Garden Savings Federal Credit Union 4-Year CD APY Jumps


UPDATE: 11/9/2018 - The Special 4-Year CD is ending today. Please refer to this page on the credit union's website.

Deal Summary: 4-year Share Certificate, 4.08% APY, $500 minimum deposit

Availability: Easy Membership Requirement

Given the other rates offered by New Jersey-based Garden Savings Federal Credit Union (Garden Savings), I have to admit I thought the 4.08% APY was probably an error. According to CSR, the 4.08% APY is a new, limited-time promotional rate for the 4-year Share Certificate. There is no specific end date for the promotion – it’s one of those “it’s available until it isn’t” promotions. The minimum opening deposit is $500, with no stated balance cap.

2.53%$500-Garden Savings Federal Credit Union4 Year Share Certificate
2.53%$500-Garden Savings Federal Credit Union4 Year IRA Share Certificate (Traditional, Roth, CESA)
Rates as of January 17, 2020.

The Share Certificate is also available as an IRA (Traditional, Roth, CESA) earning the same 4.08% APY, with the same funding requirements.

The 4-year Share Certificate’s APY has been languishing for more than six years, with rates of 1.77% APY and below. The 4-year Share Certificate gained a total of 86 bps from February 2014 to November 2018; yesterday, the APY increased by 221 bps. While forecasting which bank or credit union will offer the next great rate is a losing proposition, I can just about guarantee Garden Savings wouldn’t have been on my bingo card for 4-year/4% CDs.

As stated on the 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.

According to CSR, funding a Share Certificate can be done by ACH. At maturity, funds can be distributed by ACH, wire, check, or transferred to another Garden Savings account.

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.


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

More than two years ago, DA reader, Sylvia, pointed out in a Forum post that Garden Savings FCU “is not a very tech smooth CU.” An online application was added about a year ago, but there were problems when trying to open a CD online. With this new 4.00% APY, I had hoped the online application had been tweaked into a smooth-running machine, able to easily handle heavy usage. Unfortunately, it’s still 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, with the first part capturing all of your identifying information. Once your membership application has been approved, you can open a CD online.

Garden Savings FCU also has four full-service New Jersey branches located in Dover, Newark, Parsippany, and South Orange. There are also two branches in Montville and Murray Hill for Marrota Controls and Nokia employees, respectively.

Credit Union Overview

Garden Savings Federal Credit Union has an overall health grade of "B+" at, with a Texas Ratio of 11.75% (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 174 similar length-of-term CDs tracked by that require a similar minimum deposit and are available nationally, Garden Savings Federal Credit Union’s 4-year Share Certificate APY currently has no competition.

The above rates are accurate as of 11/7/2018.

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

deplorable 1
deplorable 1   |     |   Comment #1
This is a bit long for a 4% CD for me. Too bad this isn't a add-on or I would jump on it as rate insurance. Still with the gridlock in congress after the last election it may be wise to lock up at least some cash at 4.08% APY. It looks like a ACC membership is all we need to join.
RWin   |     |   Comment #5
Online Application process:
- Experian (that's what they told me to unfreeze to get thru app. process)
- ACC membership, however, they did not request the member number
- Funding up to $5000 using credit card (WOW!, of course I just chose $5)
- after app filled out, get message: Rep. will email you within 1 day with instructions to complete application process
RichReg   |     |   Comment #6
WOW is right....what? Really?..up to $5K on a credit card?
Never heard of that much before, but then again I do recall people quoting that amount from other deals on this blog so maybe times have changed.
Anon123   |     |   Comment #7
CSR says CU uses Chex. I applied online...asked 3 multiple choice questions to verify my identity. No ACC member # required. Same as RWin #5
deplorable 1
deplorable 1   |     |   Comment #12
Thanks I will be doing this now for $5,000 a few times. That should be 6% APY for year 1.
Ann   |     |   Comment #48
RickZ's later comment says you can actually only fund up to $50 on CC. Missing decimal point, shattered dreams, lol.
RWin   |     |   Comment #49
I just noticed that they charged my credit card $5 today to open new account, that was quick! Now I should be expecting an email tomorrow about new account. Hopefully, I can head over to a shared branch and make a deposit to open the CD. I will update how it goes.
Ann   |     |   Comment #66
Depositing a check at a shared branch may result in a 9-business-day delay before the funds can be put into the CD. :-\

"SPECIAL RULES FOR NEW ACCOUNTS— If you are a new member, the following special rules will apply during the first30 days your account is open.
Funds from electronic direct deposits to your account will be available on the day we receive the deposit. Funds from deposits of cash, wire transfers, and the first $5,000.00 of a day’s total deposits of cashier’s, certified, teller’s, traveler’s, and federal, state, and local government checks will be available on the next business day after the day of your deposit if the deposit meets certain conditions. For example, the checks must be payable to you. The excess over $5,000.00 will be available on the ninth business day after the day of your deposit. If your deposit of these checks (other than a U.S. Treasury check) is not made in person to one of our employees, the first $5,000.00 will not be available until the second business day after the day of your deposit. Funds from all other check deposits will be available on the ninth business day after the day of your deposit."
DAJunky   |     |   Comment #73
CO-OP check holds may also be encountered even for deposits to 'old' member accounts. Evidently the behavior may depend upon both CO-OP branch as well as receiving institution policies, which may differ. Usually such issues are easily resolvable by contacting a CSR, or possibly a manager, and requesting immediate transfer of the hold (from savings) to the new CD.

