Top Long-Term CD Rates at Garden Savings FCU in New Jersey - Easy Membership

Garden Savings FCU is listing a very competitive yield of 3.00% APY for its CD terms of 4 and 5 years. Minimum deposit is $500. This is listed in the credit union's rates page as of the morning of 9/22/2010.

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.

In my March post on this credit union, a reader mentioned the following regarding membership:

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.

The Newark Museum is listed in the credit union's Field of Membership list. I have not checked with the credit union to see if this is still an acceptable way to qualify for credit union membership. Please check with the credit union before joining the museum. As we have seen with PFFCU, credit unions can often change their policies on membership.

Membership is also 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 overall health score is 4 out of 5 with a Texas Ratio of 5.80% (excellent) based on June 2010 data. Please refer to our financial overview of Garden Savings Federal Credit Union for more details. The credit union is federally insured by the NCUA (Charter # 18710).

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