This week, General Electric Credit Union (GECU) raised the rates on two of its CDs: 1-Year Jumbo CD (1.50% APY) and 5-Year CD (2.50% APY). The 1-Year Jumbo CD is also available as an IRA, and both CD and IRA have a minimum $100K deposit. The 5-Year CD is also available as an IRA, but the CD has a $500 minimum deposit, while the IRA requires a $100K minimum deposit.
The Early Withdrawal Penalty is a 90-day dividend penalty for the 1-Year Jumbo CD and 180-day dividend penalty for the 5-Year CD. There is a seven day window after maturity to redeem the CDs without penalty.
General Electric Credit Union's field of membership is wide-ranging, with residency, employment and organizational membership as defining criteria.
Membership is open to those who live, work, worship, or attend school in the following Southeastern Ohio counties: Adams, Brown, Butler, Clark, Clermont, Clinton, Darke, Fayette, Greene, Hamilton, Highland, Miami, Montgomery, Preble, Shelby and Warren. Those who live and work in the Kentucky counties of Boone, Campbell, and Kenton, and the Indiana counties of Dearborn, Franklin, Ohio, Switzerland and Union are also eligible for membership.
Employees and pensioners of the General Electric Company in the Greater Cincinnati area, and the General Electric Company Aircraft Engine Division comprise the largest SEGs eligible for membership.
Please refer to GECU's Membership Information for more detailed information.
Credit Union Overview
The General Electric Credit Union has an overall health grade of A+ at DepositAccounts.com, with a Texas ratio of 6.51% (excellent) based on March 31, 2014 data. In the past year, GECU increased its total deposits by $140.84 Million in the past year, a excellent growth rate of 9.66%. Please refer to our financial overview of General Electric Credit Union for more details.
General Electric Credit Union was chartered in 1954 (NCUA Charter # 68574) as a credit union for the employees of General Electric Aircraft Engines. GECU has grown to over 133,000 members with assets in excess of $1.94 Billion. GECU's 12 Ohio branches are located in Cincinnati (9), Fairfield (1), Loveland (1), and Mason (1). In addition, there is one branch in Madisonville, Kentucky.
How The CDs Compare
When compared to CDs tracked by DepositAccounts.com that have similar length-of-term, minimum deposit requirements, and offered by Ohio credit unions, General Electric Credit Union's 1-Year Jumbo CD and 5-Year CD fare very well.
General Electric Credit Union 1-Year Jumbo CD:
- 1.50% APY 1-Year CD GECU ($100K minimum)
- 0.80% APY 1-Year CD Northwest Federal Credit Union ($100K minimum)
- 0.65% APY 1-Year CD Air Force Federal Credit Union ($100K minimum)
General Electric Credit Union 5-Year CD:
- 2.50% APY 5-Year CD GECU ($500 minimum)
- 2.40% APY 5-Year CD Kemba Credit Union ($500 minimum)
- 2.40% APY 5-Year CD Bayer Heritage Federal Credit Union ($500 minimum)
- 2.25% APY 5-Year CD Firelands Credit Union ($500 minimum)
These rates are accurate as of 8/21/2014.
To look for the best nationwide CD rates and the best CD rates in your state, please refer to our CD rates table.