bank rates

Newark Deal: CD Rates Up To 2.53%

Large percentage signSEE UPDATE: Savers should check out Garden Savings Federal Credit Union’s trio of special CD rates.

With a $500 minimum deposit, it pays:

  • 2.53% APY for 60-month CDs.
  • 2.02% APY for 48-month CDs.
  • 1.00% APY for 6-month CDs.

That 60-month CD rate is especially attractive, as it beats its term leader on our CD Rates Leaderboard by more than a fifth of a percentage point.

You have to be a member of Garden Savings Federal Credit Union to buy these certificates of deposit. Membership is available to those who live, work, worship, volunteer or attend school in Newark, Elizabeth or Jersey City, or who are employees, retirees or annuitants of one of the credit union’s more than 100 sponsor companies, which are listed on the website. Members’ family and household members can also join.

UPDATE (March 28): In addition, we’ve confirmed with the credit union that savers everywhere can join by first joining the American Consumer Council for $5. You can join the American Consumer Council – which is involved in “consumer education, advocacy and financial literacy,” according to its website – through Garden Savings’ online “field of membership” page.

Membership in Garden Savings Federal Credit Union requires a $5 deposit in a share savings account.

Members can buy CDs by mail, through secure email or in person at a branch. Those are in Dover, Parsippany, Murray Hill, Montville, Morristown and Newark.

Learn more about Garden Savings Federal Credit Union at www.gardensavingsfcu.org or call 888-554-9328.

See how these returns compare with the best CD rates from scores of banks in our extensive database.

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  1. Kathy at Bankaholic said:
    on April 1st at 10:04 am

    Garden Savings has just lowered all of these rates.

    60-month now pays 1.76% APY
    48-month pays 1.51%
    6-month pays 0.60%