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General Electric Credit Union

Bump Certificates

The highest certificate rates in the U.S. (literally).

Take advantage of this limited-time offer, perfect in the rising-rate environment. 

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Bump Certificates image

The highest rates, for the fastest climb. 

This offer is exclusively available here at General Electric Credit Union. 

With our new Bump Certificates, you have the option to bump up your rate one time per year, each year. And, with the highest rates in the country, your money grows faster so you can reach your goals faster. What are you saving for? 

Bump Certificates2

Limited-time only, for new money.3

rates_certificate_bump table
TermMinimum BalanceRateAPY
3 - Year Share Bump Certificate$5003.01%3.05%
3 - Year IRA/HSA Bump Certificate$5003.02%3.05%
5 - Year Share Bump Certificate$5003.25%3.30%
5 - Year IRA Bump Certificate$5003.26%3.30%

Features include: 

  • The highest certificate rates, nationwide1
  • Open an account with as little as $500
  • 3- or 5-year term options
  • Initiate a bump adjustment once per year, each year during the term of the certificate 

Open your Bump Certificate now! 

To open: 


Certificate FAQs

What is a certificate?
Share certificates are fixed-term accounts, so the initial deposit amount and rate of return remain constant until maturity. The maturity of a certificate is based on the term, for example: a 1-year certificate would mature one year from the date opened. The dividend rate and annual percentage yield (APY) will not change for the term of the account. Dividends will be calculated daily and credited to the account monthly.
How is a certificate different from a bank CD?
They are the same, but the terminology is different. For regulatory reasons, Credit Unions offer certificates and banks offer CDs (Certificates of Deposit).
Can you explain laddering?
Laddering occurs when you open multiple certificates and stagger out the maturity dates; this way you’ll have access to funds at various times of the year. One way to achieve this is opening three (3) certificates at one time with terms of 1-year, 18-month, and 2-year certificate. After the first year, you’ll have funds from the certificates available to withdraw or reinvest every six (6) months.
What happens at maturity?
Certificates automatically roll over on the maturity date to a new certificate, with the same term, at the current rate. You’ll be notified by mail one (1) month before maturity and have seven (7) days from the maturity date to withdraw or transfer the funds with no penalty. A certificate addendum is mailed after a certificate rolls over.
How are dividends calculated and paid?
We use the daily balance method to calculate the dividends; dividends will be calculated daily and credited to the account monthly.
Is there a penalty to withdrawal from the certificate?
It depends. You may withdraw dividends earned at any time with no penalty; however, there is a penalty for withdrawing the principal prior to maturity.
How is the penalty calculated?
The penalty is based on the principal penalized which doesn’t include dividends earned. Principal penalized equals the withdrawal amount minus any accrued dividends. You’ll be penalized 90 days of interest on terms less than 18 months and 180 days of interest for terms 18 months or higher.
Can I lose principal due to the penalty?
Yes, if you withdraw funds prior to earning either 90 or 180 days (depending on the term of the certificate) of the interest.
Can I change my certificate to a different term upon maturity?
Yes, you can change the certificate term that your existing certificate will roll into anytime in advance of the maturity date; it will take effect on the maturity date.
Can I change my certificate to a different term upon maturity?
Yes, you can change the certificate term that your existing certificate will roll into anytime in advance of the maturity date; it will take effect on the maturity date.
What are the requirements to open a certificate? Is there a minimum deposit?
First, you must be eligible for membership and become a member. To become a member, you must first have a share account with a minimum $5 deposit. Our certificates typically have a minimum $500 deposit, though we may at times offer specials with different minimums. We also offer jumbo certificates with $100,000 minimum.
Is this limited to new money only?
Yes, this offer is applicable to new money or funds from maturing certificates at GECU. New money is defined as proceeds not previously on deposit with GECU. To change an existing termed certificate outside of its 7-day grace period, you will be assessed a penalty fee and must add a new money equivalent to the current balance of the certificate(s) the day the penalty is assessed if under $10,000; for balances of $10,000 or more, you must add a minimum deposit of at least $10,000 in new money. If electing to use non-maturing deposits currently with GECU, when transferring balances under $10,000, you must match (or exceed) the amount transferred from your GECU account with a new money; if transferring balances of $10,000 or more, you must add a minimum deposit of at least $10,000 in a new money.
When can I bump up my rate?
The certificate owner has the option to initiate a rate adjustment one (1) time per year, during the term of the certificate at the prevailing GECU rate on that product. For example, if you request a bump on your 3-Year Bump Certificate, you will receive the prevailing 3-Year Bump Certificate rate and annual percentage yield (APY). At the end of three (3) years, it will automatically mature into a standard 3-Year Share Certificate at the then prevailing dividend rate and APY, unless you choose otherwise.
How do I initiate a bump request?
During the term of your certificate, the certificate owner can initiate a rate adjustment by providing a written or verbal request. One rate adjustment can be made per year and is reflective of an anniversary year, based on the certificate open date.

 

 

 

 

Account requirements: General Electric Credit Union (GECU) membership is required; if you live or work in the Greater Cincinnati area, you can join and become a member. Visit gecreditunion.org/membership for details. The Bump Certificate is a new product and this offer does not apply to existing certificates. This offer and details, including the stated APY, are accurate as of July 10, 2018, are available for a limited time and are subject to change at any time.
13.05% APY and 3.30% APY are the highest yields available for 3-year and 5-year Certificates, respectively as of July 26, 2018, according to the Bankrate.com “Best CD Rates – June 2018”: https://www.bankrate.com/banking/cds/best-cd-rates/
2Certificates will be opened and interest will accrue as of the date funding is received; funding must be received within 10 days of opening the account. Fees may reduce earnings; subject to early withdrawal penalties. Bump Certificates: Terms include 3- and 5-Year Bump Certificates. During the term of this certificate, the certificate owner has the option to initiate a rate adjustment one time per year during the term of their certificate to the prevailing GECU rate on that product. The certificate owner must provide a written or verbal request. One rate adjustment per year is reflective of an anniversary year, based on the certificate open date. 
3This offer is applicable to new money or funds from maturing certificates at GECU. New money is defined as proceeds not previously on deposit with GECU. To change an existing termed certificate outside of its 7-day grace period, you will be assessed a penalty fee and must add a new money equivalent to the current balance of the certificate(s) the day the penalty is assessed if under $10,000; for balances of $10,000 or more, you must add a minimum deposit of at least $10,000 in new money. If electing to use non-maturing deposits currently with GECU, when transferring balances under $10,000, you must match (or exceed) the amount transferred from your GECU account with a new money; if transferring balances of $10,000 or more, you must add a minimum deposit of at least $10,000 in a new money.


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