Bright Horizons Newsletter

Take advantage of hot summer deposit rates

Temperatures aren't the only thing rising this summer. Leverage higher deposit rates and start growing your money with confidence. We offer many ways to earn more on your money without breaking a sweat. Read up on your options below, then open your account online in minutes or in-branch alongside a GECU team member.

High-yield savings account

A high-yield savings account, like a Thrive account, is a great way to set aside funds for both short- and longterm goals. That's because you'll earn a higher rate on your money while maintaining the option to add to your balance or take from it as needed.

Certificates

Certificates are another powerful way to grow your savings with the safety of a guaranteed return. Simply open one with an initial deposit, then earn! You can withdraw the funds at the end of the certificate's term or reinvest the funds into another certificate to continue saving. This makes them perfect for long-term goals because they remove the temptation of spending funds mid-way through your savings progress. As a result, certificates can actually help you establish better financial habits.

Discover how certificate laddering can help you maintain greater flexibility over your funds on page 3.

Interest-earning checking account

Make your spending account part of your earning strategy. With our Choice and Amplified High-Yield checking accounts, you'll earn interest on your balance. Both accounts have multiple rate tiers that reward you with a better rate for growing your balance. Over time, adding to your balance may help you meet the threshold for a new tier. Enroll in our Round-Up1 program and we'll round up your debit card purchases to the nearest dollar and deposit them into a Thrive account!

Save with confidence

You can save and spend with confidence knowing your funds are insured by the National Credit Union Administration by up to at least $250,000. Schedule an appointment with a dedicated team member to go over your options and ways to extend this coverage.

Member eligibility required. 1Round-Up: Is available with a General Electric Credit Union (GECU) Simple Free, Choice, or Amplified High-Yield Checking account and GECU savings or money market account. Upon enrollment in Round-Up and when using your GECU debit card (provided with your GECU checking account), we’ll round up each purchase to the nearest dollar

savings account of choice daily. The 5% savings boost match will be paid on the sum of rounded up transfers at month

1099. We may cancel or modify the Round-Up service at any time without prior notice. Round-Up is not

A message from our President and CEO

As we crest the halfway point of the year, our GECU teams are working hard to serve everyday financial needs and strengthen all areas of the Credit Union. We are actively elevating our first-rate organization in ways we could have only imagined previously, all to deliver you the best that banking has to offer. While at the same time, we remain in an extraordinarily healthy financial position with strong capital. Further, we are well-aligned for the future as one of the strongest credit unions in the country. Thank you for your continued trust and loyalty as a GECU member, and for giving us the opportunity to partner with you through all of life’s moments.

It's been a busy year so far with a host of projects and initiatives. In June, we introduced Zelle® as our new person-to-person money transfer system. Zelle® is a fast, safe, and secure way to send and receive money between friends, family, and others. The transition to this platform further demonstrates our commitment to enhancing the member experience. Likewise, we’ve expanded the capabilities of our Interactive Teller Machines (ITMs), equipping them with industryleading technology giving you total

Timothy D. Ballinger

access to your accounts, any time of the day. With our current ITM enhancements, this represents the biggest evolution of ATMs since their invention in the 1960s, further solidifying our position as a leader in banking technology. I’m pleased to announce a new GECU branch is on the horizon as we recently closed on a location in Dent for our much-anticipated West Side branch. Stay tuned in the months ahead for more updates about this exciting development as construction begins.

Along with product and service enhancements, we’re continuing to grow our presence and impact in the community. In May, we celebrated the Cincinnati Zoo’s Zoo Babies event as a presenting sponsor for the second consecutive year. Several team members represented GECU at the Zoo on Mother’s Day, providing fun giveaways and surprises to moms and their families. Team members have also remained engaged on the giveback front. Through our GECU Cares events – helping organizations

Celebrating the life of Pat Taylor

We are saddened by the passing of our former CEO, Pat Taylor, who held numerous positions at the Credit Union before retiring as CEO in 2015. During his tenure, Pat led the Credit Union with a “members first” philosophy and realized tremendous growth and many accomplishments. Over his 57 years of service, he helped grow GECU from $20 million to nearly $2 billion, and from 13,000 to over 139,000 members—transforming it into one of Ohio’s largest credit unions. Pat's dedication to members, steadfast leadership, and zest for life are all a part of his legacy. Our thoughts, prayers, and deepest condolences are with his family and loved ones during this time.

such a Hope’s Closet, the NEST Community Learning Center, The Cure Starts Now, Meals on Wheels, and many others – as well as team members’ own individual efforts, we’ve dedicated more than 650 hours of service in the community this year. I would also like to recognize and congratulate the eight high school seniors who were selected for this year’s Robert A. Cunningham Memorial Scholarship. Read page six to learn more about these remarkable students, all of whom reflect the spirit of volunteerism in their own unique way.

