bank rates

Melrose Cuts CD Rates Again

It's 60-month CDs no longer offer the best rates.It doesn’t happen often, but it’s always noteworthy when Melrose Credit Union changes its CD rates.

The New York credit union that consistently has some of the best CD rates in the country — and allows anyone to join — cut its yields this morning for just the second time in 2012.

While it held its 12- and 24-month CD rates unchanged, it cut its 36- and 60-month terms by a tenth of a percentage point each.

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

  • 1.76% APY on 36-month CDs.
  • 2.17% APY on 60-month CDs.

Its 12-month CD still pays 1.10% APY, and its 24-month CD continues to pay 1.36% APY.

Melrose still pays better than all of the top banks on our CD Rates Leaderboard with the exception of the 12-month term.

But several other credit unions that allow savers in all 50 states to join now beat Melrose on 60-month CDs.

You’ll find these credit unions listed on our chart of the very highest CD rates:

  • Affinity Plus Federal Credit Union pays 2.25% APY with a $500 minimum deposit.

    Anyone can become a member by making a one-time $25 donation to the Affinity Plus Foundation, which promotes financial literacy to Minnesota residents.

    Membership requires a $10 deposit in a share savings account.

  • McGraw-Hill Federal Credit Union pays 2.25% APY with a $10,000 minimum deposit.

    Anyone can become a member by making a one-time $25 donation to the VOICE Foundation, the credit union’s charitable arm. The foundation supports the National Junior Tennis and Learning of Trenton and the Children’s Miracle Network.

    Membership requires a $5 deposit in a savings account. The amount is already included in the $25 VOICE Foundation donation for those who join that way.

  • United States Senate Federal Credit Union pays 2.22% APY with a $60,000 minimum deposit.

    Anyone can become a member by joining the U.S. Capitol Historical Society for $35 and then joining the United States Senate Federal Credit Union.

    Membership requires a $5 deposit in a savings account and a $1 membership fee.

See how these returns compare with the best CD rates from scores of banks in our extensive database.

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Comments (2)
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2 Existing Comments
  1. Kathy at Bankaholic said:
    on May 7th at 09:06 am

    You can still get these rates at Melrose and the United States Senate FCU, but Affinity Plus is now paying 1.25% APY with a $500 minimum and McGraw-Hill is paying 1.75% APY with a $10,000 minimum.

  2. Kathy at Bankaholic said:
    on July 24th at 06:56 pm

    Melrose has just cut its rates. It’s paying 1.96% APY on 60-month CDs, 1.46% APY on 36-month CDs and 1.21% APY on 24-month CDs and 0.95% on 12-month CDs.