bank rates

Melrose Grabs Lead In 36-Month CDs, Too

Melrose Credit Union of Queens, N.Y., has risen to the top of our rankings of the best, nationally available 36-month CD rates.

It’s paying 2.52% APY with a $5,000 minimum deposit.

This credit union is based in Queens, N.Y., but has an open charter that allows any U.S. resident to join.Unlike most credit unions, Melrose has an open charter that allows all U.S. residents to join, regardless of where they live or what they do for a living.

There’s a $1, one-time membership fee and a minimum opening deposit of $25. This money goes into a savings account and must remain there to receive membership benefits.

Aside from that, applying for a certificate of deposit online at Melrose is no different than applying at any bank.

Melrose assumed the lead in 3-year CDs after Alliance Bank, which had offered the best returns most of the spring and early summer, lowered its rate from 2.60% APY to 2.50% APY.

The credit union already offered the best rates on 24- and 60-month certificates of deposit — 2.02% APY and 3.29% APY, also with a minimum deposit of $5,000.

So now it’s the place to go for all three of the three longest-term CDs we track.

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

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Comments (4)
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4 Existing Comments
  1. CrankySaver said:
    on June 23rd at 02:24 pm

    No big surprise here. The Federal Reserve just reiterated its intention to keep interest rates “exceptionally low” for an “extended period”. The Fed’s rate-setting committee fretted that the economic recovery has been slowed by the financial crisis in Europe. So no end in sight for these miserable savings rates.

  2. RateRunner said:
    on June 23rd at 04:30 pm

    If you want to join the rush to Treasury bills and bonds, this new post on our Personal Finance blog explains how to buy government securities directly from the Treasury Department, for free.

  3. CrankySaver said:
    on June 23rd at 05:15 pm

    Just when you think home loans can’t get any cheaper, they do. Mortgage rates plunged to new record lows this week, with the average cost of a 30-year fixed-rate loan falling to just 4.81%.

  4. DealMaven said:
    on June 24th at 10:20 am

    The CD Rate Leaderboard For June 24 has been updated and posted on our Personal Finance blog. It lists all of the banks offering the best deals for 3-month to 60-month CDs.