Anyone with GSFCU-specific experiences relating to this issue, please share!
RWin   |     |   Comment #81
They sent me an email today to call them. I called. They are planning to send my DocuSign docs and I am going to send over my drivers license, ACC cert.
They said I need to fund my account by next Thurs. and they would honor the 4.08% 4 year CD.
RWin   |     |   Comment #85
Got Docs signed, attached license and ACC cert.
share savings acct # was on documents.
Planning to go to Co-op CU tomorrow and depositing check to myself using my new acct# and then calling them on Monday about opening the CD.

That was really Quick!
rockies   |     |   Comment #70
Opening account. Completed online application yesterday at 2pm. DocuSign document returned to me today at 1pm. So, this step was pretty quick. Just signed and uploaded drivers license and ACC certificate via DocuSign. DocuSign referred to a number of disclosures and fee schedules that were not attached. Turns out links for these are listed at bottom of Garden Savings home page if you are looking for them. After receipt of DocuSign, membership services is to call me re: funding and opening CD. We will see how fast things move from here.
rockies   |     |   Comment #74
One more point. No credit pull was required for application.
RichReg   |     |   Comment #2
A bit long, yes, but if anyone has a crappy 3 or 5 year rate maturing right about now and wish to continue that kind of duration, this one certainly warrants consideration. Also, I didn't see it mentioned but they are part of the Shared Branch network, and that bit of convenience could make this deal a bit sweeter for some.
highrate   |     |   Comment #4
seems like a very good rate to me and for only 4 years I was not sure we would see 4 again anytime soon Unfortunately, I am tied up elsewhere but if it's still available and the highest rate in Dec Jan I will probably get this cd
dollarsncents   |     |   Comment #8
I agree. I think 4 year @ 4.08% is good to go with. Most of the time I have been satisfied with a percentage rate equal to the number or years for 5 year CDs or less.
cdguy   |     |   Comment #9
Anyone open an IRA CD? Will they lock in the rate for you for the 1-2 weeks that it will take to get the money transferred? I'd hate to get the process started and then have the rate change while the transfer is in progress. Thanks for any info!
cdguy   |     |   Comment #16
Just called. Waited on hold for just a couple of minutes, so it seems like the response isn't overwhelming yet. Rep said that she doesn't expect the deal to go away any time soon, but they won't lock the rate. The rate will be whatever is in effect when the funds are received. Knowing how quickly these special rates can disappear, I'm not going to chance it. If anyone hears differently, please reply!

I did the Sharonview 4% 63-month deal in March, and they were willing to lock the rate while the IRA funds were transferring. Maybe that was unusual, though.
RickZ   |     |   Comment #10
(1) The funding page does have language that says up to $5,000 with a credit or debit card, but when you go to the box to fill in the amount you get a pop-up that says "Please enter a value between $5 and $50;
(2) A rep told me that when you do the docusign later, you will need to upload your certificate of membership from the ACC.
deplorable 1
deplorable 1   |     |   Comment #14
Wait so how do we fund with $5,000 from a credit card?
RickZ   |     |   Comment #18
You can't and this was confirmed by a rep.
Ricochet   |     |   Comment #31
They probably just misplaced decimal point?
highrate   |     |   Comment #36
i don't have a certificate but I have my ACC number. will that work?
Ann   |     |   Comment #47
Search your email archives, the cert was emailed when you joined ACC. "Welcome Message and Membership Certificate from the American Consumer Council" with PDF attachment.
Anon123   |     |   Comment #51
Do you remember what the pdf file called? Or how the sender was exactly listed? I cannot find it in my email archive even though I have my ACC member #
ANMS   |     |   Comment #52
Certificate ACC.pdf
Anon123   |     |   Comment #53
Thanks ANMS #52. Found it!
Rate Troll
Rate Troll   |     |   Comment #19
When you can get around 3% for a 1 year CD adding 3 more years for 1% more doesn't seem very attractive.
Last year this would have looked great.
But with the FED's projected rate increases, not so much.
Decency Not Maga
Decency Not Maga   |     |   Comment #21
I've had dealings with this CU in the past, though not lately. They are indeed very low tech when it comes to anything online, though are friendly and at least mean well. My only concern for those interested is this CD is that it remains to be seen if the 4% will last long enough until one's application gets approved and the CD gets funded (unless anything changed, they're not Shared Branch), so expect it to take some time. Even once you're a member, anything online is very basic and cumbersome. But again they're friendly and if you're looking for a high rate, this is certainly it.

