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Top 10 Jumbo Money Market Accounts

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It may not have been previewed, commissioned or otherwise endorsed by any of our network partners.

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Jumbo money market accounts
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What is a jumbo money market account?

When you’re saving money, you want to make sure you’re stashing it in the right place. Ideally, that will be in an account with a high rate of return. While savings accounts tend to offer a higher return than checking accounts, money market accounts — which are FDIC-insured up to $250,000, unlike money market funds — may yield an even higher rate of return.

That’s if you know where to find the best rates.

The money market accounts that offer the highest returns are known as jumbo money market accounts. In the past, these high-yielding accounts could have minimum initial deposits as much as $100,000, but today, you can get these higher rates with a much lower initial investment and sometimes there’s no minimum at all. For this round-up, we included accounts that required a minimum deposit of $25,000 and up.

In this roundup, we’ll explore the top rates.

UFB Direct, 0.40% APY, $25,000 Minimum Deposit to earn APY

UFB Premium Money Market - New Money from UFB DirectWhile you only need a minimum deposit of $5,000 to open an account with UFB Direct, you’ll need to have a minimum balance of $25,000 to earn the 0.40% APY. If you balance is less than $25,000, you’ll end up earning an APY of 0.10%.

This account does come with a $10 monthly fee, but if you have an average daily balance of $5,000 or more in the account, UFB Direct will waive the fee. Checks and a Visa® Debit Card are available upon request. There is also a mobile banking app that will allow you to conveniently manage your account on-the-go. All deposits held with UFB Direct are FDIC-insured.

UFB Direct is an online bank and a division of Axos Bank The overall company has acquired over $9 billion in assets.

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on UFB Direct’s secure website

Member FDIC

CFG Bank 1.04% APY, $25,000 minimum to earn APY

CFG High Yield Money Market - New Money from CFG BankMaryland-based bank CFG Bank is currently offering the highest APY on a jumbo money market account. The Online CFG High Yield Money Market account comes with a 1.04% APY.

This account requires a $1,000 minimum deposit to open. However, the account requires a minimum daily balance of at least $25,000 to earn the 1.04% APY, and only new funds are eligible

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on CFG Bank’s secure website

FDIC Insured

Quontic Bank, 1.01% APY, $1,50,000 minimum to earn APY

Personal Money Market from Quontic BankOnline-only Quontic Bank is offering a generous APY of 1.01% on balances over $150,000 for its money market account. There is a minimum deposit requirement of $500 to open an account, and there is no monthly fee. Interest for this account is compounded daily and credited to your account monthly. Withdrawals and transfers are limited to six per month or statement cycle.

If you don’t have $150,000 to stash in a jumbo money market account, Quontic also offers decent APYs on lower balances. Balances ranging from $0 to $5,000 earn an APY on 0.80%, while balances between $5,000 and $150,000 will garner an APY of 0.90%.

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on Quontic Bank’s secure website

Member FDIC

Premier America Credit Union, 0.90% APY, $100,000 minimum to earn APY

Money Market Savings from Premier America Credit UnionPremier America Credit Union boasts a competitive, tiered-rate money market account, rewarding depositors with big balances. Its sweet spot is for balances between $100,000 and $249,999, which doles out an APY of 0.90%. All of the rates for its tiered money market are as follows:

  • $2,500-$24,999: 0.50%
  • $25,000-$49,999: 0.60%
  • $50,000-$99,999: 0.70%
  • $100,000-$249,999: 0.90%
  • $250,000-$499,999: 1.00%
  • $500,000+: 1.10%

Membership to Premier America Credit Union is open to anyone who also joins the Thousand Oaks Alliance for the Arts.

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on Premier America Credit Union’s secure website

NCUA Insured

Affinity Plus FCU, 1.00% APY, $25,000 minimum to earn APY

Nova Money Market from Affinity Plus Federal Credit Union Affinity Plus FCU’s Nova Money Market product offers its competitive rate of 1.00% APY to those with a minimum balance of $25,000. Interest compounds monthly.

You can qualify for Affinity Plus membership depending on where you’re employed or volunteer, where you go/went to school, where you live, work or worship and your relatives and roommates. You can also join by making a one-time $25 dues payment to the Affinity Plus Foundation.

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on UmbrellaBank.com’s secure website

Bellco Credit Union, 1.00% APY, $50,000 minimum deposit to earn APY

Premier Money Market Account from Bellco Credit UnionBellco Credit Union is based out of Colorado, but it offers its services nationwide. Currently, one of its standout products is the Premier Money Market account, which earns an APY of 1.00% on balances of $50,000 or more and a lower APY of 0.50% on deposits between $10,000 and $50,000.

Service Credit Union, 1.00% APY, $100,000 minimum to earn APY

Money Market from Service Credit Union Currently, Service Credit Union offers a tiered-rate money market account, with the sweet spot being balances for those with at least $100,000, which earn an APY of 1.00%. Meanwhile, balances of at least $25,000 earn 0.75% APY while balances of at least $2,500 earn an APY of 0.50%.

Membership to Service Credit Union is open to anyone who also joins the American Consumer Council.

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on Service Credit Union’s secure website

NCUA Insured

State Department FCU, 0.90% APY, $100,000 minimum to earn APY

Premiere Money Management Shares from State Department Federal Credit Union State Department FCU is currently offering a generous APY of 0.90% on its Premier Money Market account for balances of at least $100,000. A balance of $25,000 is required to earn any dividends for this account.

Membership to State Department FCU is open to anyone who also joins the American Consumer Council.

