Garden Savings Federal Credit Union Offers 3.04% APY On 3-Year CD

POSTED ON BY

Deal Summary: 3-year Share Certificate, 3.04% APY, $500 minimum deposit

Availability: Easy Membership Requirement

New Jersey-based Garden Savings Federal Credit Union (Garden Savings FCU) is now offering 3.04% APY on its 3-year Share Certificate. The minimum opening deposit is $500, with no stated balance cap.

APYMINMAXINSTITUTIONPRODUCTDETAILS
3.04%$500-Garden Savings Federal Credit Union3 Year Share Certificate
3.04%$500-Garden Savings Federal Credit Union3 Year IRA Share Certificate (Traditional, Roth, CESA)
Rates as of September 24, 2018.

We began tracking the 3-year Share Certificate in March 2010 when it was earning 2.50% APY. The rate began to drop six months later, bottoming out at 0.80% APY in May 2013. In the past ten months, 163 bps have been added in three rate increases.

The Share Certificate is also available as an IRA (Traditional, Roth, CESA) earning the same APY, with the same funding requirements.

As stated on Certificates page, the Early Withdrawal Penalty reads as follows:

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

Excess Share Insurance

Deposits at Garden Savings FCU are fully insured up to $500,000: to at least $250,000 by the NCUA and $250,000 by Excess Share Insurance, the nation’s largest provider of excess share insurance since 1993.

Thanks to DA reader, Carpline, for his Forum post about the 3-year Share Certificate.

Availability

Headquartered in Parsippany, New Jersey, Garden Savings Federal Credit Union’s field of membership (FOM) provides almost any U.S. citizen or resident alien, 18 years or older, with a way to join.

Easy Membership – Members of the American Consumer Council (ACC) are eligible to join Garden Savings FCU.

Residency – Individuals who live, work, worship, attend school, volunteer, or regularly conduct business in the New Jersey cities of Elizabeth, Newark, or Jersey City qualify for membership.

Employment – Employees, retirees, and volunteers of more than 170 businesses and organizations qualify for membership.

Family Relationship – Immediate family members of current Garden Savings FCU members are eligible to join.

Two years ago, DA reader, Sylvia, pointed out in a Forum post that Garden Savings FCU “is not a very tech smooth CU.” When I last wrote about Garden Savings FCU in November 2017, a new online application had been recently added, but not without its issues – specifically, opening a CD online. Unfortunately, that’s still somewhat of a problem. When selecting “Certificates” under “Select Accounts and Services,” no CDs (or rates) are listed, making it impossible to choose a CD term. What does appear in the drop-down is the following:

Additional terms and tiers available by visiting a branch or calling 973-576-2002.
Rates are subject to change. The rate will be set once your account is open and
funding is complete. Interest will begin accruing on the date your account is funded.

According to CSR, the online application is actually in two parts, and what appears is the first part, which captures all of your identifying information. Once your membership application has been approved, you can open a CD online.

Garden Savings FCU also has six full-service New Jersey branches located in Dover, Maplewood, Newark, New Providence, Parsippany, and South Orange.

Credit Union Overview

Garden Savings Federal Credit Union has an overall health grade of "B+" at DepositAccounts.com, with a Texas Ratio of 11.21% (above average), based on June 30, 2018 data. Garden Savings FCU has an above average capitalization level (10.32%), the result of holding $354.78 million in assets with $36.63 million in equity. Please refer to our financial overview of Garden Savings Federal Credit Union (NCUA Charter #18710) for more details.

Garden Savings Federal Credit Union is currently New Jersey’s seventh largest credit union, with more than 27,600 members and assets in excess of $354 million. Originally founded in 1968 for the benefit of the employees of AT&T Bell Laboratories (known today as Alcatel-Lucent) employees, Garden Savings FCU expanded their FOM in 1985 to include other SEGs, as well residents of the county seats of Essex, Hudson, and Union Counties, New Jersey. In 2013 and 2014, Garden Savings FCU merged with Morristown FCU, NWNJ FCU, and Essex Division Telephone FCU.

How the Share Certificate Compares

When compared to the 199 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are available nationally, Garden Savings Federal Credit Union’s 3-year Share Certificate APY currently ranks third.

