Dedicated to Deposits: Deals, Data, and Discussion
Garden Savings Federal Credit Union0.40%$500-6 Month Share Certificate
Accounts mentioned in this post. Rates as of August 22, 2014

Competitive 6-Month CD Rate at Garden Savings FCU in New Jersey


Garden Savings Federal Credit Union

Garden Savings Federal Credit Union has just started offering a 6-month CD special. It has a 1.00% APY, and a minimum deposit of $500. New deposits are required, and that’s defined as funds that have not been on deposit at Garden Savings for at least 90 days prior to CD opening. This 1% 6-month CD special is listed in the credit union’s rates page as of 6/25/2013.

Garden Savings FCU used to offer top long-term CD rates. That’s no longer the case, but it’s nice to see the credit union offering this top rate for a short-term CD.

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, Murray Hill, Montville and Morristown, NJ.

The credit union's overall health score at is 4 stars (out of 5) with a Texas Ratio of 11.00% (above average) based on March 2013 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).

How This CD Rate Compares

It’s hard to find short-term CDs with a 1% rate. The highest 6-month CD rate that’s nationally available is 1.00% at Connexus Credit Union, but this requires an active checking account with direct deposit. The highest rate without a checking requirement is 0.88% at Doral Direct. However, Doral Direct’s 1.02% APY 18-month CD is actually a better deal since it currently has a one-time penalty-free withdrawal option (see my review). These rates are accurate as of 6/25/2013.

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

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

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Comment #1 by Wil posted on
I qualify for membership given where I work. But it would take a pretty hefty deposit to make 1% for six months worth the bother. By the way, the Newark Museum is a hidden treasure. It's delightful little museum, which a particularly impressive collection of East Asian art (including a Tibetan altar blessed by the Dalai Lama). Ballantine House, a Victorian mansion, is also part of the museum and is included with admission.