CD Discussion Thread

CD Discussion Thread


Yes, I think I did receive a telephone call. And I was able to obtain my member number later by calling them and giving a Garden Savings representative the account number found in the Docusign document they emailed to me. Be certain to write down that account number, which would be your savings account number.

My letter containing a check for the CD is outside now awaiting pickup by the postman. Fingers are crossed that they do not end the deal tomorrow (Friday) at close of business. Here is why:

I do not live in New Jersey. But I have some knowledge of the northern New Jersey region served by Garden Savings. They are in a very wealthy region of the state. So I would anticipate Garden Savings receiving much more walk-in participation on this deal than might be the case with other CD deals I have done, we all have done, over the years. It’s not just going to be visitors to Ken’s website this time. It’s also going to be local people living there in northern New Jersey.


I’m with shinobi. With all the other offerings being 4% for FIVE years and this being only 4 years it’s the leader of the pack and will vanish quick…since another 4 for 5 was released today they may still be available mid december but I cashed in the andrews 84 month 3% cd yesterday and will be wiring those funds along with some from an MMA account to them.


thanks…I fixed the link.


I am entirely respectful of famewolf’s decision to wire funds. And I offer that remark without qualification of any kind. Period.

So this is for information only on chance some participants here might possibly be unaware:

Mail, once inside the USPS system, moves on weekends and on holidays. I acknowledge USPS mail is not delivered on Sundays or on holidays. But movement of mail and delivery of USPS mail are not the same thing. You must separate the two in your thinking.

For example, in the instance of my letter to Garden Savings which contains a check for my CD deposit, I fully anticipate that letter arriving at Garden Savings next Tuesday. This despite an intervening Sunday and an intervening holiday on Monday. My letter will obviously not be delivered on either of those days. But it will be moving through the USPS system on those days which should make Tuesday delivery likely.


Ally Payback Time promotion participants who opened no-penalty certificates:


Here’s the deal. Everything depends on the exact date you opened your Ally eleven month no-penalty CD because this morning Ally INCREASED the interest rate on your CD.

Situation #1: If you opened your CD(s) within the last ten days you are in the tall alfalfa. Ally will automatically increase your interest rate at the conclusion of the ten day interest rate guarantee period. Ally’s name for this is the “Ally Ten Day Best Rate Guarantee”. If you’re within ten days of today you do not have to do a darn thing, you just get extra interest because of the guarantee. Pretty sweet! :grinning:

Situation #2: You opened the same no-penalty CD(s), but you did so more than ten days ago, therefore outside the guarantee period. For example, as part of the promotion, you might have opened your CD(s) in the latter portion of October. If it was more than ten days ago you are not covered by the guarantee. But you can still obtain the new, higher, interest rate by closing your existing no-penalty certificates and re-opening them at the 2.2% APY rate. You should telephone Ally before closing to be certain of this.

Note: The current 2.2% APY interest rate, as did the old 2.1% APY interest rate, applies to accounts with $25k balances and higher. I have not followed Ally no-penalty interest rates for accounts with smaller balances and I do not know if those rates have increased. It would surely be worth your while to check on this if you find yourself in that situation.


I just talked to Garden Savings about my application. Even if I get a call soon it is doubtful that I will get in on their latest deal, 4 for 4. The rep said the deal would end next Thursday 11/15. So shinobi, you’ll get in, by mailing your check yesterday.

I tried to explain that with the holiday on Monday, they need to put a rush on my app. Also he said they were swamped & doing their best. They explained that I could wire my funds after they get copies of my DL & docu sign the application… No rush!! Actually I would need to close another CD, in order to have funds right now.

So I guess I will probably just cross my fingers & wait for something else to pop up later.


Hey, thanks. That is great news (for me, I mean).

Do not ignore the Connexus deal completely. It’s not a four year deal. But it is a 4% deal. I think the Garden Savings deal is stealing steam from Connexus, which should extend Connexus beyond what otherwise would have been the case, in the absence of Garden Savings.


Does anyone have wire instructions to send them the money?

And has it been clarified that they need the funds to open the CD, or can it be opened then funded in a few days?