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on State Department Federal Credit Union’s secure website

NCUA Insured

First Central Savings Bank, 0.90% APY, $50,000 minimum to earn APY

E-Premier Money Market (Online Only) from First Central Savings Bank First Central Savings Bank’s E-Premier Money Market is a tiered-rate account, touting generous APYs for big depositors. For balances over $50,000, you’ll earn an APY of 0.90%. However, balances between $10,000 and $24,999 earn a dismal APY of 0.35%, while balances between $25,000 and $49,999 earn an APY of 0.55%. With this account, you will face a monthly fee of $10 if your balance falls below $10,000.

While First Central Savings Bank only has physical branches located throughout the state of New York, its products are available to consumers nationwide, online.

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on First Central Savings Bank’s secure website

Member FDIC

CNB Bank Direct, 0.89% APY, $25,000 minimum deposit to earn APY

Premium Money Market from CNB Bank Direct CNB Bank Direct is currently featuring an impressive APY on its Premium Money Market account. With a minimum deposit of $25,000, you’ll unlock an APY of 0.89%on funds up to $2 million. The minimum deposit of $25,000 is also the amount required to earn interest, and there is a required $1 minimum balance required to keep the account open. For this account, CNB Bank Direct charges no monthly service fees.

Established in 2008, CNB Bank Direct operates as a division of Ohio-based Citizens National Bank. Citizens National Bank has roots dating back to 1920.

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on CNB Bank Direct’s secure website

Member FDIC

How these jumbo money market accounts’ rates compare with regular money market rates

Jumbo money market accounts are typically called jumbo because they require a significant deposit to earn the top rate. You may have noticed that many of these accounts do not necessarily have the label “jumbo” attached to them. This is because with the advent of online banking, more and more financial institutions are passing along the savings they incur from not having to maintain brick-and-mortar locations on to their customers via higher returns on products like money market accounts.

For that reason, you’ll notice that many of the highest-yielding accounts on this list can also be found on our Best Money Market Rates & Accounts lineup.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

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Reviews

General Electric Credit Union Review: Checking, Savings, CD, Money Market and IRA Accounts

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It may not have been previewed, commissioned or otherwise endorsed by any of our network partners.

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General Electric Credit Union’s checking account options

Share Draft/Free Checking

Nearly free checking account offering minimal APY.
APYMinimum Balance to Earn APY
0.03%
$1,000
0.10%
$7,500
  • Minimum opening deposit: None
  • Monthly account maintenance fee: None
  • ATM fee: 50 cents at Fifth Third Bank or Alliance One network ATMs; 75 cents at out-of-network ATMs; no fee on General Electric Credit Union ATMs
  • ATM fee refund: None
  • Overdraft fee: $30

This free checking account is attractive because its fees are almost nonexistent. You’re not going to earn a high amount of dividends, but you also don’t have to worry about a monthly maintenance fee or having a set amount ready to go for your initial opening deposit. But you will have to have at least $1,000 in your account to earn even the lowest offered dividends.

You will have to watch out for ATM fees. While General Electric Credit Union does offer its ATMs for free, using other local ATMs such as those owned by Fifth Third Bank or a partner in the Alliance One network will cost you a nonrefundable fee for each transaction. This fee grows slightly larger when you use an ATM outside of these networks.

While you can set up overdraft protection by linking a checking account to a savings account, this service can cost $24 a month, while other financial institutions often offer this for free. But you will be able to get your first book of checks for free.

How to get General Electric Credit Union’s Share Draft/Free Checking account

You can apply for this account online or in person. You will need your government-issued ID, Social Security number, proof of current address if it differs from your ID and outside account information to fund your new account.

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on General Electric Credit Union’s secure website

NCUA Insured

Premium Free Checking

High barrier to entry for lackluster dividends.
APYMinimum Balance to Earn APY
0.15%
$10,000
0.65%
$25,000
  • Minimum opening deposit: $10,000
  • Monthly account maintenance fee: None
  • ATM fee: 50 cents at Fifth Third Bank or Alliance One network ATMs; 75 cents at out-of-network ATMs; no fee on General Electric Credit Union ATMs
  • ATM fee refund: None
  • Overdraft fee: $30

To open a Premium Free Checking account, you must have $10,000 for the minimum opening deposit. This is incredibly steep, and the dividends aren’t worth the hurdle. Even at the higher APY paid out at the $25,000 level, there are countless other financial institutions you can take your money to and be rewarded with a much higher APY.

The positive on this account include that you won’t have to pay any monthly maintenance fees and that you’ll get your first book of checks for free.

How to get General Electric Credit Union’s Premium Free Checking account

You can apply for this account online or in person. Be prepared with your government-issued ID, Social Security number, proof of current address if it differs from your ID and outside account information to fund your new account.

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on General Electric Credit Union’s secure website

NCUA Insured

HSA Share Draft/Checking

Low-interest checking account that allows those with high-deductible health care plans to save for medical expenses tax-free.
APYMinimum Balance to Earn APY
0.10%
$0.01
  • Minimum opening deposit: None
  • Monthly account maintenance fee: None
  • ATM fee: 50 cents at Fifth Third Bank or Alliance One network ATMs; 75 cents at out-of-network ATMs; no fees on General Electric Credit Union ATMs
  • ATM fee refund: None
  • Overdraft fee: $30

HSA is short for health savings account. To open an HSA, you must be on a high-deductible health care plan and not have anyone claim you as a dependent on their taxes.

Once you’ve opened your HSA, you can make deposits that are tax deductible. Then, when you take out money for medical expenses, you won’t have to pay taxes on your withdrawal. Money carries over from year to year, so you don’t have to worry about spending money down in this account by December.

Depending on your situation, you may want to open an HSA certificate instead. That will be covered later.

How to get General Electric Credit Union’s HSA Share/Checking Account

You must apply for this account in person. Be prepared with your government-issued ID, Social Security number, proof of current address if it differs from your ID and outside account information to fund your new account. It would also be wise to bring your health insurance information with you.

