Even if you’re satisfied with the overall performance of your online savings or money market account, it doesn’t hurt to add a certificate of deposit to your portfolio.
CDs are time deposits, and some of the safest investment strategies available. They typically offer better rates than other types of savings accounts, which is good news if you’re saving up for something big, such as college tuition, a wedding, a house or retirement.
You can open a certificate of deposit with just about any bank. But if you’re looking for a competitive rate and peace of mind, you need an account with GE Capital Retail Bank.
Here are five features of a certificate of deposit with GE Capital Retail Bank.
1. Flexible CD Terms
Savings goals vary from person to person. One account holder might seek a long-term savings solution, whereas another needs short-term options. A CD with GE Capital Retail Bank accommodates both needs, with a variety of flexible terms to choose from, ranging from three to 60 months.
2. Competitive CD Rates
If you compare regular savings account rates offered by banks and credit unions, you’ll discover that many financial institutions pay less than 0.10% APY on deposits. With a GE Capital Retail Bank CD, you’ll not only earn a fixed rate for the duration of your term, you’ll earn a rate that exceeds the national savings account average.
Rates vary based on the term and deposit amount. However, you can expect to earn anywhere between 0.30% APY and 2.25% APY.
3. The Assurance of FDIC Insurance
Like your checking and regular savings account, each certificate of deposit you open is federally insured up to $250,000.
4. Minimum Deposit Requirement
A CD with GE Capital Retail Bank requires at least a minimum opening balance of $2,000. At the end of your CD term, the bank returns your deposit, along with any interest earned during the term. This type of savings vehicle encourages you to leave your savings undisturbed, as early withdrawals could incur a penalty.
5. Free Identity Theft Protection
The bank is committed to helping its customers protect their information and their money. Open a GE Capital Retail Bank CD, and you’ll have access to a range of security features, including multi-factor authentication and complimentary identity theft assistance through Identity Theft 911.
How to Get Started with GE Capital Retail Bank
A certificate of deposit is one of the simplest tools to reach short- and long-term goals. Get started today and open your account in four easy steps.
Visit the bank’s website to complete an application, or log into your account if you’re an existing customer. Choose the desired CD product, and then fund your account.