(MP) GE Capital Bank is an Internet banking division of GE Financial Services. The company was formed in 1993 and has since then offered deposit accounts to fund its commercial leasing and lending business.
The GE uses consumer deposit accounts to fund loans and leases for commercial customers. This strategy allows it to provide affordable financing to small and mid-sized customers and competitive interest rates to depositors.
Because the company is Internet-based, customers can view their account balances and pending transactions, set alerts to track their account activity and transfer money from anywhere that has an Internet connection. They also can pursue their statements online by choosing the paperless option.
GE Capital Bank offers two types of products
Online savings accounts and CDs:
The top savings account (the Online Savings account) has an APY (annual percentage yield) of 1.05%, which exceeds the national average rate by about 0.92%. Compared to what you will find at another institution, the Online Savings account will help your deposits grow.
There’s no point in quoting interest rates in this review because there’s such a high chance they’re going to have changed by the time you read this… GE is paying a highly competitive rate at the time of this writing. But I can tell you there are no transaction fees or minimum balance requirements.
CD Interest Rates
The company’s product line contains an array of CD terms. Customers have their choice of 10 options that range from six months to six years. A $500 deposit is required to open a CD, but no more than $1 million can be put into one CD.
Here are a few different CD rates from GE Capital Bank. The 1 year option has among the highest rates compared to the national average of 0.35%. For an even better rate, consider lengthening the term of your investment.
GE CD Rates
APY MIN MAX ACCOUNT NAME VIEW DETAILS
2.00% $500 $1m 5 Year CD
2.00% $500 $1m 6 Year CD
1.45% $500 $1m 4 Year CD
1.25% $500 $1m 3 Year CD
1.10% $500 $1m 24 Month CD
1.00% $500 $1m 12 Month CD
1.00% $500 $1m 18 Month CD
0.70% $500 $1m 6 Month CD
0.70% $500 $1m 9 Month CD
There is no monthly fee with GE Capital Bank’s Online Savings account.
Minimum Balance Requirement
Theres no minimum balance requirement for the bank’s primary savings account, so you will not incur extra costs even if you maintain a low balance.
You can transfer funds via electronic transfer or wire transfer and also make deposits by check.
Since GE Capital is an online bank, you can access your account 24/7.
Check out the latest best savings rates around: