Ohio residents in the market for a certificate of deposit might want to stop by GIC Federal Credit Union to see if these advertised rates are still available (snapshot below).
GIC Federal Credit Union out of Euclid, Ohio is currently featuring 6 month CD’s through 3 year CD’s with APY’s of 1.50%.
For a three year deposit this isn’t a fantastic yield but for 6 month deposits its almost 3x the national average, and twice the national average for 12 month deposits. To put the offer(s) in perspective the national average for 6 month CD’s currently sits at 0.45% APY while the national average for 12 month CDs currently sits at 0.75% APY.
Despite having a website that looks straight out of 1995, complete with sound effects, flashing buttons and an ugly color scheme, GIC Federal Credit Union is touting some seriously impressive savings rates that are far outside the norm. They even have a money market account with an advertised APY of 1.50% as well with a minimum deposit requirement of just $1,000. The rates are almost to good to be true in today’s savings environment which leaves us slightly skeptical.
About GIC Federal Credit Union:
We don’t know a whole lot about GIC Federal Credit Union besides the fact that they are a one branch credit union in a small town in Ohio. Their website seems pretty unprofessional and has typing errors throughout their text. Even their NCUA insurance limits are off. They’re NCUA disclaimer reads that all funds are protected up to $100,000 when that number actually got raised to $250,000 some time ago. They require a mail-in application to join which comes with a fee of $22.50, however we would recommend contacting the institution before applying.
Have you opened a deposit or money market account with GIC Federal Credit Union before? If so, let us know by leaving a comment!