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 point (BPS) increases in six years: 12-month, 66 BPS; 18-month, 61 BPS; and 2-year, 55 BPS.
The Share Certificates are also available as IRAs (Traditional, Roth, CESA) earning the same APYs, 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.
Thank you to DA reader, thowellIII, for his Forum post about this deal.
Headquartered in Parsippany, New Jersey, Garden Savings Federal Credit Union’s field of membership (FOM) is wide and varied, with ways for almost any U.S. citizen 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 125 businesses and organizations qualify for membership.
Family Relationship - Immediate family members of current Garden Savings FCU members are eligible to join.
As DA reader, Sylvia, pointed out in a Forum post, Garden Savings FCU “is not a very tech smooth CU.” Although the Membership Application can be downloaded, there is no online application. All transactions have to be done in person at any of five New Jersey branches located in Dover, Maplewood, Newark, New Providence, and Parsippany, or by fax, snail mail, or email.
Credit Union Overview
Garden Savings Federal Credit Union (NCUA Charter #18710) has an overall health grade of "A" at DepositAccounts.com, with an excellent Texas ratio of 9.90%, based on June 30, 2016 data. In the past year, Garden Savings FCU has increased its total deposits by $18.8 million, an excellent annual growth rate of 6.98%. Please refer to our financial overview of Garden Savings Federal Credit Union for more details.
Garden Savings Federal Credit Union is currently New Jersey’s 9th largest credit union, with more than 25,500 members and assets in excess of $324 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 CDs Compare
When compared to the 159 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 12-month Share Certificate APY currently ranks first.
When compared to the 117 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 18-month Share Certificate APY currently ranks second.
When compared to the 154 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 2-year Share Certificate APY currently ranks first.
The above rates are accurate as of 9/27/2016.