As far as the term length (6 yrs), keep in mind that Tobyhanna CU (which failed and was taken over by PenFed) saw a lot of DA readers to open up CDs there at 3% in a time when 3% was very rare -- and that was for a SEVEN year term. Even Sharonview (yay!) was not for 60 months (5yrs) but 64 months (5 1/3rd years).
Decency Not Maga
Decency Not Maga   |     |   Comment #22
Sorry, meant to say 4 years not 6 years for the term length.
And the EWP is only 180 days.
Just remember, things can take a while with this CU.
111   |     |   Comment #24
RichPeg above (comment #2) says that they ARE Shared Branch. So, who's correct?
RWin   |     |   Comment #26
Yes, they are in the Co-op Network
Carpline   |     |   Comment #29
Their website only notes participation in Co-op's ATM program. No mention of Shared Branching.
RWin   |     |   Comment #30
It states Co-op shared branch on the front page of website. Click on shared branch and then you can put in your city, state and it will pull up the branches around you. It appears that they participate in shared branching, unless I am missing something here.
Decency not MAGA
Decency not MAGA   |     |   Comment #32
Maybe they are shared branch or CoOp now, as I said, it's been a couple years since I dealt with them. They're not a bad place, but just be prepared for everything to take a while ... and once you get your account, their online system is basic, to say the least. Still, the rate's good so if you didn't jump on earlier offers like Sharonview, it's something to consider.
Anon   |     |   Comment #39
My guess is their website is wrongly stating that because the owners of Shared Branch (i.e. the COOP site of only shows them in ATM network and not in Shared Branch network. As a point of comparison, try searching for Sharonview - that one appears in both networks.
Anon   |     |   Comment #38
Here is the strange thing - their website uses Shared Branch AND ATM locator suggesting they are part of shared branch. However, lists them only as part of ATM and NOT shared branch network.
RichReg   |     |   Comment #61
Just spoke to an Adriana at their call center and, YES, they are part of the Shared network.
As mentioned in other deals just, 1) Open Member Savings online or by calling, 2) Go to Shared branch to make deposit, 3) Call Garden Savings to move money to CD. You're done.

Also, no $ limits on withdrawals, unless the Shared branch has one. Best to move quick on this one according to the CSR, ...she thinks it may only last 'til the end of the week. I give it 'til 11/30.
Smitty in the City
Smitty in the City   |     |   Comment #88
Talked to CSR (9 NOV 18), she said as long as the money is in ur savings account by 16 NOV , then they will lock the rate for the CD . 4% deal is over after 16 Nov
gregk   |     |   Comment #23
A possible landing spot for funds from some of our maturing PenFed 3% CD's?

I will consider it, - but with Fed rate hikes pegged for December and March 2019, what might the rate leaders be offering for 4 or 5 year terms by then?

Rising inflation is a big concern.
highrate   |     |   Comment #37
good question but unanswerable and these rates may disappear
cdjunkie   |     |   Comment #46
The market is currently pricing in a 25bp hike in December and 65bp of hikes in 2019, it should only affect rates if the Fed hikes more (or less) than expected. If the Fed hikes more than expected then it could well flatten the 2s5s curve further or invert it to the extent the market believes that will cause a recession sooner. So I would say the 5 year rate 1 year forward is quite independent (or even negatively correlated) with the Fed rate over the next year. As for inflation, breakeven rates have come off their May highs (e.g. 5y breakeven is down 25bp) so the market is easing off its inflation concerns somewhat. Of course, if you have a different view from the market then it makes sense to hold off on 5y duration, but just though it worth while to point out some facts (as much for my benefit as yours!)
retirednc   |     |   Comment #40
Garden Savings FCU Rated only 2 OUT OF 5 STARS (

For my CD ladder, I would favor a 4% / 48 month rate. But I'm looking for an IRA CD, and need to have it properly administered, and with automated annual Required Minimum Distributions.

By Bankrate's standard rating measures, this is a troubled institution. Rating CAPITAL ADEQUACY, Garden Savings received a score of 8 out of a possible 30 points, below the national average of 15.65. Rating ASSET QUALITY, it scored 32 out of a possible 40 points, falling short of the national average of 38.09 points. On Bankrate's EARNINGS test, Garden Savings scored 0 out of a possible 30, falling short of the national average of 10.11.

The only bank/CU in which I held a CD where the rating dropped to a 2 Star several years after I invested in it was then closed by the FDIC and my CD terminated and the funds returned to me. Inconvenient, but manageable for a non-IRA. But having an IRA CD terminated and transferred (Trustee-to-Trustee) would be a more complicated matter, and even more so with a Required Minimum Distribution.

