Like most massive, USA-based companies, General Electric formed it’s own member-owned credit union to serve the financial needs of their employees back in 1954. Generally speaking, companies with hundreds (or thousands) of employees typically form these financial thrifts or institutions so that their employees can obtain better financial products at lower costs. It just makes sense at a certain point to essentially create your own bank rather than sending the masses to another for-profit banking institution. However, as the company’s forming these credit unions grow, they tend to extend their membership’s to not only the employees families but also other individuals in the area as well. For example, Boeing Employee Credit Union (BECU), once served just the employees of Boeing but now serves anyone residing in Washington state (the state in which Boeing was founded). And General Electric Credit Union is no different. GECU now provides membership to a large number of people in Ohio. Memberships are extended based on employer, place of residence and family connections. Check out their full membership checklist here.
If you are eligible to join General Electric Credit Union and happen to be in the market for a bank CD, you may want to check out some of their current CD rates. Like most credit unions, GECU is a not-for-profit institution wholly owned by it’s members. And because of this dynamic they pass along their would-be-profits in the form of higher savings rates and lower loan rates to their customers.
Current CD Rates offered by General Electric Credit Union:
(Rates accurate as of 2/2011)
- 6 month CD yielding 1.04% APY with a minimum deposit requirement of $500 required.
- 12 month CD yielding 1.26% APY with a minimum deposit requirement of $500 required.
- 18 month CD yielding 1.45% APY with a minimum deposit requirement of $500 required.
- 2 year CD yielding 1.69% APY with a minimum deposit requirement of $500 required.
- 30 month CD yielding 1.94% APY with a minimum deposit requirement of $500 required.
- 5 year CD yielding 2.85% APY with a minimum deposit requirement of $500 required.
Check out their updated CD rates here.
If you’re already a member of General Electric Credit Union and have experience with opening one of their bank CDs (certificates of deposit), please feel free to share by leaving a comment!
You may want to compare these rates with the best CD rates in Ohio.