Garden Savings Federal Credit Union offers top 2-year CD rate


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There’s no reason to settle for your bank’s low interest rate when you can earn a higher yield somewhere else.

Garden Savings Federal Credit Union offers a 2-year CD that pays 2.02 percent APY. The credit union is based in New Jersey, but savers in any state can qualify with a small $500 deposit.

The deal could be a good fit for someone looking for a low-risk investment to add to their portfolio. Calculate how much interest you could earn during your 24-month term.

How the deal stacks up

Few banks and credit unions with 2-year CDs offer yields above 2 percent APY. At Popular Direct and Congressional Bank, for example, the most you can earn is 1.85 percent APY.

Top nationally available 24-month CD rates
Institution APY Minimum deposit
Garden Savings Federal Credit Union 2.02% $500
Popular Direct 1.85% $10,000
Congressional Bank 1.85% $25,000
First Internet Bank of Indiana 1.81% $1,000
EverBank 1.81% $5,000

Garden Savings has one of the best 24-month CD rates available nationwide. See how it compares to other top CD rates.

Interest compounds monthly, meaning that you’ll earn less interest than you would if it compounded daily. Also, note that withdrawing part of your deposit before your CD matures will reduce the amount of interest you earn. At Garden Savings, the early withdrawal penalty is 180 days of dividends for terms lasting for at least one year.

How to join

An easy way to join Garden Savings Federal Credit Union is to become a member of the American Consumer Council. The membership fee is $5 for anyone who’s used a major consumer good or service in the past 12 months.

Membership at Garden Savings is also open to:

  • Those who live, attend school, volunteer, worship or work in Elizabeth, Jersey City or Newark
  • Immediate family members of existing members
  • Employees, retirees or volunteers of more than 150 organizations in the credit union’s field of membership

New members are required to open a member savings account and deposit at least $5. You can apply for membership and your member savings account online.

How to buy Garden Savings CDs

Once you become a member, Garden Savings CDs can be purchased over the phone or in person. If you sign up for online banking services, you also can send a secure message stating that you would like a CD opened for you using money pulled from your member savings account.

You’ll qualify for a certificate if you:

  • Are at least 18 years old
  • Have a valid Social Security number or individual taxpayer identification number
  • Have a valid ID issued by the U.S. government

The credit union has a handful of branches. If you don’t live near one (or a shared branch), you can fund your new account by initiating a wire transfer or mailing in a check. Though the 2-year CD special is only available temporarily, you’ll still be eligible to earn 2.02 percent APY if your envelope is postmarked before the deal expires.

About Garden Savings Federal Credit Union

Garden Savings Federal Credit Union is based in Parsippany, New Jersey. Founded in 1968 as a financial institution for AT&T Bell Laboratories employees, it now has more than 25,000 members.

Up to $500,000 of deposits for each member are insured by the National Credit Union Administration and Excess Share Insurance, a private provider. The credit union earned four out of five stars on Bankrate’s latest Safe & Sound Ratings, which measures the financial health of banks and credit unions throughout the United States.