On-line Saving

[Spanky]

Seems to be a good deal: 1.05% APY for online saving from GE Capital Bank.
https://www.gecapitalbank.com//savin...ECB-UYB7148379

do not see any gotcha - any comments?

[Dash man]

I've had the bulk of my cash with them for a while. No complaints from me other than they don't do trust accounts.

[sengsational]

The only potential gotcha that I see is "Rate is variable and may change after the Account is opened", but they probably won't slash it all at once...but they might nibble away at the rate. I tried to look-up the history of their rate on https://www.depositaccounts.com/chec...-accounts.html but GE wasn't on there (that I could find).

[meierlde]

Quote:

Originally Posted by sengsational The only potential gotcha that I see is "Rate is variable and may change after the Account is opened", but they probably won't slash it all at once...but they might nibble away at the rate. I tried to look-up the history of their rate on https://www.depositaccounts.com/chec...-accounts.html but GE wasn't on there (that I could find).

Try Metlife as it was the name before the organization moved from Metlife to GE.

[Dash man]

Quote:

Originally Posted by sengsational The only potential gotcha that I see is "Rate is variable and may change after the Account is opened", but they probably won't slash it all at once...but they might nibble away at the rate. I tried to look-up the history of their rate on https://www.depositaccounts.com/chec...-accounts.html but GE wasn't on there (that I could find).

I opened my account with them a little over a year ago and the rate recently increased to 1.05%. Money can always be moved if they reduce the rate below competitors rates.

[Options]

Wish they had a deposit electronically by mobile phone option like others do.

[Spanky]

Quote:

Originally Posted by Dash man I opened my account with them a little over a year ago and the rate recently increased to 1.05%. Money can always be moved if they reduce the rate below competitors rates.

good point as long as no restrictions exist.

[kaneohe]

Quote:

Originally Posted by meierlde Try Metlife as it was the name before the organization moved from Metlife to GE.

I thought Metlife was the source of GE Capital Retail Bank, not GE Capital Bank?

[BTravlin]

I've had an account with them for about a year and all has gone well. Interest rate during this time has gone from .9% to 1.05%.

[harley]

I spent some time playing chase the rate, setting up accounts at Ally and Discover. Their rates tend to be significantly higher than the brick and mortar banks. But the rates do fluctuate, and it takes paying attention to constantly be in the highest available. It's just not worth the effort to keep checking the rates, especially since the difference between .9% and 1.05% on a $100K CD is only $150/year. I can make that difference up by not eating out a couple of times.


I doubt this will happen, as it's not in the banks best interest, but it would be nice if you could set up a text or email alert letting you know when the rates change.

[Chuckanut]

We are in interesting times when 1% is considered a good rate.

That said, I am getting about 0.9%, which is much better than my local banks and credit unions.

[jon-nyc]

Another happy customer here. The rate went down a tad, then came back up.

[mn54]

I also have had an account with ge for some time. They historically have had very competitive rates. never had any problem with them.

[eta2020]

Quote:

Originally Posted by Spanky Seems to be a good deal: 1.05% APY for online saving from GE Capital Bank. https://www.gecapitalbank.com//savin...ECB-UYB7148379 do not see any gotcha - any comments?

They have good rates.

It is online banking only. Do not expect that they will hold your hand but you will get a nice high rate.

[NotOldYet]

UFB direct 1.25% on deposits larger than 50k and FDIC insured.


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[MBSC]

Quote:

Originally Posted by NotOldYet UFB direct 1.25% on deposits larger than 50k and FDIC insured.

I found following for UFB Direct.

10/09/14 - 1.25% APY
03/02/15 - 1.10% APY
03/16/15 - 0.95% APY

[NotOldYet]

Quote:

Originally Posted by SCGamecock I found following for UFB Direct. 10/09/14 - 1.25% APY 03/02/15 - 1.10% APY 03/16/15 - 0.95% APY

Yep, they dropped it. Just got my monthly interest payment and its reflecting the new rates. Time to move my slug of cash back to GE. I've been trying to keep significant dry powder in case of a good pull back.

[Debinnov a]

I've already started the process to purchase five year CD at Syncrony at 2.25. I can't remember exactly, but I think she told me early withdrawal penalty is 6 months interest. Not great, but not a lot of options right now. Getting 4 separate CDs just in case I need money early, but shouldn't be necessary.

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[audreyh1]

Quote:

Originally Posted by Debinnov a I've already started the process to purchase five year CD at Syncrony at 2.25. I can't remember exactly, but I think she told me early withdrawal penalty is 6 months interest. Not great, but not a lot of options right now. Getting 4 separate CDs just in case I need money early, but shouldn't be necessary. Sent from my KFJWI using Tapatalk

That's usually the best you can expect for a five year CD. With many you lose 12 months of interest.

[hesperus]

I've had over 300K in online GE Capital for over a year, and am quite pleased. I researched a number of online banks, and read reviews before going with GE. I was tired of parking large amounts of cash in brokerage sweep accounts that draw next to nothing. Like another poster has said, the rates have gone from .9% to 1.05% in a year. They seem to be very quick with the rate changes. It's a good place to keep the powder dry. I have the account electronically linked to my brokerage, and cash transfers take about 24 hrs to clear.