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

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Updated on Tuesday, September 1, 2020

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.

SEE DETAILS Secured

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.

SEE DETAILS Secured

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.

SEE DETAILS Secured

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.

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