As you can see, 2023 has been an eventful year, and we certainly have no intention of slowing down. I look forward to gathering more momentum through the remainder of the year – and beyond. Whether you’ve been a GECU member for just a few days or several years, we appreciate you being on this journey with us.

...a new GECU branch is on the horizon as we recently closed on a location in Dent for our much-anticipated West Side branch.

4 Money tips for a stress-free vacation

Your flight is booked, your bags are packed, and you’re ready for your summer vacation. Enjoy the well-deserved time away with these wallet-friendly tips.

Create a budget and stick to it. Decide how much to spend on food, souvenirs, and entertainment before you book your trip. Be disciplined, but realistic; and be sure to allow for one special splurge. That’s what vacations are for!

Access cash for whatever your trip brings with GECU’s network of nearly 100,000 fee-free ATMs nationwide.3

Pay with a credit card. Rack up cash back or points with select GECU credit cards. Simply pay off your balance in full to avoid paying interest on the amount. Plus, feel good knowing Zero Liability®4 protects you against unauthorized purchases. Find your match at: gecreditunion.org/credit-cards.

1Zelle: U.S. checking or savings account required to use Zelle®. Transactions between enrolled consumers typically occur in minutes. 2Mobile App: We provide Online Banking and our mobile app to you for free; however, mobile and internet data charges may apply. Must have a bank account in the U.S. to use Zelle® 3In-Network ATMs: Our ATM network is fee free for withdrawals for GECU debit cardholders. In-network ATMs include: GECU, Allpoint, MoneyPass, CULIANCE, and Fifth Third ATMs. Foreign transaction fees apply to out-of-network ATMs, see Fee Schedule for details. 4Zero Liability: If you suspect there has been unauthorized use of your GECU credit card, promptly contact Cardholder Services at 800.542.7093. You will not be liable for use that occurs after you notify General Electric Credit Union and/or Cardholder Services of the loss, theft, or possible unauthorized use. See your card's terms and conditions. | Zelle® and the Zelle® related marks are wholly owned by Early Warning Services, LLC and are used herein under license.

Certificate laddering: guaranteed growth, enhanced flexibility

A certificate gives you the power to grow your savings with the safety of a guaranteed return. One certificate strategy that will help you maintain greater access to your money is certificate laddering.

How it works

Start by investing any amount you decide into certificates with differing term lengths. When your certificate reaches maturity, you can reinvest your principal plus the earned interest into one with a longer term to capture a higher rate. Or, if you need to free up funds, you can withdraw the balance.

For example, open three $500 certificates with a 1- 2- and 3-year term. By reinvesting the funds from the 1-year certificate into a 3-year certificate, the 2-year certificate into a 3-year certificate, and the 3-year certificate back into another 3-year certificate, you’ll have one certificate reaching maturity every year for the next six years. This gives you regular access to $500, plus any interest earned, at set intervals. Plus, the flexibility to decide whether to withdraw or reinvest the funds.

In year 1, put equal amounts into a 1-, 2-, and 3-Year Certificate

1-Year Certificate matures, reinvest into 3-Year

2-Year Certificate matures, reinvest into 3-Year

3-Year Certificate matures, reinvest into 3-Year

1-Year Cert 2-Year Certificate 3-Year Certificate 3-Year Certificate 3-Year Certificate 3-Year Certificate

Years

Take advantage of certificate laddering and GECU’s 60-day rate guarantee.1

3 Must-have features for a high-yield savings account

1. Great rate

Earn over

10x an ordinary savings account1

You’ll want a high-yield savings account with a competitive rate, as this will ultimately determine how much you can earn off your balance.

2. Convenient access

GECU members have access to a network of nearly 100,000 free ATMs and ITMs.2 Plus, Online Banking and our mobile app3 keep access to your funds at your fingertips.

3. Extras

Access and a great rate aren’t the only selling points. No minimum to open, no monthly maintenance fees, seamless automatic transfers and deposits, and insurance coverage are also important. Your GECU deposits are insured up to at least $250,000 by the National Credit Union Administration.

Grow your balance with confidence

Open a Thrive Money Market account today and securely save with easy access and convenience.