There is a reason this CU is offering a rate unmatched by other banks/CUs. It is worrisome, and I'm surprised regulators permit it with this CU's financials.
111   |     |   Comment #41
"... There is a reason this CU is offering a rate unmatched by other banks/CUs. ..." Well, yes and no. In August Keesler offered a 5% CD, well above market-rate, albeit for 7 months only. Bankrate says they're 5-star. Earlier this year, Sharonview offered a 4% CD, 64-months. Bankrate says they're 4-star. So....
Robb   |     |   Comment #43
@retirednc...Just curious when the institution was closed was your principal only returned or was both the principal and interest returned to you when the account was closed? Thanks!
RickZ   |     |   Comment #45
I know your question wasn't addressed to me, but I've had CDs at a few failed banks over the years (Corus, IndyMac, Wachovia among others). In each case, I received interest up to the date of failure, but no interest after the failure date. It usually takes about 10-14 days to get your money from the FDIC (a little longer for a brokered CD) so you're out interest for that period. I've never dealt with a credit union failure. Not too bad for the benefit of full insurance in my opinion.
Ann   |     |   Comment #64
I think 'capital adequacy' just means they need more deposits. So they're running this special to get more deposits.
anonymously   |     |   Comment #42
can't become a member and open the certificate at the same time. you can only add regular saving account, you can add checking, saving, loans, credit cards while you join the membership, but you can't open a CD. I guess you have to become a member first, then open a CD. If it take time for the bank to approved you to be a member, and it take time again when you apply for the CD, who knows if the CD is still available or with the same 4% rate.
Test3   |     |   Comment #44
Can the interest earned monthly* be withdrawn before maturity without the penalty?

* "For terms one year or greater, interest is paid monthly (compound interest)" via Rates page.
Cheapskate   |     |   Comment #50
Anyone know/remember the discount code to join ACC for free? There was a promotional code provided for joining another another financial institution.
Ann   |     |   Comment #54
dzilber   |     |   Comment #55
I believe the discount code is 'consumer'
Steve   |     |   Comment #56
Yes, you're correct.... I just went to this website ( ) & entered consumer. I received an email with a membership certificate & member number back from them in approx 1 minute.
RJM   |     |   Comment #57
Easy decision for me. No $$= no 4 year CD. Unless they still have it on 1/16 when I am liquid again.
Nothing   |     |   Comment #58
And the DA calculator forecasts breaking current CDs is recommended or what?
SMT1   |     |   Comment #59
All Accounts / Combined Membership
Dormant Account Fee
(no account activity in a 1
-year period)
Monthly Fee
for Each Account
balances >$5000)
The above statement is in the Disclosures. Does this mean that >$5,000 must be kept in the required savings account if there is "no activity", as well as the CD account?
Ann   |     |   Comment #62
Just set up a $1 recurring transfer a couple times a year in your hub bank account (to and from this CU's savings account). That should be standard procedure.
SMT1   |     |   Comment #67
Thank you, Ann. I didn't want to have to do a recurring transfer. Just thought I may have misinterpreted disclosure. I should probably check "required" savings and checking accounts I have at other banks to see if "no activity" triggers fees. Is that standard procedure for Banks and CU's?
Ann   |     |   Comment #71
Yes, very common. Some say they will make an exception on the base savings account for members who have an open CD there, but it's easy enough to not risk it.
Ann   |     |   Comment #72
Oh, and if you go too long without activity (at Garden it's just 3 years), they will close your account (which in the case of a base share account would presumably mean revoking your CU membership entirely) and send the money to the state to be held until you claim it from the government, in addition to the inactivity fees you get charged before that point.
SMT1   |     |   Comment #75
Thank you. So they could revoke your membership and therefore also potentially close a 5 year CD and send that money to the government? Right, not worth the risk!
RWin   |     |   Comment #82
I think you might have misunderstood. It is common for some cu/banks to charge an inactivity fee. If you will deposit $1 a year into your savings account you should be safe, and not charged a $10 fee. However, if you open a CD and it is for $5000 or more they will not expect you to deposit the $1, they will not charge you $10 for inactivity. If your CD is for $1000, you will need to plan on depositing $1 into your savings account every year to avoid the $10 fee, and that will not affect CD account.
SMT1   |     |   Comment #84
Thanks for your input, RWin.
Mak   |     |   Comment #60
Why do they have ncua insurance and esi insurance ? Are they planning on switching just to esi insurance and dumping ncua insurance down the road ?
Ann   |     |   Comment #63
What a ridiculous conclusion to jump to. EXCESS share insurance means it has to be on top of regular NCUA insurance. The whole point of it is to attract more larger deposits than they would otherwise. Dropping NCUA insurance would have the opposite effect.
Mak   |     |   Comment #65
#63....I've been investing in CDs for 40 years and in all those years I have never seen a bank or credit union offer more insurance to attract depositors, maybe you have. I have over 30 CDs and if someone is offering more insurance than everyone else is that to me is a little red flag plus I don't care about esi insurance and how much insurance do you need...I can word my CDs in different titles and I have plenty of insurance, way over the $250k.... oh yeah this will help attract all the single people without any beneficiaries to come and open a CD over $
Ann   |     |   Comment #68
So why do you think ESI has existed since 1933? Just because you don't care about it doesn't mean other people don't.
Ann   |     |   Comment #69
Typo, 1993, sorry. That's still 25 years. Obviously this is not the only credit union to bother using their product, regardless of whether you haven't run into one before.
losingtrader   |     |   Comment #83
I'm not sure what ESI's funding level is, but back in 2010 when I checked ESI had a total of $8 mill in reserves to cover ALL of the excess share insurance they offer.
Last time I checked NCUSIF, they could get the Fed to advance unlimited amounts.

