Special 15-Month CD Rate at GE Capital Retail Bank
GE Capital Retail Bank (formerly MetLife Bank) came out with a special 15-month CD with a 1.15% APY. Minimum deposit is $2,000. This is an online only offer that requires that you enter the promo code OnlineOffer in the online application. Details of the promotion are listed in the bank’s promotions page as of 8/12/2013.
GE Capital Retail Bank has long offered competitive standard CD rates. Currently, the best ones include a 1.05% APY for a 1-year CD with a $25K minimum deposit and 1.85% APY for a 5-year CD with a $100K minimum. The bank also offers IRA CDs. These rates are listed at the bank’s CD page as of 8/12/2013.
The bank’s CD early withdrawal penalties are fair. According to the bank’s disclosure:
For a CD with a term of twelve months or less, the penalty will be an amount equal to 90 days simple interest on the amount withdrawn at the current rate. For a CD with a term of more than twelve months, the penalty will be an amount equal to 180 days simple interest on the amount withdrawn at the current rate.
In January MetLife officially became GE Capital Retail Bank. As I mentioned in January, the products remained the same including the CDs, IRAs and money market accounts. In addition, they are still offering a free identity theft resolution service for deposit customers.
GE Capital Retail Bank’s main office is located in Draper, Utah. The bank has been around for awhile. It was established with FDIC insurance in 1988. However, it has not been in the retail deposit-taking business before the MetLife Bank acquisition. Its business focus has been on providing customized credit programs to retailers and consumers.
The bank has an overall health score at DepositAccounts.com of 5 stars (out of 5) with a Texas ratio of 6.87% (excellent) based on March 2013 data. Please refer to our financial overview of GE Capital Retail Bank for more details.
How This CD Rate Compares
It’s interesting to note the best 18-month CD rate that’s nationally available is from GE Capital Bank which has a 1.10% APY. This is a different bank from GE Capital Retail Bank, but both banks are part of the General Electric Company. I have more details in this blog post.
The best 15-month CD rate that’s nationally available is 1.25% APY at Aspire Federal Credit Union. I reviewed this special and how anyone can join Aspire in this CD review post.
These rates are accurate as of 8/12/2013.
To search for nationwide CD rates and CD rates in your state, please refer to the best CD rates section of DepositAccounts.com.