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Competitive 1-year and 18-Month CD Rates at GE Capital Bank
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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I agreed to let her do that, and immediately found that she was having some sort of problem with it. She put me on hold twice, the second time being excessive. Also irritating, was that she started asking questions that had already been answered. I finally got fed up and had her terminate the application. I wasted about 1/2 hour of my time and, adding insult to injury, the opening screen says, "Open your account in 10 minutes or less". I don't have confidence that this bank can handle my needs, which are quite simple.
I opened an account online over a month ago, completing the app in one sitting. I recall one part of the process being alittle confusing, but clarification was always a phone call away. My experience follows.
CHRONOLOGY
I applied on 5/30, electing to fund account electronically. As instructed, I returned signature card by mail immediately.
Bank made two small deposits to designated external account on 6/3, two business days later. I verified immediately.
Bank recorded account as funded on 6/4, when it initiated transfer. Welcome package arrived by mail on 6/14. It included Account Agreements and Disclosures, Fee Schedule, and Privacy Statement.
Since I elected electronic statements, notice arrived by email on 6/21 of a statement available for viewing. In following up by phone, I learned the bank has multiple statement cycles. Statements are sent monthly, just not all on the same day.
OVERALL IMPRESSION
Compared to credit unions and other banks, the welcome package seemed to have taken longer than normal. Not a major complaint as interest began accruing promptly.
One positive feature that I've not experienced elsewhere: Upon verification, the funding account became an external account that's approved for ACH purposes. At maturity, for example, I can use it to tranfer out funds, free of charge.