Melrose Credit Union Bumps Its CD Rates

This is not an electronic misprint.

Melrose Credit Union has raised its CD rates.

We know it’s kind of silly to get giddy over a rate increase, but good news for savers has been hard to come by lately.

The increase of about a tenth of a percentage point in all terms makes Melrose’s CD rates competitive once again.

In fact, the New York credit union now beats the best nationally available deals on 36- and 60-month CDs on our CD Rates Leaderboard.

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

• 1.15% APY on 12-month CDs.
• 1.41% APY on 24-month CDs.
• 1.91% APY on 36-month CDs.
• 2.68% APY on 60-month CDs.

Melrose, which used to predictably change its certificate of deposit rates once every three months, has now tinkered with rates twice in August — cutting rates once before this increase.

Its rates are still down about a quarter point from the beginning of 2011.

The increase also makes Melrose more competitive with other credit unions that have nationally available deals.

Here’s a look at the best nationally available credit union CD rates:

• 60-month CDs: University Federal Credit Union (www.ufcu.org) pays 2.83% APY with a $2,500 minimum deposit.
• 36-month CDs: University Federal Credit Union pays 2.08% APY.
• 24-month CDs: Alliant Credit Union (www.alliantcreditunion.org) pays 1.70% APY with a $25,000 minimum deposit and 1.60% APY with a $1,000 minimum deposit.
• 12-month CDs: Connexus Credit Union (www.connexuscu.org) pays 1.50% APY with a $10,000 minimum deposit.
• 6-month CDs: Connexus Credit Union pays 1.25% APY.

Credit unions often charge joining fees and place other restrictions on membership that could cut your earning power.

Anyone can join Melrose Credit Union, regardless of where they live or work by paying a $1 membership fee and depositing $25 in a savings account.

Compare these returns with the best CD rates from scores of banks in our database.