GE Capital Bank is an online bank that's chartered in Utah. Its owner, General Electric Capital Corp., a division of General Electric Co., launched this institution in June 2013.
The bank uses consumer deposit accounts to fund loans and leases for commercial customers. This strategy allows it to provide affordable financing to small and mid-sized customers and competitive interest rates to depositors.
Because the bank is Internet-based, customers can view their account balances and pending transactions, set alerts to track their account activity and transfer money from anywhere that has an Internet connection. They also can peruse their statements online by choosing the paperless option.
Headquartered in Salt Lake City, Utah, GE Capital Bank was named one of the best savings accounts in the U.S. in MONEY Magazine's Best Banks 2013 list.
GE Capital Bank offers two types of products: online savings accounts and CDs. The associated interest rates well exceed the national averages as of this writing -- please see the tables below for the current rates -- and all accounts are FDIC-insured to the maximum amount of $250,000 per depositor.
Interest-bearing savings accounts pay a variable rate. Interest is compounded daily and paid monthly. Account holders are allowed a maximum of six withdrawals per month. No minimum deposit is required to open a savings account, but the maximum amount that can be held in an account is $1 million.
GE Capital Bank's product line contains an array of CD terms. Customers have their choice of 10 options that range from six months to six years. A $500 deposit is required to open a CD, but no more than $1 million can be put into one CD.
One unique feature of GE Capital Bank's CDs is their 10-day CD Rate Guarantee, which means that customers can lock in their CD at the highest annual percentage yield that's offered within 10 days of opening the account. At any time during the term of the CD, customers can withdraw interest from the account without incurring a penalty, but penalties apply for withdrawing any principal funds from a CD.
Neither the savings account nor the CDs have any transaction fees associated with them.
To qualify for an account at GE Capital Bank, customers must have an existing bank account at another financial institution. Anyone interesting in opening a savings account or CD -- multiple accounts are allowable -- can get started by registering online. Applicants will need to provide their Social Security number, date of birth (account owners must be at least 18 years old), email address and U.S. street address (no post office boxes allowed).
If approved, they'll need to deposit a check or transfer funds electronically or via wire transfer into their new account. Customer service can be reached either online via email or by telephone.