bank rates

Melrose Credit Union Cuts CD Rates

Melrose Credit Union has just reduced the return on its nationally available certificates of deposit by a tenth of a percentage point.

Picture of the outside of a Melrose Credit Union Branch

With a $5,000 minimum deposit, the New York-based credit union now pays:

  • 1.05% APY on 12-month CDs.
  • 1.31% APY on 24-month CDs.
  • 1.56% APY on 36-month CDs.
  • 1.92% APY on 48-month CDs.
  • 2.27% APY on 60-month CDs.

Despite the cuts, the 36- and 60-month yields still beat the best nationally available returns offered by banks on our CD Rates Leaderboard.

The 12-, 24- and 48-month rates, though not at the very top, remain competitive.

The rate reductions may reflect recent downward pressures on market interest rates caused by uncertainties surrounding the global economy and the spate of monetary policy easing by foreign central banks.

Although we’re disappointed, we continue to be impressed with Melrose because of its overall favorable rates and ease of membership.

Anyone can join, regardless of where they live or work. Membership requires a $1 membership fee and a $25 deposit in a savings account.

CDs may be purchased by mail, by phone or in person at the credit union’s single office in the Briarwood section of Queens, New York.

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