SEE DETAILS Secured

on General Electric Credit Union’s secure website

NCUA Insured

Amplified Money Market Checking

A money market account without the six-withdrawals-per-month limit.
APYMinimum Balance to Earn APY
0.20%
$5,000
0.80%
$50,000
2.54%
$250,000
2.80%
$1,000,000
  • Minimum opening deposit: $5,000
  • Monthly account maintenance fee: $20 if your balance falls below $5,000
  • ATM fee: 50 cents at Fifth Third Bank or Alliance One network ATMs; 75 cents at out-of-network ATMs; no fee on General Electric Credit Union ATMs
  • ATM fee refund: None
  • Overdraft fee: $30

Typically, money market accounts are savings accounts. Because savings accounts fall under federal Regulation D, that means you are allowed to make up to six certain withdrawals a month.

By offering the Amplified Money Market Checking account, General Electric Credit Union allows you to get money market rates without the pesky six-withdrawals-per-month limit. When you take minimum required balances into account, the Amplified Money Market Checking account offers better rates than General Electric Credit Union’s regular money market account.

If your balance is between $250,000 and $999,999.99, your rates will be fairly easy to calculate without updates from General Electric Credit Union. You can do so by taking the one-month Treasury bill rate and adding 0.10%. You can do the same for balances of $1 million or more, but instead of adding 0.10% you would add 0.35%.

Unfortunately, these rates are still not competitive with offers from other financial institutions. So while this account is novel and unique, it’s still not the best money market account around.

How to get General Electric Credit Union’s Amplified Money Market Checking account

Apply for this account online or at your local branch. Bring your government-issued ID, Social Security number, proof of current address if it differs from your ID and outside account information to fund your new account.

SEE DETAILS Secured

on General Electric Credit Union’s secure website

NCUA Insured

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How General Electric Credit Union’s checking accounts compare

General Electric Credit Union’s checking account rates are not competitive. The only one that even gets close is the Amplified Money Market Checking account, but the rates offered are meant to be competitive with money market accounts rather than checking accounts. When the bar is money market rates, this account falls short, too.

It is also worth noting that while ATM fees are relatively low, many other financial institutions will not charge you a fee when using an outside ATM. You may get charged by the ATM owner, but not your financial institution. Still, others will refund ATM fees, but General Electric Credit Union does not.

Ultimately, you’re going to be better off opening a checking account elsewhere. Be sure to shop around to get the best checking account rates.

General Electric Credit Union’s savings account options

Share/Savings

This account is not optional as it establishes your membership with the credit union.
APYMinimum Balance to Earn APY
0.10%
$5
  • Minimum opening deposit: $5
  • Minimum balance to earn APY: $5
  • Monthly account maintenance fee: None
  • ATM fee: 50 cents at Fifth Third Bank or Alliance One network ATMs; 75 cents at out-of-network ATMs; no fee on General Electric Credit Union ATMs
  • ATM fee refund: None
  • Overdraft fee: $30

To do any business with General Electric Credit Union, you must open a Share/Savings account to establish membership. That means that while the APY isn’t close to competitive, you will have to keep at least $5 in this account at all times or risk losing your membership.

Remember that because this is a savings account, you will be limited to six withdrawals a month.

How to get General Electric Credit Union’s Share/Savings account

To open this account, you can apply in person, at a branch or online. Come prepared with your government-issued ID, Social Security number, proof of current address if it differs from your ID and outside account information to fund your new account.

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on General Electric Credit Union’s secure website

NCUA Insured

Christmas Club

Low-cost Christmas Club account that still enforces some discipline.
APYMinimum Balance to Earn APY
0.10%
$0.01
  • Minimum opening deposit: $5
  • Minimum balance to earn APY: 1 cent
  • Monthly account maintenance fee: None
  • ATM fee: 50 cents at Fifth Third Bank or Alliance One Network ATMs; 75 cents at out-of-network ATMs; no fee on General Electric Credit Union ATMs
  • ATM fee refund: None
  • Overdraft fee: $30

Christmas Club accounts are often offered by credit unions to help you save money for the holidays. You put a set amount in this account every month, and then the funds are released to your checking account in the fall.

Some credit unions charge a penalty if you withdraw your money early. General Electric Credit Union does not. This is ideal as you never know what emergencies will pop up throughout the year. Holiday shopping may have to suffer in the name of medical bills or some other unexpected expense. Because General Electric Credit Union does not charge a penalty, you can get your money out anytime.

But if nothing does pop up between now and the holiday season, your funds will automatically be released to your checking account around Sept. 30. The convenience and set time may encourage you to stick to your savings goal without withdrawing money early unless it’s necessary.

As a savings account, you can only make six withdrawals a month with the Christmas Club account.

How to get General Electric Credit Union’s Christmas Club Account

Open this account by applying at your local branch or online. Be sure to have your government-issued ID, Social Security number, proof of current address if it differs from your ID and outside account information to fund your new account.

SEE DETAILS Secured

on General Electric Credit Union’s secure website

NCUA Insured

Vacation Club

Nearly identical to the Christmas Club account
APYMinimum Balance to Earn APY
0.10%
$0.01
  • Minimum opening deposit: $5
  • Minimum balance to earn APY: 1 cent
  • Monthly account maintenance fee: None
  • ATM fee: 50 cents at Fifth Third Bank or Alliance One network ATMs; 75 cents at out-of-network ATMs; no fee on General Electric Credit Union ATMs
  • ATM fee refund: None
  • Overdraft fee: $30

The Vacation Club account is very similar to the Christmas Club account. The APY is relatively low, there are no monthly maintenance fees and there are no fees for an “early” withdrawal of your money. You will also be limited to six withdrawals a month.