I do not have all of what you need. But I was exhorted to wire funds, by a Garden Savings representative, before I decided (on my own) to risk mailing my 4% CD deposit. One caution she offered me sticks in my mind and it might interest you:

She told me, in my wire, to include specific instruction as to how the money was to be invested. I was confused by that. Turns out Garden Savings insists on having specific written instruction to (for example) “use this money to open a 4% CD”. Obviously I wanted, instead, to merely wire the money in and then telephone them and direct them verbally to open my CD. “No dice” according to the rep who spoke with me. They want that instruction concerning disposition of the funds in writing!

In my own situation, doing the deposit via USPS, I included with my check a signed and dated formal letter of instruction. Meeting their requirement becomes a bit more straightforward when doing things the old fashioned way. I would have included the letter of instruction even absent knowledge they require written instruction.

Note, I believe the rep also mentioned possibility of FAXing such signed, written instruction. You could telephone them and check. I don’t have FAX so I paid scant attention to that opening.


From comments at Ken’s website:

Apparently the 4% Garden Savings deal has already been foreclosed except for people who already have established membership. If you already have your savings account but have not yet funded your CD, they are offering until next Wednesday or Thursday (reports differ) to get your CD funding to them. Good luck to all.

The Garden Savings deal did not have legs. But the Connexus 4% deal remains available as far as I know.


It’s only my opinion, but I believe a CD account opener check placed in the mail today (Friday) from anywhere in the USA would reach NJ by next Wednesday, and surely by Thursday.:wink:

Uh, OK, maybe not from Alaska or from Hawaii. I was thinking of the continental USA, the “lower 48”.


FYI, I’m told the routing number is 221278954, and your account number (from the account opening docs) is all that’s needed for a wire transfer.

And unlike what you were told, I was told that once the funds were deposited to my savings account, I could call the branch or use online banking to email a request to fund the CD. Of course, this should all be completed Tuesday, so I’ll still have Wednesday to fax them “signed, written instructions” if there is a problem (fax# is 973-316-1154, FYI).

Also confirmed the 4% promo is over as far as joining the credit union, and I have until Thursday to fund the CD to get the 4% rate. And confirmed the CD cannot be opened until the money is there to fund it.


Yes folks, I’m sure I missed this one!!

And the thing is, I actually started the online app the first day I saw it on Kens site. I see the $5 taken off my credit card but…no go. Something must have gone wrong on the application part. I never received an e-mail as they stated " was coming".

I know I could go for the Connexus deal but I would rather wait for a shorter term. If I had not seen this 4 for 4 Garden Savings I probably would have considered Connexus. But life goes on. In fact I will have more funds the middle of Dec, when an old CD matures.

But congratulations to those of you that got this one…:wink:


Just to follow up on this - my wire transfer was received this afternoon, and I got a call from Garden Savings telling me they had the money and were opening the CD. I guess when I called for the wire information, the rep noted my account that the incoming funds were for the CD promo? Otherwise, no clue why they’d just assume a wire to my savings account was to open a CD. Regardless, there was no need for written/signed/faxed/mailed instructions. CD opened and showing online with correct rate, the money didnt even pass through my savings account.


This deal is only for the most avid CD deal hunters. This deal is certainly not for everybody and, in fact, it may be a total “no-go” for everyone. Said another way, this simply might not work:

Q: OMG another one of Shin’s hare-brained CD schemes. You do realize, we hope, that nobody ever, anywhere, did what you are about to suggest. Right?

Look, I have pulled this stunt at least three separate times, over the years, at three different credit unions. I made money in the process each time.

Q: But you do acknowledge, Shin, that there were also failures, instances when you were turned away?

Acknowledged. Yes, of course. It’s like the lottery. You cannot win if you do not play. Here is the deal:

Pathways Credit Union, in Ohio, is offering a 4 for 40 CD deal. That’s 4% APY for 40 months. There is a catch and it’s a huge catch: this is a local deal only.

Q: Big whoop, Shin. Are you unaware any such deal is worthless to 99.9% of participants here? How did you ever get in on CD deals that were local deals?

Like I said, three times in the past I have squeezed into a local deal through the “school loophole”. First, let’s start with the formal membership requirements at Pathways:

Formal Pathway membership requirements

Obviously that is incredibly restricted. But note the “school loophole”.

Q: Shin, that’s not a loophole unless a person is actually, physically, attending an educational institution in one of the counties mentioned. Right?

That has not been my personal experience. Different credit unions define “attend school” differently. In certain instances you can sign up for a course over the internet and satisfy the requirement. Anyway, that is what I have done.

