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Financial Rates:
5.0
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Customer Service:
5.0
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Website Experience:
5.0
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Bank Fees:
3.0
Pros:
- Variety of accounts offered
- Competitive interest rates on accounts
- Low opening required amounts
- Add-on option for CDs
Cons:
- Must become a member
- Daily withdrawal limits
- Money market account has tiered rates
- Accounts have monthly maintenance fees
What You Need to Know
There are a variety of accounts available from GTE Financial. They offer personal savings, checking, and money market accounts. They offer personal CDs, loans, and credit cards. They also offer business accounts and accounts specifically for students.
GTE offers CDs and a checking account with competitive interest rates. The rates are competitive with online accounts. These account interest rates are much higher than typical bank rates. To earn the most competitive rate on the checking account, you must meet set requirements. That includes receiving eStatements, having a direct deposit over $500, and 15 debit card transactions each month.
GTE accounts have low amounts required to open. The savings accounts only require $5 to open. To earn interest requires $100. Each of the CD terms require $500 to open. The checking accounts do not have a required amount to open.
GTE Financial CDs offer an Add-On Feature. This allows you to add money any time during the CD term. You must add at least $20 each time you add money to the CD. Sometimes there is a limit of $6,000 you can add to the CD. GTE Financial offers promotions where there is not a cap on the amount you can add to the CD.
Before you can open an account with GTE Financial, you must first become a member of the credit union. You are eligible to join if a family member is a member of the credit union or if you work for a specific company. Your business can join, and living in certain areas makes you eligible to join. If these don’t work, you can join CU Savers, a non-profit educational financial club. There is a one-time $10 fee to become a member.
GTE Financial has daily withdrawal limits. You can withdraw up to $500 per 24-hour period from an ATM. There is a $5,000 limit that you can transfer from another bank into a GTE Financial CD.
The money market account with GTE Financial has tiered interest rates. To earn the most competitive rate on your money requires a balance of $100,000. Balances below this amount earn interest, just not the most competitive rate.
Most GTE Financial accounts have monthly maintenance fees. The checking account fees range from $4.95 to $9.95 each month. The Go Premium checking account has a fee of $4.95. There is no way to waive this fee. You can pay the fee with Go Points, but you cannot waive the monthly fee. There are ways to waive the other checking account fees.
Cool Things
Go Points
This program is a customer loyalty program. Any member older than 16, in good standing, is eligible to earn Go Points. There is not a cost to earn or use go points. You must sign up online for the program. You then earn points on debit and credit card purchases. You earn points by opening new accounts and for specific account features. Points do expire after three years.
History
GTE Financial started in 1935 in the Bay area. It started when GT&E bought the Peninsula Telephone Company. In 1935, they received their credit union charter. By 1958, GTE had more than $1 million in assets. By the 1970s their assets were over $36 million.
In 2012, the name was officially changed to GTE Financial. This year their online banking and website received an overhaul. By 2013, they had over 200,000 members.
Today, GTE Financial is one of the largest credit unions in the United States. GTE Financial has over 250,000 members. They have 23 branch locations and over 30,000 free ATMs.
Awards and Recognition
- Top Workplace in Tampa Bay by Tampa Bay Times in 2018
- Diamond Award from CUNA in 2018
Giving Back
In 2017, GTE Financial awarded 36 high school students’ scholarships. They awarded $90,000 in scholarships. Each of the students received $2,500 towards college.
The GTE Foundation contributes to the Boys & Girls Club, YMCA, and the American Heart Association. Their employees donate time and money to charities around the area. They choose a different charity each month to donate to. Employees of GTE Financial get to help choose what charities they donate to.
Frequently Asked Questions
Yes. GTE Financial is backed by the National Credit Union Association. The NCUA is an agency of the United States government. It protects funds deposited in credit unions, up to $250,000 per customer, per credit union. The money deposited in NCUA insured credit unions means money is backed by the full faith and credit of the United States government.
With debit or ATM cards, electronic transfers, or checks. You can pay people with online bill pay or with Popmoney.
Yes. You can deposit checks with Deposit2GO.
No. Some GTE accounts have monthly maintenance fees. The Go Premium checking account has a fee of $4.95 each month. You cannot waive this fee. The other checking account fees can be waived.
GTE offers a variety of accounts, including business accounts. The interest rates are competitive for most accounts. You must become a member before you can open any accounts. Once you are a member, you are eligible to earn Go Points. Some GTE accounts have monthly fees. One checking account fee cannot be waived.
GTE offers security measures that comply with federal law. Their computers have safeguards. Their buildings and files are secure.
One GTE Financial checking account earns competitive rates. This account has a monthly fee. There is no way to waive this fee. The GTE Financial CDs also offer competitive interest rates.
Yes. They offer business checking and savings accounts. They offer business loans, credit cards, and payment and payroll services.
Some accounts offer more competitive interest rates. You can open GTE accounts online. Once you open the account, everything for the account is online.
One GTE Financial checking account earns interest. The interest is competitive with other online checking accounts. The competitive interest rate is for the first $3,000 of the account. Account balances over $3,000 do not earn interest. This account has a monthly fee of $4.95 that cannot be waived.
By phone, email, mail, live chat, or by visiting a local branch location. You can follow GTE Financial on Facebook, YouTube, Twitter, LinkedIn, and Instagram.
Yes. Bill pay is free with GTE Financial accounts. The only fees are for unpaid accounts and overnight delivery. Basic bill pay is free.
Yes, at a local branch location or at an ATM that accepts cash.
Electronic transfer, direct deposits, and cash deposits are typically available the same day. Other types of deposits may take more time to fund fully. The first $200 of those deposits are available the next business day.
Yes. Money can be directly deposited into GTE Financial accounts.
Bank Contact Information
GTE Financial Member CarePO Box 75028
Chicago, IL 60675-5028
1.888.871.2690
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| Savings (Rate as of 11/21/2024) | |
| APY | 4.00% |
|---|---|
| Rate | 3.92% |
| Min to Open | $0 |
| Min to Earn APY | $0 |
| Monthly Fee | $0.00 |
| Min to Avoid Fee | $0 |
| Checkbook | No |
| Member FDIC | |
| Savings (Rate as of 11/21/2024) | |
| APY | 4.75% |
|---|---|
| Rate | 4.64% |
| Min to Open | $0 |
| Min to Earn APY | $0 |
| Monthly Fee | $0.00 |
| Min to Avoid Fee | $0 |
| Checkbook | No |
| Member FDIC No monthly maintenance fee, $0 to open, easily grow your money | |
The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guarantee the accuracy or availability of any rates shown. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.
All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own website where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.
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1 APY stands for Annual Percent Yield. It's different from Rate because it takes into account compounding interest for the year.
2 MMA stands for Money Market Account. It's a savings and checking hybrid, allowing you to earn interest and use checks 6 times a month.