This is the reason I don't want money insured by private share insurance. ASI (ESI is a sub) had to make an "advance" of $20 mill just to Silver States Schools Credit Union in Las Vegas. At the time ASI had $130 mill in reserves. They also stopped responding to my inquiries about that time.
Ann   |     |   Comment #91
Thinking the excess insurance they claim to provide is insufficient protection for the additional funds is a very different matter from the ridiculous speculation that started this subthread - that the use of ESI is a conspiracy indicating the credit union intends to stop offering standard NCUA insurance.
DMP   |     |   Comment #76
I just opened my account online. You have until 5:00pm their time to open an account to get in on the 4.00/4.08 4 year CD. The promo ends today Friday 11-9-18 at 5:00pm their time. So open it up by just funding the Savings with 5.00 and it might take them a couple of days to get back to you because of the holiday on Monday. Then you can fund the CD. But you must complete the membership application online today before 5:00pm. Then when they call you or email you back, then you can fund the CD and even open it up in a Trust. And I was a member a few years ago when I had a CD with them, so if nothing has changed the interest on the CD is compounded monthly and credited monthly.
gmshedd   |     |   Comment #77
Offer was discontinued while I was opening an account (11:30 am November 9th).
RichReg   |     |   Comment #78
WOW...knew it'd end soon, but not THAT soon.
Really sucks. Guess Adriana knew something we didn't...
Robb   |     |   Comment #79
I was told by a CSR that as long as the account was opened we have until 11/14 at 5 pm to fund it to be able to get in on the 4.08% CD deal. I sent in a wire to be safe. ACH can sometimes take 3 business days and with the holiday no guarantee it would be there in time. Good luck!
gmshedd   |     |   Comment #80
Yes, I was told the same by Member Services after I posted above. That is, if you submit an application before the end of today (11/9), you will be eligible to fund a 4% CD next week.
NYCDoug   |     |   Comment #86
I'm an existing member of Garden Savings, and I didn't have it any easier. I called them earlier this week to inquire about procedure, and was told I could simply fund my Share Savings account, and then either fax them instructions, or use their online Secure Email.

I did the latter yesterday, after first depositing my check at a Shared Branch, and having it sent over to Garden. That itself was no cakewalk, since my account was locked (having had no transactions since I opened my CDs 4+ years ago). [See notes above about adding a dollar a year, to let them know you're still alive and to keep your account active.] Confirming what RWin wrote, I was also told that after 3 years of inactivity your savings account goes dormant. (And you can't deposit into it, until it's unlocked, which I had them do yesterday, after the shared branch helped me pinpoint the problem).

Funny thing is that Garden, while continuing to mail me statements each quarter, has never informed me that my account was dormant -- So how was I to know? But a good thing [also confirming RWin's info & advice] is that, since my CD balance was above $5,000 there were no charges imposed or accrued.

Anyway, here's the problem: Having just found out from you kind & alert folks that today (!) November 9th, was the last day for this CD offer, I am without confirmation from Garden that I actually obtained it. I sent secure email several times -- yesterday, this morning, and this afternoon -- but, as of this writing (24+ hours later) I've received no response. I also called them this morning, to follow up, and the CSR with whom I spoke sent a status inquiry to the CD department while I was on the phone with her. But, again, there's been no response.

As it stands, only $200 of my much larger deposit is available; the rest is on hold And the total sum remains in my Share Savings account; there's no sign of any CD having been opened. [They could simply open up the CD, and put my money on hold for four years, for all I care!]

It's a long weekend to have one's fingers crossed, but let's hope this was just more evidence of how overwhelmed, overworked and backed up they are over there in New Jersey (from all our requests) and pray that by this time next week everything will have worked itself out in our collective favor.

Again, I just wanted you to know that, even as an existing member of Garden (with three five-year CDs) it still has not been easy trying to open this 48-month (4-year) 4.08% APY CD.

