bank rates

It’s A Cryin’ Shame: Melrose Cuts CD Rates

We knew this day was coming.

Melrose Credit Union, which has led our rankings of the best 12-, 24-, 36- and 60-month CD rates for almost two months, lowered its rates today.This unique New York credit union drops from lead in 12- 24- and 36-month CD rates

It lost its lead in 12-month CDs and disappeared from the 24- and 36-month rankings altogether.

Although it still offers the best nationally available 5-year rate, that return has also been cut.

It’s been a great run for this unusual credit union with a single office in Queens, N.Y.

While most credit unions can’t qualify for our rankings, Melrose has an open charter that allows all U.S. residents to join, regardless of where they live or work.

During the time it dominated our rankings, we never received a single complaint about its customer service.

We’ll post a new CD Rates Leaderboard by this afternoon, and update all of the rankings affected by the reduction in rates at Melrose over the next few days.

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Comments (2)
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2 Existing Comments
  1. Earl said:
    on August 26th at 11:33 am

    As I stated before, besides the $1 membership fee, you had to put $25 into a savings account. If you withdrew money early, your interest rate received retroactively reverted to 1%. I couldn’t believe this, when I called, asking about a five year CD. Needless to say, I am putting my money with ALLY.

  2. DealMaven said:
    on August 26th at 11:58 am

    We stand corrected. Earl is absolutely correct in what he says and everyone wasn’t happy with all the terms at Melrose. We like Ally, by the way. But it’s been lowering its rates recently, too.