While the Christmas Club account releases your funds around Sept. 30, the Vacation Club account has no set date. This is ideal as the timing of each vacation is going to vary. You might be going to Mexico over spring break, while a family of four isn’t ready to head out on a road trip until summer break. Because there is no set release date, the timing of your vacation is not a problem.

How to get General Electric Credit Union’s Vacation Club account

You can apply for this account online or in person. You will need your government-issued ID, Social Security number, proof of current address if it differs from your ID and outside account information to fund your new account.

SEE DETAILS Secured

on General Electric Credit Union’s secure website

NCUA Insured

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How General Electric Credit Union’s savings accounts compare

While it’s nice that the Christmas and Vacation Club accounts don’t come with an early withdrawal fee, that doesn’t mean General Electric Credit Union’s savings accounts are up to par. The APY offered on these accounts is extremely low when compared to the competition.

You will have to open a Share/Savings account to establish your credit union membership, but aside from that, you should look elsewhere for your savings needs.

General Electric Credit Union’s CD rates

Share Certificates

This is where General Electric Credit Union starts getting competitive.
TermAPY
9-month special2.75%
12 months1.00%
24 months1.05%
33-month special3.33%
36 months1.20%
60 months1.25%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: If you make a withdrawal of your dividends, there is no fee. But if you make a withdrawal on your principal, you will have to pay 90 days worth of dividends in fees if the term is less than 18 months, or 180 days worth of dividends if the term is 18 months or more.

Despite falling short when it comes to APY in every other account category, General Electric Credit Union offers very competitive rates on certificates. The minimum required balance and deposit is low when compared to offers by many other financial institutions. While this credit union doesn’t have the highest offer for every term period, they are very high in the rankings.

It is important to note that to receive nine- and 33-month special rates, you will need to bring in new money. All that means is that you can’t fund these certificates with money you’ve been saving at General Electric Credit Union.

How to get General Electric Credit Union’s Share Certificates

Apply for this account online or at a branch. Bring your government-issued ID, Social Security number, proof of current address if it differs from your ID and outside account information to fund your new General Electric account.

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on General Electric Credit Union’s secure website

NCUA Insured

Jumbo Share Certificates

These large-balance certificates must be funded with money from an outside financial institution.
TermAPY
12 months1.05%
24-month special1.10%
  • Minimum opening deposit: $100,000
  • Minimum balance amount to earn APY: $100,000
  • Early withdrawal penalty: If you make a withdrawal of your dividends, there is no fee. But if you make a withdrawal on your principal, you will have to pay 90 days worth of dividends in fees if the term is less than 18 months, or 180 days worth of dividends if the term is 18 months or more.

Jumbo Share Certificates are essentially the same as Share Certificates — but with a higher minimum balance requirement. You can open this certificate with money from one of your General Electric Credit Union accounts or with outside money.

How to get General Electric Credit Union’s Jumbo Certificates

To open this account, you can apply in person, at a branch or online. Come prepared with your government-issued ID, Social Security number, proof of current address if it differs from your ID and outside account information to fund your new account.

SEE DETAILS Secured

on General Electric Credit Union’s secure website

NCUA Insured

HSA Share Certificates

High returns on your tax-deductible healthcare savings.
TermsAPY
9-month special2.75%
12 months1.00%
24 months1.05%
33-month special3.33%
36 months1.20%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: If you make a withdrawal of your dividends, there is no fee. But if you make a withdrawal on your principal, you will have to pay 90 days worth of dividends in fees if the term is less than 18 months, or 180 days worth of dividends if the term is 18 months or more.

Like with the HSA Share Draft/Checking account, money stashed in HSA Share Certificates is tax deductible. It will also not be taxed when you withdraw it for medical expenses.

Rates on HSA Share Certificates are similar to the credit union’s regular Share Certificates, which is to say they are extremely competitive. Short of investing, this is one of the fastest ways to see your HSA money grow.

Note that any money used to open a 9-month or 33-month special must come from an outside financial institution; it cannot be money you’re holding at General Electric Credit Union.

How to get General Electric Credit Union’s CDs

You must apply for this account in person. Be prepared with your government-issued ID, Social Security number, proof of current address if it differs from your ID and outside account information to fund your new account. It would also be wise to bring your health insurance information with you.

SEE DETAILS Secured

on General Electric Credit Union’s secure website

NCUA Insured

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How General Electric Credit Union’s CD rates compare

If anything is going to attract you to General Electric Credit Union’s deposit accounts, certificate rates are it. They’re high enough to be competitive with other CD offers on the market. Special offers such as the nine- and 33-month certificates are even better than the competition. They’re also a far more helpful way to build your HSA savings than the checking account option.

General Electric Credit Union’s money market account options

Money Market Plus

You’re better off putting your money in checking.
APYMinimum Balance to Earn APY
0.20%
$10,000
0.80%
$50,000
  • Minimum opening deposit: $10,000
  • Minimum balance to earn APY: Varies depending on desired APY
  • Monthly account maintenance fee: None
  • ATM fee: 50 cents at Fifth Third Bank or Alliance One network ATMs; 75 cents at out-of-network ATMs; no fee on General Electric Credit Union ATMs
  • ATM fee refund: None
  • Overdraft fee: $30

As we noted with the Amplified Money Market Checking account, the credit union’s money market rates are not good. Not only does this account have a $10,000 minimum balance requirement, but you won’t earn interest on any balance below $10,000.

With Money Market Plus in particular, you’ll have to bear in mind that you can only make up to six withdrawals a month due to Regulation D. Further, you can get the same dividend rate for half the minimum opening deposit if you opt instead for the Amplified Money Market Checking account.

How to get General Electric Credit Union’s Money Market Plus account

Apply for this account online or at a branch. Bring your government-issued ID, Social Security number, proof of current address if it differs from your ID and outside account information to fund your new account.

