Garden Savings FCU Raises Rates On 2-Year and 5-Year CDs

POSTED ON BY

Availability: Easy membership

This week, New Jersey-based Garden Savings Federal Credit Union (Garden Savings) raised the rates on its 2-year Share Certificate (1.51% APY) and 5-year Share Certificate (2.38% APY). The minimum opening deposit for either Share Certificate is $500, with no maximum balance cap.

APYMINMAXINSTITUTIONPRODUCTDETAILS
1.97%$500-Garden Savings Federal Credit Union5 Year Share Certificate
1.97%$500-Garden Savings Federal Credit Union5 Year IRA Share Certificate (Traditional, Roth, CESA)
1.11%$500-Garden Savings Federal Credit Union2 Year Share Certificate
1.11%$500-Garden Savings Federal Credit Union2 Year IRA Share Certificate (Traditional, Roth, CESA)
Accounts mentioned in this post. Rates as of August 24, 2016.

Both Share Certificates are also available as IRAs (Traditional, Roth, and CESA) at the same APYs, with the same funding requirements.

As stated on Garden Savings’ Share Certificate Rates page, the Early Withdrawal Penalty reads as follows:

Penalty for early withdrawal on terms of 1 year or greater, early withdrawal penalty is 180 days of dividends earned.

Availability

There are a variety of ways to qualify for membership in the New Jersey-based Garden Savings Federal Credit Union:

Easy Membership: Joining the American Consumer Council qualifies for membership eligibility.

Residency: Any person who lives, works, worships, volunteers or attends school in Elizabeth, Jersey City, or Newark, New Jersey, is eligible to join.

Sponsorship Companies: Any employee, pensioner, annuitant, volunteer, or member of the 120+ sponsorship companies is eligible for membership.

Family: Immediate family members of any current Garden Savings member are eligible to join.

Garden Savings’ website lists several initial contact methods to apply for membership or open a CD, including telephone and email.

While you cannot apply online, Garden Savings’ Membership Application is available online in PDF format. A completed application can be mailed or returned in person to any of six New Jersey branches located in Dover, Maplewood, Morristown, Newark, New Providence, and Parsippany. There are four other branches dedicated solely to the employees of Marotta Controls (Montville), Colgate Palmolive Mennen (Morristown), Honeywell (Morristown), and Alcatel-Lucent (Murray Hill).

Credit Union Overview

Garden Savings Federal Credit Union has an overall health grade of "B+" at DepositAccounts.com, with a Texas ratio of 12.47% (above average) based on March 31, 2015 data. In the past year, Garden Savings has increased its total deposits by $11.59 Million, an excellent annual growth rate of 4.46%. Please refer to our financial overview of Garden Savings Federal Credit Union for more details.

Founded in 1968, Garden Savings Federal Credit Union (NCUA Charter # 18710) was established for the benefit of the employees of AT&T Bell Laboratories (today’s Alcatel-Lucent). The field of membership was expanded in 1985 to include other sponsor companies and communities. Today, Garden Savings Federal Credit Union has over 29,500 members and assets in excess of $306 Million.

How the CDs Compare

When compared to 117 similar length-of-term CDs tracked by DepositAccounts.com, that require a similar minimum deposit and available nationally, Garden Savings Federal Credit Union's 2-year Share Certificate currently ranks second.

When compared to 105 similar length-of-term CDs tracked by DepositAccounts.com, that require a similar minimum deposit and available nationally, Garden Savings Federal Credit Union's 5-year Share Certificate currently ranks first.

The above rates are accurate as of 8/27/2015.

To look for the best nationwide CD rates and the best CD rates in your state, please refer to our CD rates table.

Comments
Garden Savings FCU Raises Rate On 9-Month CD - Nationally Available

Garden Savings Federal Credit Union (New Jersey) has raised the rate on its 9-month CD (1.00% APY) to its highest APY in four years. The minimum opening deposit is $500 "new money," with no maximum balance cap. "New money" is defined as funds not previously on deposit at Garden Savings FCU within the past 60 days.

The 9-month CD is also available as an IRA (Traditional, Roth, and CESA) at the same rate, with the same funding requirements.

The Early Withdrawal Penalty on the 9-month CD is 90 days...

Continue Reading
Top Promotional CD Rates at Garden Savings FCU in New Jersey

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.

Update 3/26/2014:...

Continue Reading
Promotional 2-year CD Rate at Garden Savings FCU in New Jersey

Garden Savings Federal Credit Union has recently begun to offer a very competitive 2-year CD special. It has a 1.51% APY, and a minimum deposit of $1,000. New deposits are required which are defined as funds that have not been on deposit at Garden Savings for at least 90 days prior to CD opening. The credit union continues to offer a 6-month CD special with a 1.00% APY. I first reported on this 6-month CD in June. These CD rates are listed in the credit union’s rates page as of...

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

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...

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

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...

Continue Reading

More Past Offers