Garden Savings FCU continues to offer competitive long-term CD rates. The best is a 5-year CD rate of 2.56% APY. Other ones include a 2.01% APY 3-year CD and a 2.27% APY 4-year CD. Minimum deposit is $500. These rates are listed in the credit union's rates page as of 3/24/2011.
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. Because of this small penalty, this 5-year CD compares favorably with Ally Bank's 5-year CD when closed early. Ally has an advantage when closed before 2 years. From 2 years to maturity, this Garden Savings CD has a slight advantage. I have more details in my post on comparing CDs and early withdrawal penalties.
In my 2010 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. It's a good idea to check with a credit union before joining an organization. As we have seen, credit unions have changed 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 at DepositAccounts.com is 4 stars (out of 5) with a Texas Ratio of 7.95% (excellent) based on December 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).
Searching for the Best CD Rates
To search for the best nationwide CD rates and the best CD rates in your state, please refer to the CD rates section of DepositAccounts.com.