GE Credit Union
Fees
Minimum Deposit
Our Rating
APY Savings
Table Of Content
Pros and Cons
Pros | Cons |
|---|---|
High Certificate Rates | Low Savings Rates |
Variety Of Financial Products | Eligibility Requirements |
Large ATM Network | |
Online Applications |
- High Certificate Rates
GE Credit Union offers competitive certificate rates, allowing members to earn more on their savings compared to traditional savings accounts.
- Variety Of Financial Products
The credit union provides a diverse range of financial products, including loans, mortgages, and credit cards, catering to members' various financial needs.
- Large ATM Network
Members can access a widespread network of ATMs, providing convenient and fee-free cash withdrawals.
- Online Applications
GE Credit Union offers the convenience of online applications, simplifying the process of opening accounts and applying for loans.
- Low Savings Rates
Despite competitive certificate rates, the credit union may offer lower interest rates on regular savings accounts, potentially limiting the growth of members' savings.
- Eligibility Requirements
Membership is restricted to individuals meeting specific residency, employment, or affiliation criteria, which may exclude some potential members who don't meet these requirements.
GE Savings Accounts
GE Credit Union Savings | |
|---|---|
Savings APY | 0.05% |
Savings Fees | $0 |
Minimum Deposit | $0 |
GE Credit Union's savings account offers several features and benefits to help customers grow their savings:
Automatic Transfers: Customers can set up automatic transfers from their checking account to their savings account through Online Banking, allowing them to save money regularly without manual effort.
Mobile Deposit: GE Credit Union provides a user-friendly mobile app that allows customers to easily deposit checks into their savings account by simply taking a photo of the check with their phone.
Round-Up Savings Program: Customers can enroll in the Round-Up savings program, which automatically rounds up their debit card purchases to the nearest dollar and deposits the spare change into their savings account. GE Credit Union also offers a 5% match on these contributions, up to $350 per year.
Additional Benefits:
- Unlimited access to Online Banking for convenient account management.
- Access to nearly 100,000 free ATMs for easy cash access.
- National Credit Union Administration (NCUA) insurance coverage up to $250,000 for added peace of mind.
- Savings calculators to help customers track and optimize their savings goals.
Overall, GE Credit Union's savings account provides convenient tools and features to help customers save and grow their money efficiently.
GE Credit Union CDs
GE Credit Union's certificates offer guaranteed returns with term options ranging from 3 months to 5 years. There is no minimum deposit requirement for most certificates, except for Jumbo Certificates. All certificates are federally insured up to $250,000 by the NCUA, providing security for your savings.
Overall, the rates are very competitive – consumers can find attractive rates on almost every term, both short-term and long-term certificates. Also, there is a no-penalty certificate.
CD Term | APY |
|---|---|
3 Months | 4.25% |
6 Months | 3.90%
|
9 Months | 3.80%
|
12 Months | 3.60% |
11 Months – No Penalty | 3.35%
|
18 Months | 3.40%
|
24 Months | 3.30%
|
36 Months | 3.15%
|
60 Months | 3.05%
|
Opening a certificate is easy, with three options: schedule an appointment in advance, open an account online in just a few minutes, or contact them by phone for assistance.
Checking Accounts
Here are the main features you can find in all GE credit union checking accounts:
Online Banking and Mobile App: Accessible for free, these tools allow you to conveniently manage and monitor your accounts, fostering healthy money habits.
Early Pay: Receive your ACH payments, including direct deposits, up to two days early with all GECU checking accounts.
Bill Pay: Easily pay your bills online, eliminating postage, reducing late fees, and simplifying the payment process.
Round-Up Savings: Automatically save spare change by rounding up each debit card purchase to the nearest dollar, transferring the extra change to your savings account effortlessly.
Overdraft Solutions: GECU offers various options to safeguard your account against overdrafts, providing peace of mind.
ATM Access: Enjoy access to nearly 100,000 free ATMs, ensuring your money is always within reach.
Zelle®: A fast, secure, and user-friendly method to send money to friends, family, and trusted individuals across different banks, enhancing your payment convenience.
GE offers 3 main types of checking accounts:
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Simply Free Checking
Ideal for those seeking a straightforward checking account, Simply Free Checking offers a low $25 minimum opening deposit and no monthly maintenance fees. It provides access to a vast network of free ATMs nationwide, including GECU, Allpoint, MoneyPass, CULIANCE, and Fifth Third ATMs.
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Choice Checking
Choice Checking is a dividend-earning account with a $25 minimum opening deposit and the option to waive the $10 monthly maintenance fee by maintaining a $500 average daily balance. It also grants access to a wide ATM network and provides complimentary checks.
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Amplified High-Yield Checking
Designed for those with higher balances, Amplified High-Yield Checking offers five rate tiers, providing opportunities for increased earnings as the balance grows. It requires a $25 minimum opening deposit and a $1,500 average daily balance to waive the $15 monthly maintenance fee.
The account features access to a large ATM network and reimburses up to 10 out-of-network ATM fees monthly.