Q: Does that always work and how would a person find out what is allowed?

Certainly NOT always. You need to speak with the credit union’s compliance officer if at all possible. If not, be certain the representative taking your call is in direct touch with the compliance officer. The credit union’s compliance officer is the control point for any and all such judgement calls.

Q: Did you lie?

Never! It is pointless to lie to a compliance officer. It is also stupid.

Q: So will the Pathways compliance officer let us in? If we sign up for a local course here on the net?

I dunno.

Q: Well, can you at least provide a link to the deal itself? 4 for 40 is pretty good.


Link to Pathways 4 for 40 CD deal


shinobi, Thanks for this valuable info!! Where do you find these great deals??

For my curiosity I filed an online application at Pathways CU. Everything went through with flying colors in only about 30 minutes time. Got my member & account # immediately. I’m very much interested in this 4% for 4 years CD. The good thing for me is that the deal is valid until 12/31/18. I have a large CD that matures 12/14 & this deal will work out perfectly for me. MANY THANKS!!

I got a follow up call from Garden Savings this afternoon & to open this deal would require me to withdraw funds from my Ag Fed no penalty CD that is drawing 2.5%. I hate to withdraw those funds unless something really special comes along, like 5%. :wink:


pattyb53, I am undeserving of any thanks whatsoever. Your post is worrisome. I tried to make clear the Pathways deal is a local deal and is highly problematic for most participants here. Simply because you received member and account numbers does not mean you are in good shape. They will require you, at some point, to demonstrate you qualify for membership. I dealt with that aspect, in my post, as extensively as I could. Qualification for membership at Pathways is far, FAR, from a slam dunk. Be extremely circumspect about the entire matter.


Founders CD deal

Not close to being as attractive as the Pathways deal, but quite possibly more doable. Deal is a 4 for 5 deal, 4% APR for five years.

Founders CD rates

Q: Is there a way in?

It is possible. Go here to see eligibility:

Founders eligibility page

Q: Can you be more specific?

There are probably a number of possibilities. See here for just one example. Cost is $15:

One possible way in

Q: Shin, any caveats?

Big time!! This is a small CU. Watch out!! There could easily be UNWRITTEN requirement that you be a member of the local community!!

Q: Shin, this Founders deal, even if we can get in, is only a tiny bit different from the Connexus deal. Why pick Founders when doing the Connexus deal is straightforward?

Why indeed. I’m not saying Founders is preferable. I’m saying study the two deals for yourself. Look at, for example, APY and look at EWPs.

Q: Shin, this Founders deal is nowhere near as attractive as the Pathways deal. Might it now be possible to do Pathways just as easily, instead of via the school route?

Maybe. I was not able to locate an exhaustive eligibility list for Pathways like I just posted for Founders. If you can find the list, or obtain a copy, there might be an easier way into Pathways.

Q: But in both instances you are concerned about UNWRITTEN residency requirements. Is that correct?

I am. Sometimes these smaller credit unions do not anticipate they will draw national attention. When it happens, and when they become overwhelmed, they simply exclude outsiders, persons living outside their service territory. You cannot know what will happen until you attempt to join.


shinobi, for now it’s still a big thank you…

I can log into my Pathway FCU account right now, used my credit card for the $5 required savings. The $5 has already been withdrawn from cc account. I can’t imagine how they can come along now & cut me out.

Just because this is a local deal shouldn’t cause me worry. I didn’t just get off the turnip truck. But, I will hang tight as far as sending my large check to open the 40 mo 4% CD.


Oh, please trust me: THEY CAN!! And they will if you do not qualify. It has happened to me when I had already deposited BIG CD money into one credit union!! They did not care. The compliance officer came after me with a cleaver!! Mind you, I did not knowingly fail to comply. I thought I had complied (long story). But I had not, they checked up on me and found out, and they threatened me in a rather nasty manner, offering me only a very short interval of time to come into compliance or be thrown out of the credit union on my ear.

Credit union compliance officers are sticklers more often than not. I have dealt with a number of them. And they rule like queens (all compliance officers with whom I have dealt were women). They are protecting the credit union against AA (adverse action) coming from the NCUA and/or from other regulators. There are rigid rules any credit union must follow. The compliance officer ENFORCES those rules.


Ken is now featuring the Pathways CD deal front and center on his blog.