SEE DETAILS Secured

on General Electric Credit Union’s secure website

NCUA Insured

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How General Electric Credit Union’s money market accounts compare

Not all money market accounts are created equal. Competitors routinely offer 10 times the first tier or more than double the second tier as far as APY is concerned. Often, the required minimum opening deposit and balances are significantly lower, too. If you’re looking for a high-yield money market account, shop elsewhere.

General Electric Credit Union’s IRA account options

IRA Certificates

The same rates you’ll find outside an IRA, which isn’t a good thing.
TermAPY
9-month special2.75%
12 months1.00%
24 months1.05%
33-month special3.33%
36 months1.20%
60 months1.25%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: If you make a withdrawal of your dividends, there is no fee. But if you make a withdrawal on your principal, you will have to pay 90 days worth of dividends in fees if the term is less than 18 months, or 180 days worth of dividends if the term is 18 months or more.

Rates on IRA CDs tend to be a little higher than on regular CDs outside of an IRA. But General Electric Credit Union keeps its rates steady, even the special rates that must be opened with funds from an outside financial institution. That means that while these rates are great outside an IRA, they’re a bit less competitive in this context.

How to get General Electric Credit Union’s IRA CDs

You will have to open this account at a branch. It is best to schedule an appointment before you show up so that the proper staff is available to help you.

SEE DETAILS Secured

on General Electric Credit Union’s secure website

NCUA Insured

Jumbo IRA Certificates

Extremely high minimum balance requirements for a slightly higher APY.
TermAPY
12 months1.05%
24-month special1.10%
  • Minimum opening deposit: $100,000
  • Minimum balance amount to earn APY: $100,000
  • Early withdrawal penalty: If you make a withdrawal of your dividends, there is no fee. But if you make a withdrawal on your principal, you will have to pay 90 days worth of dividends in fees if the term is less than 18 months, or 180 days worth of dividends if the term is 18 months or more.

The rates on Jumbo IRA Certificates are competitive when you look at the terms on their own, but you have to remember to also check the minimum balance requirement. This certificate has an extremely high minimum balance amount, but it may be attainable within a retirement account.

How to get General Electric Credit Union’s Jumbo IRA CDs

You will have to open this account at a branch. Be sure to schedule an appointment before you show up so that the proper staff is available to help you.

SEE DETAILS Secured

on General Electric Credit Union’s secure website

NCUA Insured

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How General Electric Credit Union’s IRA CD rates compare

You’re better off shopping for IRA CDs elsewhere. Lower balance amounts will earn you higher APYs at other financial institutions, and the high balance requirement on Jumbo IRA Certificates all but negates the slightly higher APY.

IRA Share

Extremely low APY on an already conservative investment product.
APYMinimum Balance to Earn APY
0.10%
$5
  • Minimum opening deposit: $5
  • Minimum balance to earn APY: $5
  • Monthly account maintenance fee: None

General Electric Credit Union’s APY on its IRA Share accounts are extremely low. An IRA savings account is already one of the most conservative investment vehicles around. Make sure you’re getting a higher rate by shopping around.

Because this savings account is within an IRA, you won’t be able to make withdrawals from an ATM. Instead, you’ll have to file paperwork with the credit union every time you want to take out money, and you may face early withdrawal fees and additional taxes from the IRS. But this also means you don’t have to worry about ATM fees, overdraft fees or making too many withdrawals per Regulation D. Since all your withdrawals will be made with assistance from General Electric Credit Union, staff will not allow you to take any actions that may incur fees on the financial institution’s end.

How to get General Electric Credit Union’s IRA Share account

Head to a branch to open this account, and remember to set up an appointment beforehand.

SEE DETAILS Secured

on General Electric Credit Union’s secure website

NCUA Insured

Overall review of General Electric Credit Union’s banking products

The vast majority of General Electric Credit Union’s deposit accounts fall short. You’ll find better rates elsewhere for checking, savings, money market and IRA deposit accounts. If you’re finding yourself disappointed at the rates you’re finding at this particular credit union, rest assured that there are phenomenal offers across the marketplace. You just have to look for them.

The one place where General Electric Credit Union shines is its certificates outside of IRAs. Here, you’ll find some of the best rates around. Remember that you will have to open a Share/Savings account to establish membership before pursuing your certificate. And, of course, it’s always a good idea to do comparison shopping to make sure better offers don’t come in from other financial institutions.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

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Reviews

Institution for Savings Review: Checking, Savings, CD, Money Market and IRA Accounts

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It may not have been previewed, commissioned or otherwise endorsed by any of our network partners.

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Institution for Savings’ checking account options

Personal Checking

Low-cost checking with low returns.
APYMinimum Balance to Earn APY
0.25%$1
  • Minimum opening deposit: $10
  • Monthly account maintenance fee: $5, though this can be waived
  • ATM fee: None
  • ATM fee refund: None
  • Overdraft fee: $3 per transaction if you have overdraft protection; $25 per transaction if you do not

The Institution for Savings’ Personal Checking account is a cheap way to bank. There is a low minimum opening deposit requirement and an almost nonexistent minimum to earn the APY. There is a $5 monthly maintenance fee if your balance falls below $500, but you can avoid this fee by setting up direct deposit.

While this account is affordable, it’s not going to offer you the highest returns. If you’re looking for something functional, this account is great. But if you’re seeking growth, you may want to look elsewhere.

How to get Institution for Savings’ Personal Checking account

To open a Personal Checking account, you will have to visit a branch. Be sure to bring your government-issued ID and Social Security number.

