bank rates

Melrose Credit Union Cuts CD Rates

5-year CD rates take the biggest hitThis is the logical outcome of the Federal Reserve’s extension of record-low interest rates.

Melrose Credit Union has cut its CD rates for the first time since August.

While the New York-based credit union cut rates in all its terms, 60-month CD rates took the biggest hit — falling by more than four-tenths of a percentage point.

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

  • 1.10% APY on 12-month CDs, down from 1.15% APY.
  • 1.36% APY on 24-month CDs, down from 1.41% APY.
  • 1.86% APY on 36-month CDs, down from 1.91% APY.
  • 2.27% APY on 60-month CDs, down from 2.68% APY.

Melrose still pays better than all of the top banks on our CD Rates Leaderboard with the exception of the 12-month term. You’ll earn 1.15% APY with the top nationally available bank CD.

But there are now two other credit unions that offer better deals on 60-month CD rates to savers nationwide.

Massachusetts-based Digital Federal Credit Union pays 2.50% APY to savers with a checking account and 2.25% to members without a checking account. That’s with a $500 minimum deposit.

You’ll earn a 0.10% higher yield if your minimum deposit is $25,000 or more.

Anyone can join by becoming a member of one of the credit union’s participating organizations.

The organizations are listed on the website and categorized by the cost of dues or membership. The range is $10 to $120.

And Andrews Federal Credit Union pays 2.30% APY to members with a $1,000 minimum deposit.

All you have to do to be eligible to join is sign up for a free membership at the American Consumer Council.

As for Melrose, anyone can join 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.

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Comments (2)
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2 Existing Comments
  1. Kathy at Bankaholic said:
    on February 13th at 09:54 am

    Digital Federal’s best 60-month rate has dropped to 1.75% APY. Without a checking account, it’s 1.50% APY.

  2. Kathy at Bankaholic said:
    on February 21st at 08:26 am

    Melrose’s and Andrews’ rates are still available.