APY GUY: Maximize Your Savings & Earnings

Promotional CDs

Genisys Credit Union CD Rates – Now up to 4.84% APY!

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image credit: genisyscu.org

Genisys Credit Union, based out of Michigan, is currently offering some respectable CD rates.

They have 3 promotional CDs (certificates of deposit) with oddball maturity terms of 7, 19 and 30 months and 7 standard term CDs with maturities ranging from 6 months to 5 years.

They also offer Jumbo CDs and Jumbo IRA CDs with slightly higher yields than their standard CDs. These require a minimum deposit of $100,000.

Both their standard and promotional CDs, however, require a minimum deposit of just $500.

To see if these products and this credit union are right for you, continue reading our review below.

Genisys Credit Union CD Rates + Account Details

As mentioned, Genisys Credit Union offers a wide range of promotional CDs, standard CDs as well as Jumbo CDs and Jumbo IRA CDs.

We’ll start with their 2 “Flex Certificate” options.

Flex Certificate

Genisys Credit Union’s Flex Certificates come with a minimum deposit requirement of just $100 and have a term of 1 year. They are ‘flexible’ in that they allow you to add to the deposit during its term as well as get a rate bump when/if rates go up.

TermAPY
1 Year (1,2)2.68%
APY = Annual Percentage Yield

Flex Certificate Details:

  1. Additional deposits are allowed daily between $10 to $25,000.
  2. One time option to change the rate offered on the same product.
  3. One time option to withdraw up to 25% of principal with no penalty

Promotional CDs

Genisys Credit Union currently offers 3 “Certificate Specials” that come with higher yields, oddball maturities from 7 – 30 months and require just $500 to open.

TermAPY
7 months4.06%
19 months4.58%
30 months4.84%
APY = Annual Percentage Yield

Please note that the Certificate Specials will not renew into the same terms. They will instead renew into standard CDs.

Renewal terms are as follows:

  • the 7 month special will renew into a 6 month standard term CD,
  • the 19 month special will renew into a 18 month standard term CD, and
  • the 30 month special will renew into an 24 month standard term CD

Standard CDs

Genisys Credit Union’s standard term certificates require a minimum deposit of $500.

CD Rates

TermAPY
6 month2.52%
1 year2.78%
18 months2.88%
2 years3.03%
3 years3.29%
4 years3.44%
5 years3.55%
APY = Annual Percentage Yield

To put these yields above in perspective, the current national average for 12 and 60 month CDs sit at just 1.28% and 1.21% APY, respectively, according to FDIC data.

Jumbo CD Rates

Jumbo CDs require a minimum deposit of at least $100,000. These are available for IRA accounts as well.

TermAPY
6 month2.57%
1 year2.83%
18 months2.93%
2 years3.09%
3 years3.34%
4 years3.49%
5 years3.60%
APY = Annual Percentage Yield

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.

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.

Pawtucket Credit Union CD Rates – Still up to 0.70% APY

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[Update January 2021: Pawtucket’s Credit Union’s CD rates remain the same to start the new year. The only APY change that has occurred within their deposit suite since May of last year has been their promotional 15 month “Easy Access” CD which lowered from 0.55% APY to 0.50% APY.]

[Update May 2020: Pawtucket lowered the APY on their standard CDs, IRA CDs and promotional deposits.]

[Update April 2020: Pawtucket lowered the APYs on their 6 month and 18 month CDs for both standard deposits and IRA CDs.]

Pawtucket Credit Union, based out of Pawtucket, Rhode Island, has consistently provided savers with above average rates over the years despite an unfavorable landscape for savers in general.

Up until February of 2020 they had one of the highest yielding 6 month CD rates in Rhode Island. However, given the FED’s recent rate drop to near zero, the annual percentage yields have come down some, but still offer respectable APYs.

Below you’ll find Pawtucket Credit Union’s CD rates and any available promotional CD offers.

