Dedicated to Deposits: Deals, Data, and Discussion

3.75% 48-Month CD at Garden Savings FCU in New Jersey - Local Only


Garden Savings Federal Credit Union

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 (based on 9/30/09 data). The credit union is federally insured by the NCUA (Charter # 18710).

  Tags: Garden Savings Federal Credit Union, CD rates, New Jersey

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Comment #1 by Wil (anonymous) posted on
I happened to notice this yesterday, when I checked, and then double checked the credit union's website. It is a tempting deal, and since I work in Jersey City, I'm eligible to join this credit union. But the four year term is just a little too long for me (I'm contemplating paying off my mortgage in full in late 2013, and am planning the maturities of my CDs accordingly). Your mention of the mild early withdrawal penalty has me reconsidering though. I have never before withdrawn money from a CD early, but these are unconventional times given the deplorably low interest rates.

Comment #2 by KGT (anonymous) posted on
Is my math correct hat if held one year the rate on this is 2.8125? 

Comment #3 by johnb (anonymous) posted on
Membership in this credit union is actually nationwide.  If you become a member of the Newark Museum (for $50)  you can join the credit union, and Museum membership has no geographical restrictions.  I did so and I live 3000 miles from the nearest branch of Garden Savings.  Unfortunately, they have cut their cd rates considerably since March.