Best wishes and good luck to us all, and Happy Veteran's Day!
RickZ   |     |   Comment #87
I raised this issue of a hold on a shared branch deposit with a Member Services (the department that opens CD) rep on Thursday. She put me on hold to check with her manager and then came back and informed me that they will release the hold on a shared branch deposit so that the money can be used to fund the CD. Based on this information, I think you'll be able to open your CD when you call in on Tuesday. Please post if you have any issues with this.
Ann   |     |   Comment #90
"they will release the hold on a shared branch deposit so that the money can be used to fund the CD"

Oh good, that's a relief.
Ann   |     |   Comment #101
Now they're telling me the opposite today... cannot release the hold to fund the CD unless the shared branch deposit was a cashier's check.
Smitty in the City
Smitty in the City   |     |   Comment #89
Talked to CSR (9 NOV 18), she said as long as the money is in ur savings account by 16 NOV , then they will lock the rate for the CD. 4% deal is over after 16 Nov. So basically, had to have membership today. Get money into the account between now and friday, and open the account by or on friday to obtain the 4%
Ann   |     |   Comment #92
Thanks for the additional details. I applied yesterday evening, and emailed them with questions about the funding options/timeline, but they didn't reply today and I was too swamped with work until they closed today to try calling them.
Ann   |     |   Comment #100
Hrm, I just called them and was told they CAN'T lock the rate if the money isn't released from hold and put into the CD by end-of-day Fri Nov 16. :-( Meaning shared branch deposits will not work for this unless it's a cashier's check and they are recommending forking over for a wire transfer instead. :-( :-(
NYCDoug   |     |   Comment #106
I deposited a bank check (for $15k) via shared branching. $200 was cleared on day one (last Thursday) and the full amount become available on day two (Friday), albeit in Regular Savings. My CD was started today (Tuesday) and back-dated to the day of deposit (Thursday).

Of course, as they say, "YMMV" -- but at least there's hope, Ann! And a precedent to fall back on, and refer to . . .
Ann   |     |   Comment #117
Geez, I wish they could get their story straight. :-s I've now had 2 phone reps very confident they won't be able to deal with a shared branch deposit in time.
NYCDoug   |     |   Comment #93
As of early Saturday morning I see online that there is no lingering holding; the entire amount I transferred to Garden on Thursday via shared branch is "available" (and the check I wrote has cleared from the funding bank). But these funds remain in my regular savings account at Garden; there's currently no indication / designation of what these funds are for.

I wish there were a formal, business-like way to verify that my transferred funds will be used to open the desired CD. I had no application to complete, and received no confirmation number. My only instructions, as an existing member, were to send a request for such via their "Secure Email" -- which leaves no electronic paper trail that I can review, or refer back to. So it's all on blind faith!
Robb   |     |   Comment #94
I sent in a wire yesterday and also sent a secure email with instructions to use the wire proceeds to fund the 4.08% CD and when I checked it this morning everything was set up in the new CD account and did not lose a day of interest though it did cost $25 to send the wire. Overall, the setup with Garden Savings was seamless and the CSRs I dealt with were knowledgeable and thorough.
NYCDoug   |     |   Comment #95
No indication on their website today that this offer ever existed!
gregk   |     |   Comment #97
Why would there be?
alan1   |     |   Comment #98
Thank you NYCDoug for the updates you have provided. However, your Comment #95 seems to be erroneous. See "Veteran's Day Closing & Certificate Update" at

gregk (Comment #97) -- I believe the answer to your question is: to inform people that have have discontinued offering the 4-year special. "Due to the tremendous success of our certificate promotion, we have concluded the special rates that were being offered as of the end of business on Friday, November 9th."
alan1   |     |   Comment #99
correcting my answer to gregk - - first sentence of second paragraph of comment should read: I believe the answer to your question is: to inform people that they have discontinued offering the 4-year special.
NYCDoug   |     |   Comment #107
All's well that ends well . . . sort of. The good news is that my account was open today, and is viewable online.

In fact (and, possibly, per my expressed wish) the opening date seems to have been back-dated to the day of my initial deposit, last week, since my maturity date corresponds to four years from then -- and not from today [the CD matures on the 8th, rather than the 13th, of November 2022] -- with $8.22 in interest already accrued.

This information is found by clicking on the account title [not "Quick Peak"] and then drilling down into "Account Info."

But, peculiarly -- also under "Account Info" -- while the "Dividend Rate" rate is listed as 4.00%, the APY is not 4.08%, but 4.074%. Was there a rounding error in the initial promotion?
alan1   |     |   Comment #109
NYCDoug (re Comment#107) Here's what _might_ have happened (keep in mind that Garden Savings is not at the cutting edge of technology).

A 4% rate, compounded daily, results in an APY of 4.081%.
A 4% rate, compounded monthly (which I think is how Garden Savings does it), results in an APY of 4.074%, as shown on your online account information.