If you live in Rhode Island or have family members who do that can assist you in getting membership, then you may want to consider one of Pawtucket’s deposit products.

Who Is Eligible To Join Pawtucket Credit Union

Although Pawtucket Credit Union doesn’t make it clear on their website who is eligible for membership we called them and confirmed that you would have to be a resident of the state – OR – have family in the state that could co-sign an account for you.

DepositAccounts states that they also accept a few neighboring counties in Massachusetts and Connecticut although we weren’t able to confirm that over the phone.

About Pawtucket Credit Union

Founded in 1926 Pawtucket Credit Union is the largest credit union in the state of Rhode Island with more than 110,000 members and assets exceeding $2.1 billion.

What’s also noteworthy is that they’ve seen incredible deposit growth despite a sluggish savings rate environment. Pawtucket Credit Union now has more than $110m in non-brokered deposits under their roof with an annual growth rate of more than 7% despite falling rates nationwide.

Pawtucket Credit Union’s CD Rates

Pawtucket Credit Union has certificates of deposit that can be opened online and certificates of deposit that can be opened by visiting one of their 15 branch locations.

When browsing Pawtucket Credit Union’s deposit rate page look for the little blue button titled “Open Now” to see whether or not it can be opened online. If there is no blue button, then you must go into a branch.

You’ll see the button next to the product name if it can be opened online. See below.

Below are all of Pawtucket Credit Union’s standard certificates of deposit and their APY. All of these standard CDs come with a minimum deposit requirement of $1,000.

CD TermAnnual Percentage Yield (APY)
3 month*0.40%
6 month*0.60%
9 month*0.40%
12 month0.40%
18 month0.55%
24 month0.60%
36 month0.70%
48 month0.70%
60 month0.70%

*Their 3 month, 6 month and 9 month CDs calculate interest using simple interest, the rest are compounded daily.

Below are Pawtucket Credit Union’s IRA CDs and APY. They currently provide the same yield as their standard CD counterparts, however, they come with a lower minimum deposit requirement of $500 and, unfortunately, none of them can be opened online.

IRA CD TermAnnual Percentage Yield (APY)
3 month*0.40%
6 month*0.60%
9 month*0.40%
12 month0.40%
18 month0.55%
24 month0.60%
36 month0.70%
48 month0.70%
60 month0.70%

*Their 3 month, 6 month and 9 month IRA CDs calculate interest using simple interest, the rest are compounded daily.

15 month Easy Access CD

Pawtucket Credit Union is running a CD promotion with a 15 month term called their “15 month Easy Access CD.” This product has a minimum deposit requirement of $5,000 and comes with an APY of 0.50%.

Here’s what you’ll get with the 15 month easy access CD:

  • Two penalty-free withdrawals allowed during the 15 month term.

To avoid penalty, withdrawals must be more than 6 days after account opening, and more than 6 days following each partial withdrawal; otherwise, penalty as described below for early withdrawal. Offer not applicable for retirement accounts.

You’ll also want to note, that like the 3 month, 6 month and 9 month standard CDs and IRA CDs, this 15 month easy access CD also uses simple interest rather than compounding your interest daily.

Final Thoughts

If you live in Rhode Island and are in the market for a solid APY on an FDIC-insured or NCUA-insured savings product, then keep your eye on Pawtucket Credit Union’s CDs.

Although their rates were lowered with the latest FED move, they regularly keep their APYs above the national average on many of their standard certificates of deposit products and regularly offer promotional CD’s with generous rates as well.

NEFCU CD Rates – Now up to 2.17% APY

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image credit: nefcu.com

[Update: August 21, 2020 – NEFCU cut the APY on their Future Saver Plus Certificate promotion by 0.10% APY across all balances.]

[Update: July 16, 2020 – NEFCU cut the APY on all of their standard certificate of deposit products as well as their Future Saver Plus Certificate promotion.]

