When I first reviewed GE Capital Bank two weeks ago, its CD rates were respectable but not great. Since that time, some of its CD rates went up, and now there are two CDs with very competitive rates. These are its 18-month CD which has a 1.10% APY and its 12-month CD which has a 1.05% APY. Minimum deposit is $500, maximum deposit is $1 million. These rates are listed in the bank’s CD overview page as of 7/5/2013.
The early withdrawal penalty is larger than average for these terms. It’s 270 days of interest for terms from 12 to 60 months.
You can choose to have interest added back to your CD or paid out monthly. You can also choose to withdraw interest penalty-free that has been credited to the CD at any time.
Like Ally Bank, they offer a 10-day rate guarantee which guarantees that you get the highest APY in the 10 days from your CD application as long as they receive the CD deposit within those 10 days.
As I described in my first review of this bank, it has a competitive online savings account with a 0.90% APY as of 7/5/2013. I also explained in that review how GE Capital Bank is different than GE Capital Retail Bank.
The bank has an overall health score at DepositAccounts.com of 5 stars (out of 5) with a Texas ratio of 1.88% (excellent) based on March 2013 data. Please refer to our financial overview of GE Capital Bank for more details. The bank has been a FDIC member since 1993 (FDIC Certificate # 33778).
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