GTE Financial 48-Month Jumbo Share Certificate Rate Soars To The Top

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Deal Summary: 48-month Jumbo Share Certificate, 5.12% APY, $100k minimum deposit.

Availability: Easy membership requirement; residents of select Tampa Zip Codes; several SEGs.

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.

APYMINMAXINSTITUTIONPRODUCTDETAILS
3.40%$100k-GTE Financial48 Month Jumbo Share Certificate
3.40%$100k-GTE Financial48 Month Jumbo IRA (Traditional, Roth, CESA, SEP, SIMPLE)
3.14%$500-GTE Financial48 Month IRA (Traditional, Roth, CESA, SEP, SIMPLE)
3.14%$500-GTE Financial48 Month Share Certificate
Rates as of December 9, 2024.

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.

APYMINMAXINSTITUTIONPRODUCTDETAILS
3.30%$100k-GTE Financial60 Month Jumbo Share Certificate
3.04%$500-GTE Financial60 Month Share Certificate
Rates as of December 9, 2024.

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The penalty applies to the amount withdrawn each time a withdrawal is made, and is based on the dividend rate in effect at the time of the withdrawal.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.

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



GTE Financial Long-Term Jumbo CD APYs Remain Near The Top
Deal Summary: Jumbo Share Certificates – 48-month (4.70% APY) and 60-month (4.80% APY), $100k minimum deposit.

Availability: Easy membership requirement; residents of select Tampa Zip Codes; SEGs.

While top long-term CD rates at other credit unions have been short-lived, the GTE Financial long-term Jumbo Share Certificates continue to offer near rate-leading APYs. The most competitive are the 48-month (4.70% APY) and 60-month (4.80% APY), with the 36-month trailing with a 4.59% APY. The Jumbo Share Certificates can be opened with a $100k minimum deposit, with no stated balance...

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GTE Financial Ups 12-Month CD To Near-Rate Leading Status
Deal Summary: 12-month Share Certificate, 4.13% APY, $500 minimum deposit.

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

As DA reader, calwatch, noted in a recent Forum post, Florida-based GTE Financial is currently offering 4.13% APY on its 12-, 24-, and 36-month Share Certificates, following rate increases of 237 bps, 160 bps, 109 bps, respectively. The minimum opening deposit is $500, with no stated balance cap.

All GTE Financial Share Certificates are also available as IRA Certificates (Traditional,...

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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....

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GTE Financial Has Promo CDs With Unlimited Add-Ons
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...

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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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