SEE DETAILS Secured

on Institution For Savings’s secure website

Member FDIC

No Fee Checking

No interest in exchange for no monthly maintenance fee.
  • Minimum opening deposit: $10
  • Monthly account maintenance fee: None
  • ATM fee: None
  • ATM fee refund: None
  • Overdraft fee: $3 per transaction if you have overdraft protection; $25 per transaction if you do not

Don’t want to worry about meeting balance or direct deposit requirements to dodge a monthly maintenance fee? Then you may want to check out the No Fee Checking account. This account is extremely similar to Personal Checking, except that you will never have to pay a monthly account maintenance fee. As a trade-off, you won’t earn any interest.

How to get Institution for Savings’ No Fee Checking account

You can open this account online or at a branch with your government-issued ID and Social Security number.

SEE DETAILS Secured

on Institution For Savings’s secure website

Bonus Checking

If you can jump through all the hoops, you’ll be rewarded with freebies and a higher APY.
APYMinimum Balance to Earn APY
0.10%$1
0.25%$500
0.10%$50,000+
  • Minimum opening deposit: $10
  • Monthly account maintenance fee: $10 if your balance falls below $500
  • ATM fee: None
  • ATM fee refund: Up to $20 a month at out-of-network, U.S.-based ATMs
  • Overdraft fee: $3 per transaction if you have overdraft protection; $25 per transaction if you do not

If you’re already using the Institution for Savings for your checking account needs, you can convert your account to a Bonus Checking account to receive added benefits. You can also open a Bonus Checking account from scratch if you don’t have an existing relationship with Institution for Savings.

The biggest benefit is an APY spike. If you keep $500 in your account, your interest rate will rise. If you don’t meet this standard, you will be charged a $10 monthly maintenance fee on top of getting a lower APY. You also receive free checks.

Aside from the monthly maintenance fee, there are other requirements to maintain your account and interest rate. You will not receive paper statements with a Bonus Checking account, and you are required to enroll in direct deposit. Besides those, you will need to make 10 non-ATM purchases with your debit card and pay at least three bills a month using bill pay. Also, if you fall below the $500 minimum, you will not receive ATM refunds at the end of your statement cycle.

How to get Institution for Savings’ Bonus Checking account

You can open this account online or at a branch with your government-issued ID and Social Security number.

SEE DETAILS Secured

on Institution For Savings’s secure website

Member FDIC

Collegiate Checking

Low-fee checking for traditional college students.
  • Minimum opening deposit: $10
  • Monthly account maintenance fee: None
  • ATM fee: None
  • ATM fee refund: Up to $25 a month in foreign ATM fees
  • Overdraft fee: $3 per transaction if you have overdraft protection; $25 per transaction if you do not

Students ages 17 to 23 who are entered or enrolled in a college degree program can open a Collegiate Checking account. This account does bear interest, but the rate is not available on the Institution for Savings’ website, so you’ll need to contact Institution for Savings for its rates.

It comes with no monthly maintenance fee. Also, ATM fees incurred outside of the U.S. are refunded up to $25 a month, which is great for students who are studying abroad. Your first set of checks are free, and you are required to receive your statements electronically.

When you turn 24, this account will be converted to a No Fee Checking account.

How to get Institution for Savings’ Collegiate Checking account

You will need to visit a branch to open this account. Bring your government-issued ID and Social Security number to get the process started.

SEE DETAILS Secured

on Institution For Savings’s secure website

18/65 Checking

Less confusing requirements to worry about for those in specific age brackets.
  • Minimum opening deposit: $10
  • Monthly account maintenance fee: None
  • ATM fee: None
  • ATM fee refund: None
  • Overdraft fee: $3 per transaction if you have overdraft protection; $25 per transaction if you do not

If you are 18 or younger or 65 or older, you qualify for 18/65 Checking. You can also qualify if you are opening up a joint account with a spouse who meets the age requirements.

This account comes with no monthly maintenance fee and free checks. It also is an interest-bearing account, but you’ll have to contact Institution for Savings for its latest rates. You can also opt for electronic or paper statements.

How to get Institution for Savings’ 18/65 Checking account

To open this account, you will need to bring your government-issued ID and Social Security number to a branch.

SEE DETAILS Secured

on Institution For Savings’s secure website

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How Institution for Savings’ checking accounts compare

The Institution for Savings’ checking accounts are not competitive. While some accounts offer you free checks, no maintenance fee and a boosted APY, this does not change that the APY is minimal when compared to the competition. Also, Institution for Savings doesn’t have the rates for some of its accounts online, so you’ll need to check with it for the latest details.

Be sure to shop around to make sure you’re getting the most out of your checking account.

Institution for Savings’ savings account options

Passbook Savings

A savings account you can’t touch without the right paperwork.
APYMinimum Balance to Earn APY
0.25%$1
  • Minimum opening deposit: $10
  • Minimum balance to earn APY: $1
  • Monthly account maintenance fee: $1 if your balance falls below $10
  • ATM fee: None
  • ATM fee refund: None
  • Overdraft fee: $3 per transaction if you have overdraft protection; $25 per transaction if you do not

When we called the Institution for Savings’ customer service line on Oct. 18, 2018, we learned that the Passbook Savings account is unique. You have to bring in your paper passbook to a branch to service the account. That means no online banking or bill pay is available for this account.

Fees are minimal, and if you know you’re the type of person that draws from your savings account as a form of financial self-sabotage, the requirement to show up in person to make a withdrawal may be to your advantage. But the APY is extremely low.

How to get Institution for Savings’ Passbook Savings account

To do anything with this account, including opening it, you will have to visit a branch.

SEE DETAILS Secured

on Institution For Savings’s secure website

Member FDIC

Statement Savings

Similar to Passbook Savings, except you can complete transactions online and you won’t need any paperwork when you visit a branch.
APYMinimum Balance to Earn APY
0.25%$1
  • Minimum opening deposit: $10
  • Minimum balance to earn APY: $1
  • Monthly account maintenance fee: $1 if your balance falls below $10
  • ATM fee: None
  • ATM fee refund: None
  • Overdraft fee: $3 per transaction if you have overdraft protection; $25 per transaction if you do not

Statement Savings is identical to Passbook Savings on APY, fees and minimum balance requirements. That means that while fees are limited, the APY is still extremely low. It does offer the convenience of online banking, though, and does not require you to bring any paperwork with you when you go to bank at your branch.