Credit Card Options
GE offers a variety of credit cards for different purposes. These include:
- Visa Signature®: The Visa Signature® card offers a valuable rewards program with 20,000 bonus points for new cardholders who spend $2,500 in the first 90 days. This card has no annual or foreign transaction fees and earns 2x points on all qualifying purchases, which can be redeemed for cash back, travel, merchandise, gift cards, charitable donations, and more. The card provides access to special offers, Visa Signature® Concierge assistance, and zero liability for unauthorized transactions.
- Platinum: The Platinum card lets you earn points on everyday purchases, with 0% APR for 12 months for new cardholders. Cardholders earn 3x points at U.S. supermarkets and wholesale clubs, 2x points at gas stations, and 1x point on all other purchasesYou can earn 10,000 bonus points by spending $1,000 in the first 90 days.
- Gold: The Gold card offers unlimited cash back on all purchases, with a 0% APR introductory offer for 12 months. New cardholders can receive $100 cash back by spending $1,000 in the first 90 days. Cardholders earn 2% cash back at U.S. supermarkets and wholesale clubs, 1.5% cash back at gas stations, and 1% cash back on all other purchases, with an extra 10% cash back on paid finance charges.
- The Classic: Known for its low rate, The Classic card offers a 0% APR introductory offer for 12 months on purchases and balance transfers. It has no annual fee and allows you to manage your card easily through mobile app and Online Banking. Zero liability for unauthorized transactions is also included, and you can view your FICO® Score for free.
- Classic Secured: The Classic Secured card is designed to help build or repair credit. It requires a deposit based on your chosen credit limit and offers benefits without an annual fee. Responsible use and on-time payments can improve your credit score. You can also manage the card through mobile app and Online Banking, with zero liability for unauthorized transactions.
Lending Options
GE credit union also offers various lending options. These include:
Mortgages: GE Credit Union offers a variety of mortgage options to help members achieve homeownership, including fixed-rate and adjustable-rate mortgages, as well as refinancing solutions, with competitive rates and terms.
Home Equity Loans: Homeowners can leverage the equity in their homes for various financial needs with GE Credit Union's home equity loans, featuring flexible terms and low interest rates.
Auto Loans: Members can finance their vehicle purchases with auto loans from GE Credit Union, benefiting from competitive rates, flexible terms, and convenient application processes.
Boat, RV, and Motorcycle Loans: GE Credit Union provides loans for recreational vehicles, including boats, RVs, and motorcycles, allowing members to enjoy their adventures with financing options tailored to their needs.
Personal Loans: GE Credit Union offers personal loans to assist members with various financial goals, such as debt consolidation, home improvement, or unexpected expenses, with flexible terms and competitive rates.
How to Join GE Credit Union
Becoming a member of GE Credit Union is accessible through various qualifications:
Residency: You can join if you live, work, worship, or attend school in specific counties in Ohio, Kentucky, or Indiana.
Family Membership: Immediate family members of current members, including spouses, children, siblings, parents, grandparents, and others, can also become members. You can also qualify if you live and share household expenses with a current member.
Place of Worship: Membership is available to parishioners of specific churches.
School District: Employees, students, or family members of students in certain school districts are eligible.
Employment: If you work for specific employers, including General Electric Company and various healthcare organizations in the Greater Cincinnati area, or are associated with one of the Cincinnati Select Employer Groups, you can join.
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How We Rate And Review Credit Unions: Our Methodology
The Smart Investor team extensively reviewed hundreds of banks and credit unions. We assessed them based on four main categories, each with specific features:
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Diversity of Products and Their Attractiveness (40%): We extensively analyzed the breadth and appeal of each bank's product offerings, including savings accounts, checking accounts, loans, investment options, and more. Higher ratings were assigned to banks with a diverse range of products that are attractive in terms of interest rates, fees, terms, and additional features. This category provides insights into the variety and value of the bank's offerings, crucial for meeting customers' diverse financial needs.
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Account Features (30%): This category delves into the features and benefits accompanying each bank's accounts. We scrutinized factors such as promotions, deposit and withdrawal options, ATM accessibility, online and mobile banking functionalities, as well as additional perks like overdraft protection and rewards programs. Banks offering comprehensive and convenient features received higher ratings, reflecting the overall value of their accounts to customers.
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Customer Experience (20%): A positive customer experience is paramount in banking, so we evaluated each bank's performance in this area. This included assessing the ease of account opening, quality of customer service, availability of support channels, and overall user satisfaction. Ratings were based on factors such as responsiveness, efficiency, and the bank's commitment to meeting customer needs, ensuring a seamless and satisfactory banking experience.
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Bank Reputation (10%): The reputation of a bank is a critical consideration for customers. We examined factors such as financial stability, regulatory compliance, and public perception to determine each institution's overall trustworthiness and reliability. Higher ratings were awarded to banks with strong reputations, reflecting their credibility and ability to inspire confidence among customers.
By considering these categories, individuals can make informed decisions that align with their financial needs and preferences, ensuring they choose a bank that offers competitive products, excellent features, a positive customer experience, and a solid reputation.