My guess is that it's not a rounding error. It's that a Garden Savings employee put the wrong compounding frequency into their abacus.
deplorable 1
deplorable 1   |     |   Comment #96
This deal sure ended quick. Congrats to those who made it. I wasn't liquid enough enough with some 0% no fee balance transfers to pay off. Hopefully we will see some more 4% rates for shorter terms soon.
Ann   |     |   Comment #102
Garden phone rep says they're hoping to call everyone today (Tue Nov 13) who is still trying to finish their application. They will leave a voicemail for you to call them back if you don't answer. You verify some stuff on the phone with them, and then they immediately send you the Docusign link for you to sign and upload documents, and the Docusign form should include your new account number. Then if what she told me is accurate, contrary to what other people were told last Friday, you will be stuck having to do a wire transfer to get the funds in without a hold soon enough. At least Garden does not have an incoming wire fee, so you'd just owe the outgoing fee from the bank/CU you're moving money out of. In my case wanting to move money out of the Northern Bank MMA, looks like that will be $25.
RWin   |     |   Comment #103
They called me and verified identity and sent the DocuSign immediately as you say, which included the account #. Then they told me I could go to Co-op and deposit check, which I did on Saturday. I then called yesterday and left a message on voicemail for the rep that contacted me (direct line), and am awaiting her to call me back about the CD. I signed up for online banking Sunday and I got a message on the screen that they are working on setting me up for online access, will contact me. So at this point I can't login to online banking to see if the CD was set up yet.
RWin   |     |   Comment #104
I called to checkup on this and they just told me that it takes 1 to 2 business days to set up online banking access, so I should expect to be able to login tomorrow since they were closed yesterday. She also said that they are setting up the CDs for everyone now and just to be patient, and she verified that my request for the CD was for the amount of the deposited check (no hold) - they are just overwhelmed with the response to the offer. Hope this helps, I will update if anything deviates from this.
Ann   |     |   Comment #105
Thanks. If you get a chance, try to find out what their ACH limits are (max dollars and transfers inbound and outbound when initiated on their site, amount of external accounts that can be linked on their site, any fees) - although there's not enough time to use ACH right now, I like to keep track of that for future reference when I open accounts, and they have no information about that on the public website that I could find last week. Sometimes this kind of information is available inside online banking once you get access to that. If not, one of us will have to ask on a future phone call. (I already asked in an email last Thursday but I'm guessing that won't be getting any reply, they're so busy.)
Ann   |     |   Comment #115
I finally got the approval call a few minutes ago, and I asked them... the reason there's no information available about ACH is they don't do it at all from their end. They will accept ACH transfers initiated from another institution, incoming and outgoing, with no limits imposed on their end, but they have no provisions on Garden's website for linking any accounts or initiating any transfers.
Ann   |     |   Comment #110
It's just about 5:00 Eastern and still no call for me. :-( Another day gone.
RWin   |     |   Comment #111
I got a call around 4pm today, they left me a message on voicemail letting me know that they opened my CD today for the amount of the check I deposited at co-op on Sat. So there was no hold on my check. I still don't have access to online banking to see it yet.
DAJunkie   |     |   Comment #114
If for some reason they aren't able to contact your phone they may send email,
so keep an eye on that. (This happened to me!) Also good idea to occasionally peek at your
email/spam folder in case something important gets diverted by overzealous spam filters ...
Ann   |     |   Comment #118
Yeah, the emails actually came an hour before I got the phone call. From and
BathnaMilker   |     |   Comment #112
I got set up exactly as they promised. Had applied last week, they called yesterday, I did my wire, they set up my CDs exactly the way I requested same-day.

Still having trouble with online access but I guess I have 4 years to sort that out :P

Let me know if you have questions, but just wanted to post to say everything happened as the CSR's originally told us. Everyone was very friendly, very low wait times via phone, etc.
Sam   |     |   Comment #113
I applied on November 8. I uploaded my ID and ACC certificate and signed the documents, yesterday November, 13 and the application was approved within an hour. I initiated account connection from Ally yesterday and today the two small deposits had arrived, connection established and I initiated a transfer that will be at Garden Savings tomorrow November 15. The rep said I have until November 16 to fund the CD, so all is good.

I had a little trouble with Ally: I had the funds in an 11 month no penalty CD. I asked them to move it to the checking account and they said the transaction would take two days!! I asked to speak to a manager and told the rep that I need the funds available in the checking now. She came back with authorization from her manager to override the typical 2 day "processing" period, and transferred the funds from the CD to checking today so I was able to do the transfer. Don't take "no" for an answer. I have found that asking to speak with a manager gets things done more in my favor.
Ann   |     |   Comment #116
Unfortunately I'm moving more than $5k from a small bank that has a $5k daily ACH limit, so I can't even try that at this point. But you might want to double-check with Garden that they will allow those funds to be moved to the CD that soon after the transfer, because you might still run into new-account longer hold issues.
RWin   |     |   Comment #123
I got my online access today and my CD was set up yesterday as they said. You may want to deposit check at shared branch if you can do that.