[Update: June 18, 2020 – NEFCU cut the APY on all of their standard certificate of deposit products by 0.05 – 0.10% APY.]

Update: April 27, 2020 – NEFCU rolled back the APY on their standard CDs as well as their promotional “Future Saver Plus Certificate.” The Future Saver Plus now yields 2.52% APY (down from 2.78% APY last month) on amounts under $5,000 and 1.25% APY on yields above (down a hair from 1.26% last month).

Update: March 2020 – After the most recent rate drop by the FED, New England Federal Credit Union rolled back the yield on their “Future Saver Plus Certificate” from 3.05% to 2.78% APY on balances up to $5,000 and dropped it from 1.61% APY to 1.26% APY on balances above $5,000. They also rolled back the APY on their standard CD products with terms greater than 6 months, while 3 and 6 month yields remain unchanged.]

If you live in Vermont and are interested in purchasing a certificate of deposit with a respectable APY you may want to head over to NEFCU to check out their current 12 month CD promotion.

Currently, New England Federal Credit Union (NEFCU) has a promotional 12 month “Future Saver Plus Certificate” featuring a variable APY of 2.17% on balances up to $5,000 and 0.90% APY on balances of $5,001 or greater.

The APY on this deposit blows away the top rates on 12 month CDs currently, however the account comes with two distinct drawbacks.

First, is the low ceiling on deposit amounts allowed to earn the APY (only applies to amounts up to $5,000) and the second is the fact that the rate is variable. Meaning the institution can change it at any time without notice, even while your deposit is open.

That said, if you are eligible to join and have been looking for a high APY deposit product to place $5,000 – $10,000 into, then this might be your most lucrative option.

NEFCU “Future Saver Plus Certificate” 12 Month Term

Here are the APYs associated with the account as well as the minimum deposit requirement and balance tiers.

CD TermMin DepositBalance TierAPY
12 month$25$0 – $5,0002.17%
12 month$25$5,000 +0.90%

*Remember these rates are variable which means they can change at any time without notice even while your deposit is active.

NEFCU CD Rates

Outside of the Future Saver Plus Certificate promotion (above), NEFCU has a fairly standard set of CD products called “Term Share Certificates.” The APY on these CDs beat the national average on most terms but not by any significant margin. See rates and terms below.

CD TermMin DepositBalance TierAPY
90 – 179 days$1,000Under $25,0000.40%
$25,000 +0.55%
180 – 364 days$1,000Under $25,0000.50%
$25,000 +0.65%
12 – 23 months$1,000Under $25,0000.60%
$25,000 +0.75%
24 – 35 months$1,000Under $25,0000.70%
$25,000 +0.85%
36 – 59 months$1,000Under $25,0000.80%
$25,000 +0.95%
60 months +$1,000Under $25,0000.90%
$25,000 +1.05%

All of the above deposit products by NEFCU come with a minimum deposit requirement of $1,000 and are federally insured by the NCUA (FDIC equivalent for credit unions) up to $250,000 against insolvency by the institution.

About NEFCU (New England Federal Credit Union) + Eligibility

New England Federal Credit Union is the largest credit union in the state of Vermont with 90,000 members and roughly $1.3 billion in assets.

They open their arms to individuals, businesses and families within 6 counties of northwestern Vermont.

Currently anyone who lives, works, worships or attends school in Addison, Chittenden, Franklin, Grand Isle, Washington and Lamoille counties are eligible for membership.

Final Thoughts

If you live in northwestern Vermont and are in the market for a federally insured deposit with a respectable APY then you may want to consider the 12 month variable rate “Future Saver Plus Certificate” promotion.

Just keep in mind you’ll only earn the 2.17% APY on balances up to $5,000, so if you were considering a larger deposit or even a jumbo CD, then you’ll probably want to choose another option.

The deposit pays 0.90% APY on balances above $5,000 which still beats the national average on 12 month CDs by a respectable margin.