Because this is a savings account, it falls under federal Regulation D. That means you are allowed to make up to six certain withdrawals per month. If you do, you will be charged a $5 fee for each withdrawal after the sixth one.

How to Institution for Savings’ Statement Savings account

You can open this account online or at a branch with your government-issued ID and Social Security number.

SEE DETAILS Secured

on Institution For Savings’s secure website

Member FDIC

Preferred Savings

A higher APY with an incredibly high minimum balance requirement.
APYMinimum Balance to Earn APY
0.25%$1
0.40%$50,000
  • Minimum opening deposit: $10
  • Minimum balance to earn APY: Varies depending on desired APY
  • Monthly account maintenance fee: $10 if balance falls below $50,000
  • ATM fee: None
  • ATM fee refund: None
  • Overdraft fee: $3 per transaction if you have overdraft protection; $25 per transaction if you do not

The Institution for Savings’ Preferred Savings account offers a higher APY, but only if you hold a considerable sum in your savings account. This APY is higher than what you will find with other savings accounts at the Institution for Savings. Unfortunately, the high minimum balance requirement means most savers will be stuck with the low APY.

How to get Institution for Savings’ Preferred Savings account

You can open this account by taking your Social Security number and government-issued ID to a branch.

SEE DETAILS Secured

on Institution For Savings’s secure website

Member FDIC

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How Institution for Savings’ savings accounts compare

The APY offerings on the Institution for Savings’ saving accounts are extremely low when you hold them up against the top savings accounts. This remains true even when you look at the rate boost for the Preferred Savings account. Many financial institutions offer significantly higher rates with dramatically lower minimum balance requirements.

Institution for Savings’ CD rates

Term Deposit Certificates

Reasonable minimum opening deposit with lower APYs.
TermAPY
3 months0.50%
6 months0.50%
7 months0.50%
9 months0.75%
12 months0.75%
15 months0.75%
18 months0.75%
20 months0.75%
24 months1.50%
30 months1.00%
36 months1.00%
40 months1.00%
48 months1.00%
60 months1.25%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $1
  • Early withdrawal penalty: One month worth of interest on certificates with terms shorter than 12 months; three months worth of interest on certificates with terms of 12 to 15 months; six months worth of interest on certificates with terms of 16 to 24 months; nine months worth of interest on certificates with terms of 25 to 47 months; 12 months worth of interest on certificates with terms of 48 months or more

Even with a reasonable opening deposit, this product is not competitive. The APY for several terms is very low, though the 15- and 30-month certificates offer a respectable 0.75% and 1.00% rate, respectively.

If you’re going to open a CD, you’ll want to put your money where it has the most potential for growth. Unfortunately, most of the terms for this product may not be worth the investment.

How to get Institution for Savings’ Term Deposit Certificates

To open this account, prepare your government-issued ID and Social Security number before applying online or at a branch.

SEE DETAILS Secured

on Institution For Savings’s secure website

Member FDIC

Platinum CD

Many specific requirements to secure a rate that still isn’t competitive.
TermAPY
36 months1.25%
48 months1.25%
  • Minimum opening deposit: $250,000
  • Minimum balance amount to earn APY: $250,000
  • Early withdrawal penalty: Nine months worth of interest on the 36-month CD; 12 months worth of interest on the 48-month CD

While Platinum CD rates do improve upon Term Deposit Certificates, they are still below that of the competition when we look at identical terms. This is a very large deposit amount. At another financial institution, you may find the Platinum CD labeled as a jumbo CD. Regardless, you can get better rates with a lower deposit elsewhere.

You must open this account in conjunction with a Platinum Money Market account. If your balance on the CD falls below $250,000, you will lose the special rates on your money market account and will only be able to earn the rates given for the Traditional Money Market account. If either account falls below that $250,000 benchmark at any point, the rates on your CD will also drop. The most you can hold in this CD is $1.5 million.

How to get Institution for Savings’ Platinum CDs

To open a Platinum CD, you will need to bring your government-issued ID and Social Security number with you when you apply at a branch.

SEE DETAILS Secured

on Institution For Savings’s secure website

Member FDIC

Penalty Free Term Deposit Certificate

Arguably the Institution for Savings’ best deposit account.
TermAPY
9 months 0.50%
  • Minimum opening deposit: $250,000
  • Minimum balance amount to earn APY: $250,000
  • Early withdrawal penalty: None as long as you wait six days after opening your account to make your withdrawal.

The Penalty Free Term Deposit Certificate is an extremely competitive offer when you take the term into account. But the minimum deposit is quite high, limiting the number of people who will have the ability to take advantage of this high APY. Another attractive feature of this certificate is the ability to withdraw your money anytime as long as you wait at least six days after you open your account.

How to get Institution for Savings’ Penalty Free Term Deposit Certificate

You will need your government-issued ID and Social Security number when you open this certificate at a branch.

SEE DETAILS Secured

on Institution For Savings’s secure website

Member FDIC

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How Institution for Savings’ CD rates compare

If you have enough money on hand to open a Penalty Free Term Deposit Certificate, you can do so today with confidence that you’re getting one of the best offers around. But for all your other certificate needs, you should look elsewhere.