Sit back, relax, and learn

With GECU’s selection of webinars, you can learn about topics important to you, like: budgeting, saving for college, estate planning, and retirement—all from the comfort of your home. Join an upcoming webinar virtually for a chance to ask the experts or watch past webinars on-demand through our YouTube channel.

Find us on YouTube: @generalelectriccreditunion

Ready to make a career change?

Looking for generous benefits, competitive pay, and the opportunity to make a positive impact on people’s lives? Join the GECU team!

Learn more about our career opportunities and apply at: gecreditunion.org/careers

General Electric Credit Union is an equal opportunity employer.

Scan to see upcoming webinars

Make a plan for your inheritance

Have you heard of the Great Wealth Transfer? This term refers to the more than $68 trillion in wealth Baby Boomers are predicted to pass on to their children.1 If there’s an inheritance coming your way, it ’s important to have a plan for the funds.

1. Finance something important

You’ll feel good spending the money on something that has a lasting impact on your financial future, like a down payment on a home, funding your emergency savings or retirement account, building a business, or reducing debt to improve your financial position.

2. Grow it – while protecting it

High-yield savings accounts and certificates allow you to earn interest off your balance, making the value of your inheritance stretch even further. Visit: gecreditunion.org/thrive or gecreditunion.org/certificates to learn more.

3. Invest it

Another option is to invest a portion of your funds. While gains aren’t guaranteed, stocks have shown to yield generous annualized returns over time. 2

You don’t have to wait for an inheritance to start planning. We’re here to offer guidance and solutions to help you plan and achieve your specific goals.

1CNBC What the coming $68 trillion Great Wealth Transfer means for financial advisors , 10.21.2019

2The Balance Pros and Cons of Investing in Stocks, 3.30.2022 *Non-deposit investment products and services are offered through CUSO Financial Services, L.P. (“CFS”), a Registered Broker-dealer (Member FINRA/SIPC) and SEC-registered Investment Advisor. Products offered through CFS: are not NCUA/NCUSIF or otherwise federally insured, are not guarantees or obligations of the Credit Union, and may involve investment risk including possible loss of principal. Investment Representatives are registered through CFS. GECU has contracted with CFS to make non-deposit investment products and services available to Credit Union members.

Homebuying with GECU has never been better

If you've been thinking about buying a home, you’ve likely started saving for a down payment. But there’s an additional factor to consider when purchasing a home – closing costs. Closing costs include expenses you pay upfront, such as:

• The underwriting fee or processing fee

• The appraisal fee

• Title costs

As you can imagine, all the above can get pricey. Thankfully, GECU’s low closing cost options can help you get in the door of your perfect home for a lower upfront cost.

750 Closing Cost Special*

$

Scan the QR code to read a Q&A with GECU’s Mortgage Loan Originator, Brandon Wheatley, for a deeper dive on closing costs.

Sunny days ahead: teaching kids to save

It’s summer break, but that doesn’t mean your child’s learning opportunities have to stop! Set them up for financial success and teach them to save with the following age-appropriate methods.

Pre-school

Keep things simple for this age group and focus on hands-on activities, such as games that help them learn and identify the different types of coins. Consider providing a piggy bank to collect their coins and encourage saving.

Elementary school

These are crucial years for your child’s long-term financial well-being. Set an example by practicing and sharing good saving habits. You could also introduce the concept of budgeting by pairing it with an allowance system or encouraging your child to save a portion of monetary gifts from celebrations like birthdays.

Middle school

Your child may be ready to brainstorm, plan, and budget for savings goals. Offer them guidance and additional allowance opportunities around the house to help them succeed.

High school

Between the ages of 15 and 16 is when many kids get their driver’s license and land their first job. If your child works, encourage them to save a portion of their paycheck to use toward a goal, such as purchasing a new car or funding a higher education. You can even match their savings if doing so is realistic for you.

At GECU, you and your child have access to free resources like online calculators, blog content, and webinars. View these educational tools at: gecreditunion.org/learn.

Congrats to our 2023 scholarship winners

Each year we select five exceptional high school students for the Robert A. Cunningham Memorial scholarship program. The TriState is so full of bright students with a passion for volunteerism that we decided to choose eight this year instead! Hats off to our winners, who will each receive a one-time scholarship of $2,000.

Coralynn Bertsch Bishop Brossart High School

Sam Hawkins St. Xavier High School

Anna Johnson Lebanon High School

Lainey Hill Lakota East High School

Carter Flora Turpin High School

Chelsey Hair Ross High School

Tiyasa Chakraborty William Mason High School

Tahlia Little Loveland High School