Interest RateCD Length of TermCredit Union/Bank
3.25% APY30-Month CDGreenwood Credit Union
3.10% APY3-Year CDKS StateBank
3.04% APY3-Year Share CertificateGarden Savings Federal Credit Union

The above rates are accurate as of 9/24/2018.

To search for the best CD rates, either nationwide or state-specific, please refer to the CD Rates Table page.

Related Pages: New York CD rates, 5-year CD rates, nationwide deals

Comments
alan1
alan1   |     |   Comment #1
In addition to the telephone number listed in the article, the credit union has a toll-free number:
888-554-9328
https://www.gardensavingsfcu.org/about-us/contact-us.html
Ma Bell
Ma Bell   |     |   Comment #2
Does anyone still pay for long distance calls?
???
???   |     |   Comment #3
Us folks that use prepaid phones do.
Last year's total phone bill was $130.
Yup, that's $10 a month (plus $1 tax).
How much do you pay for "free" long distance?
Ma Bell
Ma Bell   |     |   Comment #4
Well, I pay nothing for US long distance because I use Google Voice, but I get your point. Thanks.
boston02116
boston02116   |     |   Comment #8
I use Google Voice too. This year, the call quality of Hangouts had deteriorated to the point where I was looking for an alternative. Then they released new the Google Voice beta app with wi-fi calling. And the quality improved substantially. So I'm happy. The only complaint I have is that it doesn't always ring on incoming calls.
Carpline
Carpline   |     |   Comment #6
I pay $15 a month for unlimited US phone calls. Basic cell phone - no bells, no whistles, just talk and text.
RJM
RJM   |     |   Comment #7
I pay $10 a year. But rarely make calls and never text. (Grandfathered in)
Google Voice at home. (With an OBI)
???
???   |     |   Comment #5
yeah i noticed that on fragile deals
gregk
gregk   |     |   Comment #9
Dead in the water if you ask me. I mean, c'mon, - it's not five years ago. Eight Fed rate hikes later, who will invest in this turkey?
gregk
gregk   |     |   Comment #10
BTW, what do you all spend on groceries?
Garden Savings FCU Ups 5-Year CD Rate
Deal Summary: 5-year Share Certificate, 2.53% APY, $500 minimum deposit

Availability: Easy Membership Requirement

New Jersey-based Garden Savings Federal Credit Union (Garden Savings FCU) began the month by adding 67 bps to its 5-year Share Certificate (2.53% APY). The minimum opening deposit is $500, with no stated balance cap. Added to the product line in April 2010, the 5-year Share Certificate’s previous rate (1.86% APY) had been in effect since October 2016.

The 5-year Share Certificate is featured as a “Certificate Special” on...

Continue Reading
Garden Savings FCU Has Nationally Available 2-Year CD
Deal Summary: 2-year Share Certificate, 2.02% APY, $500 minimum deposit

Availability: Easy Membership Requirement

At the end of last week, New Jersey-based Garden Savings Federal Credit Union (Garden Savings FCU) added 51 bps to its 24-month Share Certificate (2.02% APY). The minimum opening deposit is $500, with no stated balance cap.

Even though it is not marked as such, CSR stated the 2.02% APY is a “special rate” and hinted it may not last long. A year ago, the 2-year Share Certificate also offered a...

Continue Reading
Garden Savings FCU (Easy Membership) Hikes CD Rates
Availability: Easy Membership Requirement

Last week, New Jersey-based Garden Savings Federal Credit Union (Garden Savings FCU) substantially raised the rates on three of its Share Certificates: 12-month (1.41% APY), 18-month (1.51% APY), and 2-year (1.66% APY). The minimum opening deposit is $500, with no stated balance cap.

All of these Share Certificates have been part of the product line since early 2010, and in that time, each has experienced at least 20 rate changes. These latest rates are the result of the largest single basis...

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

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...

Continue Reading
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

More Past Offers



The financial institution, product, and APY (Annual Percentage Yield) data displayed on this website is gathered from various sources and may not reflect all of the offers available in your region. Although we strive to provide the most accurate data possible, we cannot guarantee its accuracy. The content displayed is for general information purposes only; always verify account details and availability with the financial institution before opening an account. Contact feedback@depositaccounts.com to report inaccurate info or to request offers be included in this website. We are not affiliated with the financial institutions included in this website.