Institution for Savings’ money market account options

Traditional Money Market

You can find savings accounts with a higher APY.
APYMinimum Balance to Earn APY
0.25%$1
0.25%$1,000
0.25%$50,000
0.35%$100,000
  • Minimum opening deposit: $1,000
  • Minimum balance to earn APY: Varies depending on desired APY
  • Monthly account maintenance fee: $5 if balance falls below $1,000
  • ATM fee: None
  • ATM fee refund: None
  • Overdraft fee: $3 per transaction if you have overdraft protection; $25 per transaction if you do not

Money market accounts tend to reward you with progressively higher interest rates as your balance increases. While this holds true with the Institution for Savings’ Traditional Money Market account, the rates are so low that even though they rise incrementally, they never reach an amount that many banks offer on high-yield savings accounts. This account also comes with a $5 account maintenance fee should your balance fall below $1,000.

It’s important to know that like savings accounts, money market accounts are subject to Regulation D. Make sure you make no more than six withdrawals a month, or you will get hit by that $5 fee each time from Institution for Savings.

How to get Institution for Savings’ Traditional Money Market account

Open this account at a branch. Be sure to bring your government-issued ID with you, as well as your Social Security number.

SEE DETAILS Secured

on Institution For Savings’s secure website

Member FDIC

Titanium Money Market

Better rates at a high price point.
APYMinimum Balance to Earn APY
0.25%$1
0.55%$250,000
0.65%$500,000
0.75% $1,000,000
  • Minimum opening deposit: $250,000
  • Minimum balance to earn APY: Varies depending on desired APY
  • Monthly account maintenance fee: $10 if balance falls below $250,000
  • ATM fee: None
  • ATM fee refund: None
  • Overdraft fee: $3 per transaction if you have overdraft protection; $25 per transaction if you do not

Those with larger amounts to put into their money market accounts may want to look at the Institution for Savings’ Titanium Money Market account. These rates are competitive, but you will have to have an extremely high balance to get the best APY.

Because the Federal Deposit Insurance Corp. insures deposit accounts up to $250,000, the Institution for Savings also affiliates with the Depositors Insurance Fund (DIF). The DIF insures Massachusetts bank accounts above $250,000.

How to get Institution for Savings’ Titanium Money Market account

Bring your photo ID and Social Security number to a branch to open this account.

SEE DETAILS Secured

on Institution For Savings’s secure website

Member FDIC

Platinum Money Market

High balances and a sister CD make you eligible for an APY that is still not competitive.
APYMinimum Balance to Earn APY
0.25%$1
0.55% $250,000
  • Minimum opening deposit: $250,000
  • Minimum balance to earn APY: Varies depending on desired APY
  • Monthly account maintenance fee: $10 if balance falls below $250,000
  • ATM fee: None
  • ATM fee refund: None
  • Overdraft fee: $3 per transaction if you have overdraft protection; $25 per transaction if you do not

As mentioned above, you can only open this account with a Platinum CD. We already know that if your CD drops below $250,000, your Platinum Money Market account will revert to a Traditional Money Market account. But it’s also important to note that if the balance in your Platinum Money Market account falls below $250,000, you will be charged a monthly maintenance fee. The max you can hold in this account is $10 million.

It may not be worth all the hassle, though. The 0.55% rate is low for a money market account, and the minimum balance requirement too high for the vast majority of savers.

How to get Institution for Savings’ Platinum Money Market account

If you have the money and feel confident that maintaining a high balance across both Platinum accounts won’t be a problem, you can open this account at a branch. Keep a photo ID and your Social Security number handy.

SEE DETAILS Secured

on Institution For Savings’s secure website

Member FDIC

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How Institution for Savings’ money market accounts compare

Those with large amounts of cash to put into their money market accounts may want to consider the Institution for Savings’ Titanium Money Market account as it does provide relatively competitive APYs. For those who don’t have such a large sum to open up their account, you will want to shop around as many financial institutions offer far higher money market rates with comparatively nominal or, in some cases, no minimum opening deposit requirements.

Institution for Savings’ IRA account options

IRA Term Deposit Certificates

Low APY offerings on an already conservative investment.
TermAPY
3 months0.50%
6 months0.50%
7 months0.50%
9 months0.75%
12 months0.75%
15 months0.75%
18 months0.75%
20 months0.75%
24 months1.50%
30 months1.00%
36 months1.00%
40 months1.00%
48 months1.00%
60 months 1.25%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $1
  • Early withdrawal penalty: One month worth of interest on certificates with terms shorter than 12 months; three months worth of interest on certificates with terms of 12 to 15 months; six months worth of interest on certificates with terms of 16 to 24 months; nine months worth of interest on certificates with terms of 25 to 47 months; 12 months worth of interest on certificates with terms of 48 or more months.

Offering the same rates as term certificates outside of an IRA, the Institution for Savings’ IRA Term Deposit Certificates are not competitive. Some financial institutions offer higher APYs when a certificate is held inside an IRA, but that is not the case here.

A certificate inside an IRA is already an extremely conservative investment. You don’t want to restrict growth even further by compromising on the APY.

How to get Institution for Savings’ IRA Term Deposit Certificates

Should you choose to open an IRA Term Deposit Certificate, you will want to schedule an appointment at a branch.

SEE DETAILS Secured

on Institution For Savings’s secure website

Member FDIC

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How Institution for Savings’ IRA CD rates compare

Even the highest rates offered by the Institution for Savings’ IRA CDs pale in comparison to other offers on the market. Shop around for other IRA CDs before setting up this investment as you want to ensure you’re getting the highest returns possible.

Overall review of Institution for Savings’ banking products

The Institution for Savings does offer a couple of standout products. Rates on its Penalty Free Term Deposit Certificate are fantastic, and the rates on its Titanium Money Market account aren’t bad either. To open either of these accounts, you have to have a lot of liquid money on hand, though.

All the other deposit accounts, including the checking and savings accounts, are not competitive. It is possible to get much higher rates on these types of account, but you’re going to have to shop elsewhere to get them.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.