Dedicated to Deposits: Deals, Data, and Discussion
Garden Savings Federal Credit Union1.76%$500-5 Year Share Certificate
Garden Savings Federal Credit Union1.51%$500-4 Year Share Certificate
Accounts mentioned in this post. Rates as of August 29, 2014

Competitive 5-Year CD Rate at Garden Savings FCU in New Jersey - Easy Membership


Garden Savings Federal Credit Union

Garden Savings Federal Credit Union continues to offer a competitive 5-year CD rate with a 2.26% APY. Minimum deposit is $500. The 4-year CD is a little less competitive with a 2.06% APY. These rates are listed in the credit union's rates page as of 9/15/2011.

The 5-year CD rate is not the best, but the early withdrawal penalty helps to make up for this. 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.

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.

Garden Savings FCU branches are located in Parsippany, Newark, Whippany, Montville and Morristown, NJ.

The credit union's overall health score at is 4 stars (out of 5) with a Texas Ratio of 13.06% (above average) based on June 2011 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

Related Pages: Garden Savings Federal Credit Union, CD rates, New Jersey

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Comment #1 by Anonymous posted on
$50 for membership to the museum for qualification to join the cu? Certainly a deal killer for those that can't otherwise qualify. Better described as easy, but not inexpensive, to join.

Comment #2 by Anonymous posted on
I have two five year CD's with them that I opened about a year ago and I opened them because of the 90 day penalty, but my CD's do say "If we allow it the early withdrawal penalty will be 90 days". I did get a something in writing by email that said you can close it whenever.

Comment #3 by pearlbrown posted on
The 2.26%APY is a rate of 2.235%.   For the sake of comparison, if one joins the museum only to be able to obtain the rate at the credit union, following is the effective rate and yield at various investment amounts. 
                          Value of          Effective value of CD
Amt in 5 yr CD     matured CD     (net of $50 membership)  Net rate    Net APY
1,000                      1,118                      1,068                 1.3           1.31
1,0000                    11,178                    11,128                2.14         2.16
25,000                    27,946                    27,896                2.19         2.21
100,000                  111,812                  111,762               2.22         2.25