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Top Promotional CD Rates at Garden Savings FCU in New Jersey

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Garden Savings Federal Credit Union

Garden Savings Federal Credit Union has recently begun a promotion with three very competitive certificates. These include a 1.00% APY 6-month CD, a 2.02% APY 4-year CD and a 2.53% APY 5-year CD. Minimum deposit is $500. These rates are listed in the credit union’s rates page as of 3/11/2014. They’re also listed in the credit union’s promotion page. According to that page, this is a limited-time offer that’s scheduled to end on 3/31/2014. Thanks to the DA member Sylvia who posted this promotion in the forum.

DETAILSINSTITUTIONAPYMINMAXPRODUCT
Garden Savings Federal Credit Union1.76%$500-5 Year Share Certificate
Garden Savings Federal Credit Union1.51%$500-4 Year Share Certificate
Garden Savings Federal Credit Union0.40%$500-6 Month Share Certificate
Accounts mentioned in this post. Rates as of July 27, 2014

Update 3/26/2014: The credit union has updated its early withdrawal penalties. According to the small print under the rate table , "On terms of 1 year or greater, early withdrawal penalty is 180 days of dividends earned." A reader mentioned to me that she had CDs with this credit union in the past and at that time its disclosure did include the "if we consent" clause regarding early withdrawals. So be sure to check the credit union’s latest disclosure before opening these CDs. I can’t find it online.

Easy Membership

You can qualify for membership into Garden Savings FCU by joining the American Consumer Council (ACC). This is now listed in the credit union's Field of Membership list. In fact, the credit union even lists the ACC website where you can join. Anyone can join ACC.

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.

Credit Union Overview

Garden Savings FCU branches are located in Parsippany, Newark, Murray Hill, Montville and Morristown, New Jersey.

The credit union's overall health grade at DepositAccounts.com of an A with a Texas Ratio of 12.29% (above average) based on December 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).

Other Top 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.


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

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Comments
5 Comments.
Comment #1 by Anonymous posted on
Anonymous
Can anyone find the EWP provisions?  Is the credit union's approval required to do an EWP?

1
Comment #2 by Sylvia posted on
Sylvia
For the 2 year CD that I opened last September, here's disclosure on EWP:  "If we agree to a request for a withdrawal that is otherwise not permitted you may have to pay a penalty.  The penalty will be an amount equal to ____ interest on the amount withdrawn."  Inserted in the blank is "90 days of earned interest."

I suspect you'll have to call to get policy and practice for 5 year. 

1
Comment #3 by Anonymous posted on
Anonymous
Thanks.  The CSR at Garden Savings told me the credit union's consent is not required for an EWP, but this is clearly wrong as you have shown here.

1
Comment #4 by reader (anonymous) posted on
reader
look under the rates column, and you will see for the 5 year share certificate its 180 days penalty.

1
Comment #5 by Anonymous posted on
Anonymous
If you don't get the correct info when you call, and the information is not online, how do you figure out what the policy is?  Also, if they require permission, does that mean that if they don't give permission you can't make an early withdrawal at all?  It seems to me that if they publish the penalty for an early withdrawal, this implies that early withdrawals are allowed.

1