Garden Savings FCU is listing a very competitive yield of 3.75% APY for its CD terms of 48 and 60 months. Minimum deposit is $500, and new money is required. This is listed in the credit union's rates page as of 3/31/2010.
Below the rate table it states that the early withdrawal penalty is 90 days dividends earned. This is a mild penalty. Most institutions charge at least 180 days of interest.
Membership is open to those who live, work, worship, or attend school in Newark, Elizabeth, or Jersey City. In addition, you can be eligible to join via Select Employer Groups and via family. Please refer to their membership page for more details. Membership requires a minimum deposit of $5 into the share savings account.
Branches are located in Parsippany, Newark, Whippany, Montville and Morristown, NJ.
The credit union's ratings for safety and soundness are above average: 5 stars (superior) at BauerFinancial (based on 12/31/09 data) and 3 stars (performing) at Bankrate.com (based on 9/30/09 data). The credit union is federally insured by the NCUA (Charter # 18710).