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GE Capital Bank Increases Rate of Its Online Savings Account

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GE Capital Bank had been offering a competitive rate on its online savings account since it launched in 2013. It’s now even more competitive with the latest rate hike. Today GE Capital Bank’s online savings account rate was increased by 5 basis points to 0.95%. This applies to all balances up to the maximum deposit amount of $1 million.

In addition to a competitive rate, the account features are friendly with no monthly service fees and reasonable ACH bank-to-bank transfer limits that are clearly listed ($125K per outgoing transfer which may be increased by request.) You can also request wire transfers. According to GE Capital’s FAQs "both inbound and outbound wire transfers are free."

Another nice feature of GE Capital Bank is a solid internet banking interface for account opening and account management. The bank’s website also works well on mobile phones. According to my GE Capital Bank contact, the website was designed to be responsive allowing mobile account opening without the need to download an app.

GE Capital Bank allows you to name up to six beneficiaries to an account. Beneficiaries can be added or removed through the bank’s online banking interface or by calling customer service. Only individuals can be named as beneficiaries. Currently, the bank does not allow trust accounts or custodial accounts.

The online savings account can come in handy if you’re interested in GE Capital Bank’s CDs. The CDs have competitive rates, low minimum deposit requirements and several nice features.

Bank Overview

Don’t confuse GE Capital Bank with the old GE Capital Retail Bank. The latter recently changed its name to Synchrony Bank so that should eliminate the confusion. GE Capital Bank was established with FDIC insurance in 1993 (FDIC Certificate # 33778), and its primary federal regulator is the FDIC. In 2012 the bank changed its name from GE Capital Financial Inc. to GE Capital Bank. According to GE Capital Bank’s About page, they are a "Utah state-chartered industrial bank owned by General Electric Capital Corporation" and they "act as a multi-product commercial finance bank, and use deposit accounts to fund [their] commercial loans and leases."

GE Capital Bank is sizable with almost $18 billion in assets. It has a health grade of an A+ at DepositAccounts.com with a Texas ratio of 0.97% (excellent) based on March 2014 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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Comments
Anonymous
Anonymous   |     |   Comment #1
FYI - electronic (ACH) deposits are not available until 6 business days: "Electronic Transfers...: Funds from electronic deposits that you have initiated through us will generally be available for withdrawal on the sixth business day after the deposit is initiated. "
Anonymous
Anonymous   |     |   Comment #2
If you are thinking about "using the bank," then re-read the banking regs...deposits from checks can be "held" for only 1 or 2 days and ACH is much shorter!  They are living on your float!
hoho
hoho (anonymous)   |     |   Comment #3
That doesn't mean you're not earning interest just that the funds are not available to withdrawal