These jaw-dropping CD deals beat your bank’s offer


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You don’t have to invest thousands of dollars to qualify for every great CD deal.

GTE Financial introduced a special for share certificates (or CDs) across multiple terms in October. In some cases, the deals are the best ones available to savers nationwide.

With the 30-month promotional CD, for example, you can earn 2.53 percent APY. That’s about half a percentage point higher than the 36-month CD rates offered by Popular Direct and M.Y. Safra Bank. In fact, it’s better than the 60-month CD rates found at most banks and credit unions.

Top nationally available 36-month CD rates
Institution APY Minimum deposit
Popular Direct 2.05% $10,000
M.Y. Safra Bank 2.02% $5,000
EverBank 2.01% $5,000
Goldman Sachs Bank USA 2.00% $500
BankPurely 2.00% $1,000

Consumers who don’t have much money to sock away can easily qualify for GTE’s CD specials. The minimum deposit is just $500. You also can add money to the promotional CDs throughout your term, making them good substitutes for a traditional savings account.

Other jaw-dropping deals you can find at GTE Financial include a:

  • 24-month CD paying 2.22 percent APY
  • 18-month CD paying 2.07 percent APY

Higher yields are available for consumers who buy jumbo CDs. Compare these offers to other top CD rates.

The catch?

Whenever a CD deal seems too good to be true, there’s usually a catch.

With GTE’s CD specials, the only downside is that interest compounds monthly rather than daily. That slightly reduces the amount you could potentially earn in dividends. Calculate how much interest your CD could pay before it matures.

There’s also an early withdrawal penalty. For terms longer than 12 months, pulling out your deposits before your CD comes due will cost you up to 180 days’ dividends.

If you want to add additional funds to your CD, you can deposit as little as $20 at a time. But the promotional interest rate only applies to new money (or money that has been sitting in another GTE account for less than two weeks). To make future deposits, you would first move funds into a GTE savings account electronically (which is required for every member) before transferring it into your promotional CD.

How to join

GTE Financial is based in Tampa, Florida. Membership is open to:

  • Family members of existing credit union members
  • Employees of the credit union’s community partners (and their immediate family members)
  • Anyone who works, lives, attends school or worships within the field of membership

Everyone else can qualify by joining CUSavers, the credit union’s nonprofit financial education club. There’s a one-time $10 membership fee. All new members must deposit at least $5 into a savings account.

Buying GTE Financial CDs

The promotional CDs are available for purchase online and over the phone. Look for the “promo add-on share certificate” for the term that interests you.

You can fund your CD through an electronic transfer from another bank. You can also make your first deposit using a credit or debit card.

There’s no cap on the amount you can deposit, but you can only fund your CD (and make future deposits) with up to $5,000 online. To make initial and ongoing deposits larger than that, you must visit a branch.

About GTE Financial

GTE Federal Credit Union was established in 1935. Since the Great Depression, GTE has supported members throughout the Tampa Bay area. Deposits up to $250,000 are insured by the National Credit Union Administration.

The credit union earned three out of five stars on Bankrate’s latest Safe & Sound Ratings, which measures the financial health of banks and credit unions throughout the United States.