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 12.24% (above average), based on March 31, 2017 data. In the past year, GTE Financial has increased its total non-brokered deposits by $66.81 million, an excellent annual growth rate of 4%. 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 currently Florida’s seventh largest credit union, with nearly 255,000 members and assets in excess of $$1.9 billion.
How the Member Advantage Share Certificates Compare
When compared to the 194 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available nationwide, GTE Financial's 36-month Share Certificate Member Advantage APY currently ranks first.
When compared to the 166 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available nationwide, GTE Financial's 48-month Share Certificate Member Advantage APY currently ranks first.
When compared to the 178 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available nationwide, GTE Financial's 60-month Share Certificate Member Advantage APY currently ranks second.
The above rates are accurate as of 8/3/2017.