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Higher CD Rates at GE Capital Bank


Update 5/16/2014: GE Capital Bank increased its 1-year CD APY from 1.05% to 1.10%.

GE Capital Bank just raised the rates on four of its CDs. The most noteworthy changes are the rate increases on its 6-year and 5-year CDs. The rates went up by 15 basis points. The 6-year CD now has a 2.30% APY, and the 5-year CD now has a 2.25% APY. Minimum deposit is $500, and the maximum deposit is $1 million. Thanks to DA member OldGuy who reported on this news in the DA forum. The following rates are listed in the bank’s CD overview page as of 5/15/2014.

  • 2.30% APY 6-year CD (was 2.15%)
  • 2.25% APY 5-year CD (was 2.10%)
  • 1.65% APY 4-year CD (no change)
  • 1.35% APY 3-year CD (was 1.30%)
  • 1.15% APY 30-month CD (no change)
  • 1.20% APY 2-year CD (was 1.15%)
  • 1.05% APY 18-month CD (no change)
  • 1.10% APY 1-year CD (was 1.05% before 5/16)
  • 0.70% APY 9-month CD (no change)
  • 0.70% APY 6-month CD (no change)

The early withdrawal penalty is larger than average for these terms. It’s 270 days of interest for terms from 12 to 60 months, and 365 days of interest for terms over 60 months. This is listed in GE Capital Bank’s CD overview page (mouse over the early withdrawal penalties line).

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 rate 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 5/14/2014. This rate has held since June 2013. I also explained in that review how GE Capital Bank is different than GE Capital Retail Bank. They are two separate banks that are both part of the General Electric Company.

The bank has an overall health grade at DepositAccounts.com of A+ with a Texas ratio of 0.87% (excellent) based on December 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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hoho (anonymous)   |     |   Comment #1
The savings account is paying .95.  If you had an account with Metlife Bank they may have old information and it will cause some problems with opening accounts.  When I opened an account they used my old address and I caught it.  I then got a letter that my application was not approved.  The next day I got a call I was approved.  They said I would get some paperwork in the mail.  I didn't get any paperwork but today I couldn't do an ETF into the account and to call customer service.  They told me my paperwork was returned to them as undeliverable.  They said they had the right address.  They are sending the paperwork again and will unfreeze the account within 24 hours.
Anonymous   |     |   Comment #2
Gee thanks so much ........What does this have to do with anything? 
Anonymous   |     |   Comment #3
Think about it.  It means be prepared for possible mistakes.
 duh, duh!
Ken Tumin
Ken Tumin   |     |   Comment #5
Please note that GE Capital Bank is different than GE Capital Retail Bank (formerly MetLife Bank). GE Capital Bank's online savings account rate is still 0.90% as of 5/16/2014. I have more details about these two banks in this blog post.
hoho (anonymous)   |     |   Comment #7
Men. You're right. Shows how confusing. My experience was with GE Retail Bank
hoho (anonymous)   |     |   Comment #8
Meant to say Men not men
hoho (anonymous)   |     |   Comment #9
I hate smart phones. Ken not men
BJP (anonymous)   |     |   Comment #4
In the election results in India opposition party BJP is getting majority. This will cause US interest rates to go up
Anonymous   |     |   Comment #6
please justify your prediction.
Anonymous   |     |   Comment #10

Some time ago, I noticed that your format had changed on searching rates for credit unions and banks.  I took some time to use this but I believe your older format was more user friendly than the newer version.  The size of the view of each individual bank/credit union block is much larger, so you have to scroll more to look at all the different rates and the filters do not stay set when you go to a different maturity period.  Still good information, just a little more difficult to use than the older version. One other feature that would be nice to dd would be more separate maturity periods ( 6 Year, 7 Year, 8 Year+)
Anonymous   |     |   Comment #12
First Republic Bank just advertised 2 Yr CD at 2%.  In SF Chronicle Sunday newspaper ad.  If you're near a branch, pretty good rate.  Don't think you can open online.