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 increments.” In the past GTE Financial has capped the add-on to $6k, but during this special promotion there is no limit of how much can be deposited. Any of the Share Certificates can be opened with a $500 minimum deposit of new money. Jumbo Share Certificates require a $100k new money minimum deposit and offer APYs that are 25 bps higher.
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.
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.
A long-term add-on CD is a great hedge against falling rates, as can been seen with the 60-month (3.04% APY). Say the 60-month CD is opened with the minimum $500 deposit. If there is a recession next year and rates fall back to near zero, you can just add money and be guaranteed a 3.04% APY for another four years. 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) 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 (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 14.16% (above average), based on June 30, 2018 data. In the past year, GTE Financial has increased its total non-brokered deposits by $137.19 million, an excellent annual growth rate of 8.02%. 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 250,000 members and assets in excess of $2 billion.
How the Add-On Promotional Share Certificates Compare
If a comparison is made using similar length-of-term CD APYs, GTE Financial’s Add-On Promotional Certificate Special APYs don’t fare that well.
With unlimited additional deposits allowed, a comparison to standard CDs isn’t fair, and unfortunately, add-on CDs are rare. A few nationally available add-on CDs are available at the easy-membership Mountain America Credit Union (MACU). These are called Term Deposit Plus accounts. Unlike GTE Financial’s Add Certificates, MACU’s Term Deposit Plus has a maximum balance of $100k.
The above rates are accurate as of 11/27/2018.