5 Buzz-Worthy Facts About GE Capital Bank



GE Capital Bank launched its online bank in June and was named a best savings account in the U.S. by MONEY® magazine four months later. (MONEY® magazine, November 2013 © 2013 Time Inc. Used under license. MONEY magazine and Time Inc. are not affiliated with, and do not endorse products or services of, Licensee.)

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A history of innovation

Although the online bank is new, it’s backed by a name that’s been trusted for generations. Since its founding more than a century ago by Thomas Edison, GE and its innovations have changed modern life, from the light bulb to the X-ray machine to household appliances. Today, as part of GE’s global financing arm, GE Capital Bank uses online deposits to fund loans to small and medium-sized U.S. businesses.


A mission of integrity

GE Capital Bank believes in community investment and involvement. For example, GE Capital Bank volunteers provided 100+ hours of mentoring and goal-setting help to students in Utah’s Latinos in Action tutoring program, and our innovative Banking on Women program provides women business owners with training, resources and micro-enterprise loans to transform their lives and make their dreams come true. Overall, GE Capital Bank employees sit on 22+ nonprofit boards and community committees.


How GE Capital Bank operates

GE Capital Bank is an online bank, which means it avoids the cost of operating and staffing a network of traditional bank branches. That’s why it can pass the savings on to consumers with higher interest rates on its deposit products.


How long does it take to set up an account?

It takes about 10 minutes, on average, to open a new FDIC-insured savings account with GE Capital Bank. And, the account holder saves the time of driving to a bank branch, waiting in line, filling out and submitting paperwork, and waiting for the bank to approve and open the account. GE Capital Bank is member of the Federal Deposit Insurance Corporation.