- Wednesday, Applied online (that night they charged my VISA $5)
- Thurs. They called , I missed call
- Friday I called back, they emailed Docs, I emailed back.
- Saturday I went and deposited check at Co-op
- Sunday set up online banking (no immediate access)
- Monday they were closed for holiday
- Tuesday they opened my CD, called left message that it was done

- Today they emailed me that I have access to online banking. I logged on and I see the CD was set up yesterday with no hold on my deposit from co-op branch. That check only cleared my bank this morning at 9AM.
Ann   |     |   Comment #126
Thanks for the detailed report. I guess I'll just go for it and stop trying to get confirmation in advance that they will actually do it, since they seem to have no clear idea what they can or can't actually do until they do it.
Ann   |     |   Comment #127
Got my check written out and made it to my shared branch CU at around 4:45 Eastern... but the Garden people hadn't finished setting up my account so I have to go back tomorrow. :-(
Sam   |     |   Comment #137
All went well and the CD was opened yesterday. Thank you, Ken!!!
Newbie1   |     |   Comment #121
@Sam. Assuming the no penalty CD at Ally was not just opened you can close a cd online and have the funds transferred immediately into your checking account. The funds are available immediately. Click on the Manage CD's link, and choose the Early Withdrawal link on the left hand side of the screen. No need to call the CSR's.
RickZ   |     |   Comment #119
I deposited a check with my local shared branch earlier today. Drove home and checked my Gardens Savings account - the money was in my share account but listed as unavailable. Called my contact in the Member Services department and requested that the money be used to open and fund my CD. Checked my account 15 minutes later and the CD was opened. They are still swamped but everything went off without a hitch.
Ann   |     |   Comment #122
Would you mind saying who that contact is? Everyone I've talked to so far thinks they can't do that...
RickZ   |     |   Comment #124
Ann, My contact asked that I not post that information online. I could give you the information by private message but I don't see that option on this site anymore. Did you ask the CSR to transfer you to the Member Services department?
Ann   |     |   Comment #125
That's the dept I picked in the phone tree when I called them yesterday. Not sure who called me today. Guess I'll just have to try calling randomly again. Unless you happen to have a Twitter account? That's an easy way to do private messaging (different than public tweeting).
Mail Call
Mail Call   |     |   Comment #128
she has to be registered . then you tap on their name. it opens PM
RickZ   |     |   Comment #129
Thanks ... good to know.
AnnO   |     |   Comment #130
Oh, guess I need to finally register, then. Apparently there was another "Ann" here long ago, so now I'm "AnnO".
RickZ   |     |   Comment #131
AnnO, I sent you a PM.
QED   |     |   Comment #120
I went in too light at Sharonview. Grateful here to have opportunity for a Mulligan. Garden was very attentive to my needs. I've no complaints at all. Mailed (USPS) a check to them last Thursday and the CD was opened this morning. They ARE slammed but they are doing a good job nevertheless.
timnok   |     |   Comment #132
Great experience for me! Very narrow time window to accomplish but went very smoothly. Great followup and friendly folks! No problems.
gregk   |     |   Comment #133
in 6 months or a year everyone will regret jumping on this.

I remember the Andrews 7 year 3% offer not even 2 years ago that still has 5+ long years to run at a now inferior rate.

We all got conditioned during the long rate drought to immediately grab anything that looked exceptional.

It's not a good strategy in the current environment, but people can't change their mindset.
AnnO   |     |   Comment #134
~shrug~ I've had nearly 2 years of earning at 3% on Andrews in the meantime, and if rates go up enough for it to be worth breaking that for a deal that I can be sure won't vanish before I can complete the process, it only has a 6mo EWP. This Garden CD likewise only has a 6mo EWP.
deeMatrix   |     |   Comment #135
Who's to say? I was one of those who jumped on the Andrews 7 year deal which at the time looked good at 3% so yeah rates increased so I just took the 6 month EWP and jumped on this one. After taking the EWP and this year's tax deduction into account it will take a little over 12 months to break even and after that all gravy. If rates continue to go up further then can consider to just rinse and repeat. Finance in motion...

Also this CD fit nicely as the 4 year rung in a 5 year CD ladder so will continue to ride the weighted average up over time. But a word of caution on rates, is you just never know. If the stock market collapses and/or the economy goes into a recession over the next few years one may wish they had some funds locked in at this rate.
AnnO   |     |   Comment #136
I got things taken care of today with the shared branch deposit, and had no problem with them putting the money into the CD the same day. Glad I didn't waste the $25 wire fee like the previous less-informed reps kept pushing. There was a follow-up email sent today from to confirm "Thank you for successfully completing your DocuSign."; it came a couple hours later than when the account was actually ready to receive deposits (which I had verified by phone call before going back to the shared branch, to avoid a repeat of yesterday afternoon's wasted trip).
AnnO   |     |   Comment #138
My attempt to register for online banking before the account setup was complete DID get saved and activated without me having to fill out the form again. It gave no indication of this status until I started on the form again, entered my choice of username (which had been 'available' when I had first tried a couple days ago and got the 'pending review' screen), and today that same name was unavailable... signing in with the information I had provided the first time was successful, and I see the CD was successfully created yesterday as promised.

I do have the same minor rate discrepancy previously mentioned (4.074% stated vs 4.08%), but the account already reflects one day of 4.00% interest accrued in the CD, so they could be actually doing daily compounding (4.08% equivalent) rather than the monthly-based rate displayed.
Garden Savings Federal Credit Union Boosts 3-Year CD Rate
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.

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...

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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...

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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...

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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...

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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...

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