GOBanking Rates Score
Quick take: Genisys Credit Union offers many financial products to Michigan residents. It has a mobile app as well as online banking, and it is popular among its clientele for its 24/7 support.
- CD prices
- Savings and checking
- Banking experience
- Overdraft fees
How did we calculate this?
- 30,000 free ATMs
- High customer satisfaction
- Multiple financial products
- Branches, online banking and mobile app
- Not available nationwide
- Low APY on basic checking and savings accounts
- Overdraft fees
Genisys Credit Union Overview
Genisys is a Michigan-based credit union with over 200,000 members. It operates 32 branches, offers 30,000 fee-free ATMs, and has mobile and online banking functionality. Genisys members have access to several services including:
- Debit and credit cards
- Mortgages and Home Improvement Loans
- Car and boat loans
- Personal and student loans
- Debt Consolidation
- Savings and checking accounts
- retirement planning
- Life and car insurance
- Investment services
How Genisys Earned Its Scores
Here is a breakdown of the categories that have been rated by GOBankingRates.
Genisys has an equity savings certificate program that allows its members to earn interest. The rate of the certificate of deposit is the interest which is accrued and becomes refundable after a fixed period.
Genisys offers CD pricing for four categories: special certificates, term certificates, jumbo certificates and flexible certificates. For term certificates and special certificates, a minimum of $500 is required.
The special certificate is promotional and non-renewable. It has one of the most attractive rates for a period of 25 months.
Flex certificates start from as low as $100, but a penalty is incurred for early withdrawal. Clients can make additional deposits during the term of the flexible certificates.
The most conventional option is a fixed term certificate. Genisys offers terms between 6 months and 5 years with variable rates — the 6-month CD offers an APY of % and the 1 year CD offers a 0.00% APY, with rates generally increasing as duration increases.
The final CD option is jumbo certificates, also known as IRA certificates. These are CDs for deposits of $100,000 or more. Jumbo certificate prices for each term are usually slightly higher than typical term CDs.
Genisys offers several different savings accounts, including Share Savings – their basic savings account – High Yield Youth Savings, Holiday Savings and You Name It Savings. The Equity Savings Account offers an APY of 0% and requires a minimum balance of $5 — other savings accounts do not require a minimum balance. These four savings accounts pay dividends quarterly.
For the youth savings account, interest only accrues on the first $500 deposited. It’s a great starting point for children and teens to learn about managing their finances, and Genisys also offers a number of financial education resources for young people.
The Genius High Yield Chequing Account allows customers to earn up to %APY on the first $7,500 in an account. To be eligible, users must do the following:
- Open a checking account and upgrade to Genius High Yield Checking.
- Sign up for eStatements.
- Get a Genisys Mastercard debit card.
- Use the debit card for a minimum of 10 transactions worth at least $5 per month.
This checking account makes Genisys attractive to users with balances of $7,500 and below. Genisys High Yield customers will earn a much lower APY on balances above $7,500. It also offers a low interest checking account and a basic checking account with no APY.
If a customer is looking to earn more with balances above $7,500, traditional banks may offer more attractive rates overall.
The banking experience of most Genisys customers is positive. Based on over 11,000 reviews on the App Store and over 1,800 reviews on Google Play, the mobile app has received 4.8 stars and 4.7 stars respectively.
Some members complained about the user interface, but the combination of local branches and 24/7 digital support led to a satisfying experience for the majority.
Customers pay overdraft fees in the event that there are not enough funds available to cover a transaction. Genisys Credit Union will allow overdrafts for checks, ACHs, and automatic bill payments. It does not allow overdrafts for debit card transactions unless otherwise instructed.
The fee structure works as follows:
- If the transaction amount is less than $5, no overdraft fee applies.
- If the account is overdrawn by less than $5, no overdraft fee applies.
- All other transactions that result in Genisys paying an overdraft will incur a $28 fee.
- Genisys will pay a maximum of five overdraft fees per day.
Genisys Credit Union vs Competitors
It’s always a good idea to weigh the performance of other credit unions in the area.
|Genisys Credit Union||24/7 customer support|
|Lake Michigan Credit Union||Verify Accounts|
|credit union one||Investment services|
|Community Choice Credit Union||Rewards for new members|
Genisys Credit Union vs. Lake Michigan Credit Union
Lake Michigan Credit Union has an APY for its Max checking account of 0.00% — less than % on Genisys Genius Checking, but LMCU applies this APY to the first $15,000 in the account, much more than Genisys’ $7,500. However, Genisys performs better when it comes to CD rates.
Genisys Credit Union vs. Credit Union One
Credit Union One offers credit cards with no annual fee, as well as more comprehensive solutions for investment services. However, it lacks the debt consolidation services provided by Genisys.
Genisys Credit Union vs. Community Choice Credit Union
Community Choice Credit Union is offering a $50 bonus to new members and a $500 credit for home equity loan closing costs. Genisys, on the other hand, offers life insurance products, while Community Choice does not.
Genisys is a good option for citizens of Michigan and surrounding states. However, there may be cheaper alternatives available with lower overall fees with traditional banks and online-only neobanks. For high-net-worth individuals in particular — due to the $7,500 cap on its high-yield checking account — Genisys may not be the best choice for all financial needs.
Some of the most frequently asked questions about Genisys and its services are answered below.
- What company owns Genisys Credit Union?
- As a credit union, Genisys is not owned by a legal entity. Instead, it belongs to its members. This model means that Genisys does not operate like a normal bank that aims to maximize returns for shareholders. All benefits are returned to its members.
- Can credit unions seize your money?
- Deposits with credit unions are as safe as they are with a bank. Credit unions are federally insured by the National Credit Union Administration, which protects member funds for up to $250,000 in the event of business bankruptcy.. Genisys is financially sound, having received BauerFinancial’s highest rating – a five-star rating – for security and soundness.
- Can I open a Genisys account online?
- Yes. Opening a Genisys account is completely free, and it has online and mobile banking compatibility for customers.
- How long has Genisys Credit Union been around?
- Genisys has been in business since 1936. For the most part, it operates in Michigan, but people from certain areas of Minnesota and Pennsylvania can also become members..
Rates are subject to change; unless otherwise specified, prices are updated periodically. All other account information is accurate as of May 25, 2022.
Editorial Note: This content is not provided by Genisys Credit Union. Any opinions, analyses, criticisms, evaluations, or recommendations expressed in this article are those of the author alone and have not been reviewed, endorsed, or otherwise endorsed by Genisys Credit Union.
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