bank rates

Big Cuts To Melrose Credit Union CD Rates

Last night we removed Melrose Credit Union from our list of the highest CD rates after it made cuts across all terms.

The New York credit union has long offered some of the best nationally available deals on certificates of deposit.

Today, its rates remain competitive, but they don’t top other local banks and credit unions on our list or the best deals open to savers everywhere on our CD Rates Leaderboard.

It was the first rate cut for Melrose since April and the third in 2012.

Rates declined by as much as three-tenths of a percentage point.

With a $5,000 minimum deposit, Melrose Credit Union (www.melrosecu.org) now pays:

  • 1.96% APY on 60-month CDs (down from 2.17%).
  • 1.46% APY on 36-month CDs (down from 1.76%).
  • 1.21% APY on 24-month CDs (down from 1.36%).
  • 0.95% APY on 12-month CDs (down from 1.10%).

Melrose typically doesn’t stay down for long, so expect other banks or credit unions to cut rates soon — or expect Melrose to boost its rates again as it did last summer when it cut rates, only to raise them two weeks later.

For now, though, there are numerous deals that beat Melrose on all of its terms.

Here are a few highlights:

Patelco Credit Union pays 2.50% APY on its 7-year CD.

Fort Knox Federal Credit Union pays 2.15% APY on its 59-month CD (that reflects a tenth of a percentage point rate cut this morning).

These credit unions allow anyone to join.

National Bank Of Kansas City tops all banks offering national deals with a 2.02% APY 60-month CD and a 1.51% APY 36-month CD.

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 August 13th at 06:19 am

    Fort Knox Credit Union’s 59-month CD now pays 1.95% APY. National Bank Of Kansas City’s 60-month CD now pays 1.76% APY and its 36-month CD pays 1.31% APY.