GE Capital Retail Bank Reviews - Pros and Cons of Using GE Retail Bank (Savings / CD)

Last year, we published our annual review list of top 12 banks providing high yield savings accounts.

For various reasons, GE Capital Retail Bank was not included on our list of top 12 banks, and we have received numerous emails from our users asking why.

GE Capital Retail Bank Reviews (GE Capital Bank vs. GE Capital Retail)
GE Capital Retail Bank Rates

Below is a detailed review of GE Capital Retail Bank, including the various pros and cons that we discovered during our analysis.

Also included in our review is an overview of the bank's high yield CDs, money market and savings accounts.

Clarification (GE Capital Bank Vs. GE Capital Retail Bank)

There seems to be a lot of confusion amongst consumers and reviewers about the differences between GE Capital Bank and GE Capital Retail Bank. 

Special thanks to Gene P. (one of our readers), who brought this difference to our attention.

  • GE Capital Bank (Previously GE Money Bankis a Utah state-chartered industrial bank owned by General Electric Capital Corporation. An industrial bank is a type of bank that is authorized to accept most types of deposits (other than demand deposits). GE Capital Bank recently reported over $15.3 billion in total assets and is much smaller than GE Capital Retail Bank.
     
  • GE Capital Retail Bank (formerly MetLife Bank) is a federal savings bank headquartered in Draper, Utah and has over $33.4 billion in total assets.

    After the 2007 - 2009 financial crisis, MetLife Corporation decided to exit the banking business and divested its banking unit to GE. That banking unit was renamed GE Capital Retail Bank
GE Capital Bank Versus GE Capital Retail Bank
 
Both of these banks are owned by GE.
 
So how come GE decided not to integrate the two entities into one? 
 
Most likely because GE wants to continue the MetLife operations as a separate entity (for now).
 
If both banks are merged, then existing MetLife customers will be required to get new checks, new debit cards, new credit cards, etc. 
 
Also, GE Capital Bank provides free savings accounts and higher interest rates, but GE Capital Retail Bank has more account options. 
 
GE Capital Retail Bank Review – Pros, Cons, Rates and Analysis
  • Products and Services
  • Rates and Yields
  • Pros and Benefits
  • Cons and Complaints

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  • Products and Services

GE Capital Retail Bank provides specialized services to both retail customers (individuals like you and me) and to large commercial business clients.

Products for Retail Clients include:

  • High yield savings / money market accounts
  • High yield CDs
  • Credit cards
  • Loans

Products for Commercial Clients include:

  • Equipment leasing and lending
  • Inventory finance
  • Corporate financing
  • Restructuring finance
  • Commercial real estate

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GE Capital Retail Bank Reviews | Pros and Cons | Rates, Online Savings, CDs

 

  • Rates and Yields

GE Capital Retail Bank Reviews - CD Rates
GE Capital Retail Bank Reviews - Savings Rate

GE Capital Retail Bank Reviews - Money Market Rates
GE Capital Retail Bank Reviews - Money Market Rates

GE Capital Retail CD Rates and Terms
GE Capital Retail Bank CD Rates and Terms

* All rates / yields shown on this article are accurate as of 12/5/2013 and are subject to change at any time without notice.

See Also:

American Express Savings Review. Pros and Cons of Using Amex Savings Bank

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And, just in case you were wondering, below are the rates being offered by the other GE bank (GE Capital Bank)

GE Capital Bank Rates
GE Capital Bank Rates

Okay, back to GE Capital Retail

  • Pros / Benefits - GE Capital Retail Bank
    • Highly competitive savings, CDs and money market rates
    • Minimum balance required to open a savings account is only $50
    • Minimum balance required to avoid a monthly service fee is only $50
    • The bank’s website is easy to use with quick bill payment setup and automatic transfers
    • Minimum balance required to open a money market account is $0

Pros and Benefits - GE Capital Retail Bank - Reviewd

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  • Cons / Complaints - GE Capital Retail Bank

When we conducted our earlier review to determine the top 12 best banks, we started out with a comprehensive list of over 1442 financial firms.

We narrowed the list down with the below rounds of ranking / comparison criteria:

  1. $0 monthly fees
  2. $0 minimum balance
  3. High yield rates
  4. Customer service satisfaction
  5. Reviews posted by existing or previous customers
  6. General performance level

Con #1: Monthly Fee Minimum Requirements

GE Capital Retail Bank was eliminated from our list of top high yield banks, as it did not pass the 1st threshold requirement: $0 monthly fees.

The bank requires you to maintain a $50 balance to avoid a $5 monthly fee on the savings account.

Some would argue that the savings account's $50 requirement is relatively small compared to other banks that require you to leave thousands of dollars in your account each month to avoid a monthly fee.

However, from the comprehensive banking review that we conducted, we discovered that customers in general frowned upon any form of monthly fee or required balances.

Even a $5 minimum requirement (as is required by some banks) was enough to make some consumers choose a different bank – despite the same customers stating that they always maintained hundreds or thousands of dollars in their account each month.

In other words, even though most consumers could easily meet the minimum requirements, they would rather have an account with a bank that does not require a minimum.

Con #2 (Money Market Balance):

For its Money Market accounts, you are required to maintain a $1,500 minimum balance to avoid a $15 monthly service charge.

Con #3

 GE Capital Retail Bank does not currently offer checking account services.

- Ogbe Airiodion (MarketConsensus Contributor and Editor)

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