Garden Savings FCU (Easy Membership) Hikes CD Rates

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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.

APYMINMAXINSTITUTIONPRODUCTDETAILS
1.66%$500-Garden Savings Federal Credit Union2 Year Share Certificate
1.66%$500-Garden Savings Federal Credit Union2 Year IRA Share Certificate (Traditional, Roth, CESA)
1.51%$500-Garden Savings Federal Credit Union18 Month Share Certificate
1.51%$500-Garden Savings Federal Credit Union18 Month IRA Share Certificate (Traditional, Roth, CESA)
1.41%$500-Garden Savings Federal Credit Union12 Month Share Certificate
1.41%$500-Garden Savings Federal Credit Union12 Month IRA Share Certificate (Traditional, Roth, CESA)
Accounts mentioned in this post. Rates as of September 30, 2016.

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.

Availability

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.

Interest RateCD Length of TermCredit Union/Bank
1.41% APY12-Month Share CertificateGarden Savings Federal Credit Union
1.30% APY1-Year CDLive Oak Bank
1.29% APY1-Year CDState Bank of India

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.

Interest RateCD Length of TermCredit Union/Bank
2.00% APY20-Month Certificate Special ($20k max)Navy Federal Credit Union
1.51% APY18-Month Share CertificateGarden Savings Federal Credit Union
1.50% APY20-Month CD Special ($25k max)Credit Union of New Jersey

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.

Interest RateCD Length of TermCredit Union/Bank
1.66% APY2-Year Share CertificateGarden Savings Federal Credit Union
1.55% APY26-Month Special CDVeridian Credit Union
1.51% APY29-Month CD ($50k max)Hughes Federal Credit Union

The above rates are accurate as of 9/27/2016.

To search for the best CD rates, both nationwide and state specific, please refer to the CD rates section of DepositAccounts.com or our Rates Map page.

Comments
Anonymous
Anonymous   |     |   Comment #1
Re Early Withdrawal Penalty: I have a CD issued by Garden Savings in 2015. The agreement reads: "If we agree to a request for a withdrawal that is otherwise not permitted you may have to pay a penalty. The penalty will be an amount equal to 180 Days Earned Interest."
Anonymous
Anonymous   |     |   Comment #4
I just checked with Garden Savings -- their current agreement reads: "Early Withdrawal Penalty: We may impose a penalty if you withdraw funds from your account before the maturity date." Last year's language re "if we agree to a request for a withdrawal" has been eliminated. I also spoke with a Garden Savings manager who said that the 2015 language was not meant to suggest that the CU had to agree to a withdrawal.
Sylvia
Sylvia   |     |   Comment #2
Three years ago, Garden Savings' EWP for a 2 year CD was a liberal 90 days of earned interest.  The current 180 days for 1 year is pretty severe.
Anonymous
Anonymous   |     |   Comment #3
Pretty sad this is the best 1 year out there !
Frank Walker
Frank Walker   |     |   Comment #5
Thank you, Ken.  This seems to me a very good CD deal.
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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:

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