Genisys Credit Union, based out of Michigan, is currently offering some respectable CD rates despite an abysmal savings environment with the FED lowering rates to zero.
Back in February 2020, they had 3 promotional CDs with oddball maturities and very respectable rates, but with the FED’s latest moves, these products have since been discontinued and recently replaced with a promotional 19 month CD. This product comes with an APY of 1.20%.
Their very best yields come from their long term jumbo CD rates. The 60 month jumbo CD features an APY of 1.40% currently. You can find all of their current CD rates further down on this page. We haven’t listed their jumbo CD rates but they are just 0.05% APY higher than their standard CDs for each respective term (if you want to do some math).
Are you interested in taking advantage of Genisys Credit Union’s CD products?
Here’s everything you need to know before opening an account with them.
About Genisys Credit Union + Eligibility Rules
Today, Genisys Credit Union headquartered in Auburn Hills, MI, is the 5th largest credit union in the state of Michigan and the 97th largest credit union in the country. They service over 220,000 members in Michigan, Minnesota, and one county in Pennsylvania. They control assets of just over $2.7 billion and have sold nearly $250m in non-brokered deposits.
What’s more impressive is that they’ve seen 10% year over year growth in deposits held at the credit union despite an abysmal savings rates environment.
Genisys Credit Union has had their fair share of re-brands since their inception as General Motors Truck & Coach Federal Credit Union back in 1936. Over the past 40 years they’ve rebranded 3 different times before settling on Genisys Credit Union.
Genisys Credit Union Membership Eligibility
Unfortunately Genisys Credit Union runs a pretty tight ship when it comes to eligibility. And geography is going to be your largest barrier.
Currently Genisys Credit Union only offers membership to those who work, live or worship in:
- Anywhere in Michigan
- The following six counties in Minnesota: 1. Dakota 2. Ramsey 3. Anoka 4. Hennepin 5. Scott and 6. Washington Counties
- or Montgomery County in Pennsylvania.
If you’d like to search eligibility by zip code you can do that here.
Genisys Credit Union Promotional CD Rates
Genisys Credit Union is notorious for offering promotional deposit products with odd-ball terms and maturity dates throughout the year. Before the FEDs latest rate drop to zero, they had several promotional deposits with longer durations – 17 months, 33 months and 61 months. They rolled these back in March of 2020 and had no promotional deposits for a few months until this 19 month deposit showed up.
While it is a ‘promotional deposit’ the yields are fairly average compared to what you can find with online banks. For example Marcus Bank by Goldman Sachs has a 7 month no penalty CD with a yield of 1.30% APY. That said, the national average on 12 month deposits sits at just 0.28% APY to give this offer more context.
All of Genisys Credit Union’s promotional CDs require a minimum deposit of at least $500.
We will provide updates here when more promotional deposits come back online.
Genisys Credit Union Traditional CDs
The standard deposit products offered at Genisys aren’t anything to write home about although they do beat the national average by a small margin.
Genisys Credit Union’s CD Rates:
As with their CD specials their traditional deposits all require a minimum deposit of $500 and come with NCUA insurance up to $250,000. The NCUA is the FDIC equivalent for credit unions.
If you find yourself eligible to join Genisys Credit Union and you’re in the market for a CD with a respectable APY, then some of their products may be worth a look, however you can still find better yields with online banks.
Although Genisys Credit Union has been known to offer exceptional certificate of deposit promotions in the past, sadly this is not the case today as they discontinued their most recent promotions in mid-March 2020. Check back often, as rates change frequently.