Garden Savings Federal Credit Union is headquartered in Parsippany and is the 6th largest credit union in the state of New Jersey. It is also the 714th largest credit union in the nation. It was established in 1968 and as of December of 2019, it had grown to 74 employees and 30,844 members at 4 locations. Garden Savings Federal Credit Union's CD rates are 23% higher than the national average, and it has a B+ health rating.
Field of Membership Restrictions
Membership in Garden Savings Federal Credit Union is open to anyone through joining the American Consumer Council. Membership is also open to the following: (1) those who live, work, worship, attend school, volunteer, or regularly conduct business in Newark, Elizabeth, or Jersey City, New Jersey; (2) employees of General Dynamics Advanced Information Systems, Bellco Laboratories, or over 200 Select Employer Groups; (3) immediate family members of anyone eligible.
See current membership details
Related Posts
9/24 - Garden Savings Federal Credit Union Boosts 3-Year CD Rate
9/22 - 3-Year CD, 3.04% APY
11/2 - Garden Savings FCU Ups 5-Year CD Rate
11/1 - 5 Year CD & IRA, APY 2.53% (from 1.86% per DA), $500 Minimum
9/19 - Garden Savings FCU Has Nationally Available 2-Year CD
9/18 - 2.02% APY 2 Year CD Special, $500 Min
9/27/16 - Garden Savings FCU (Easy Membership) Hikes CD Rates
9/24/16 - 12, 18, And 24 Month CD Rate Increase
8/27/15 - Garden Savings FCU Raises Rates On 2-Year and 5-Year CDs
12/4/14 - Garden Savings FCU Raises Rate On 9-Month CD - Nationally Available
4/1/14 - Garden Savings FCU Rate Drops
3/11/14 - Top Promotional CD Rates at Garden Savings FCU in New Jersey
3/10/14 - 2.53% 5 Yr CD At Garden Savings FCU
8/28/13 - Promotional 2-year CD Rate at Garden Savings FCU in New Jersey
6/25/13 - Competitive 6-Month CD Rate at Garden Savings FCU in New Jersey
9/15/11 - Competitive 5-Year CD Rate at Garden Savings FCU in New Jersey - Easy Membership
5/14/11 - Garden Savings FCU
3/24/11 - Competitive Long-Term CD Rates at Garden Savings FCU in New Jersey - Easy Membership
9/22/10 - Top Long-Term CD Rates at Garden Savings FCU in New Jersey - Easy Membership
5/6/10 - One Day Left for 3% 3-Month CD Special at Newark Branch of Garden Savings FCU
5/5/10 - The Newark NJ Branch Of Garden Savings FCU Is Having A Grand Opening Celebration Today
3/31/10 - 3.75% 48-Month CD at Garden Savings FCU in New Jersey - Local Only
12/5/08 - 4.00% 5-Month CD at Garden Savings FCU in New Jersey
6/17/08 - 5.00% 60-Month CD at a New Jersey CU (Garden Savings)
5/28/08 - 4.33% 36-Month / 4.59% 48-Month CD at a New Jersey CU (Garden Savings)
1/26/08 - 5.12% 18-Month / 5.12% 36-Month CD at a New Jersey CU (Garden Savings).
1/12/08 - 5.33% 60-Month / 5.12% 12-Month CD at a New Jersey CU (Garden Savings).
9/14/07 - 5.75% 7-Month CD at a New Jersey CU (Garden Savings)
Positve Experience Overall
Just closed a cd and had to bank wire the funds to the other bank. No ACH transfer for that amount. Good customer service. 6 month early withdrawal penalty on a 5 year cd.
Overall satisfied with them except for the ACH transfer issues.
Waste Of Time....At Best
And possibly deceptive at worst.
Not unlike the first poster above, I had a similar experience. Despite sending and providing all my information it took GSFCU a good 4-5 days to process my initial application.
I got a call from one of their reps to let me know i'd been approved only to then be informed the 4-year high rate CD promotion was no longer available.
I question whether it was ever really available or if it was just a bad combination of trolling for new money and/or attention.
I will not do business with this bank again and am frankly disinclined to waste much time in search of high yields when these practices are far from uncommon.
Total Waste Of Time!
As soon as I found out about your 4.08% APY 4 year CD I have applied online on November 7th. Though I've forgot to attach my DL picture at first I had been informed of that and I had provided all the necessary information next day.
A few days later when I saw the $5 withdraw from my bank account I figured out that I became FCU member but then the high APY CD was gone already (after 7-10 days!). I've tried to find out via phone and e-mail from Jennifer Garcia (rep) if I still can have the 4.08% CD but no answer either 24 hours nor days later.
However a few days later I've got a link for funds verification process, When I went through that,on the last p age I've got informed that FCU will fund 5 year CD. It's not what I've applied for 10 days ago! At the time they had 4.08% 4 year CD and I wanted to have it,
Since it was not available anymore I had to request to cancel the transfer.
So I went through all the hassle for nothing, totally wasted my time!!!
I'm really disappointed in their application process and customer service.
Seems like if you are not a member don't even bother because until you get approved the high rate probably will be gone!
Data as of Q4 2019
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| NCUA # | 18710 |
| Year Chartered | 1968 |
| Employees | 74 |
| Primary Regulator | |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.25% |
| Return on Equity - YTD | 2.81% |
| Annual Interest Income | $18.0MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q4 2019vs Q4 2018 | $376.0MM$382.8MM |
| Loans | Q4 2019vs Q4 2018 | $275.1MM$258.4MM |
| Deposits | Q4 2019vs Q4 2018 | $339.4MM$347.7MM |
| Equity Capital | Q4 2019vs Q4 2018 | $33.5MM$31.2MM |
| Loan Loss Allowance | Q4 2019vs Q4 2018 | $4.7MM$5.7MM |
| Unbacked Noncurrent Loans | Q4 2019vs Q4 2018 | $3.4MM$4.4MM |
| Real Estate Owned | Q4 2019vs Q4 2018 | $0$0 |