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