bank rates

Melrose Now Tops 12-Month CD Rates, Too

An unusual credit union in Queens, N.Y., now has many of the best CD rates in the country.

The Queens-based credit union is paying 1.76% APY, making it the best nationally availalbe deal.

Melrose Credit Union is different because it has an open charter that allows all U.S. residents to join and buy certificates of deposit, regardless of where they live or work.

It took over the lead in 12-month CD rates today, after Incredible Bank stopped accepting applications and First City Bank in Fort Walton Beach, Fla. slashed its CD rates from 1.80% APY to 1.50% APY.

Melrose is paying 1.76% APY with a $5,000 minimum deposit.

That means it has the top nationally available rates on 12-, 24-, 36- and 60-month CDs.

It’s the first time any bank (or credit union) has led four of our six rankings simultaneously.

Golf Savings Bank briefly held three of the top six spots back in April.

But within a week the bank, with a single branch in Mountlake Terrace, Wash., dramatically cut its rates and dropped out of our rankings.

Will the same thing happen with Melrose?

“We don’t have any plans to cut rates right now,” Rob Nemeroff, the credit union’s director of marketing told us. “But we will be looking at it over the next couple of weeks.”

The next best rates on 12-month CDs are:

1.55% APY with no minimum deposit from Sallie Mae Bank, the online bank owned by the big student loan lender.

1.54% APY with a $1,000 minimum deposit from Bank of Internet, an online bank based in San Diego, Calif.

1.51% APY with a $3,000 minimum deposit from, an online bank based in Charlotte, N.C.

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

Melrose continues to lead in 12-month CDs

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2 Existing Comments
  1. DealMaven said:
    on July 1st at 12:32 pm

    U.S. Savings BondsIf you like the security of government securities, is the cheapest and easiest way to buy them. It allows you to purchase a wide range of government debt, including Treasury bills and notes, U.S. Savings Bonds and Treasury Inflation-Protected Securities (TIPS) with a minimum investment of just $25 to $100. And there’s no charge to buy and sell through

  2. RateRunner said:
    on July 1st at 12:37 pm

    Habib American Bank is offering 2.25% APY on 24-month CDs at its four New York area offices.Here are a couple of local deals on 24-month certificates of deposit that are still available. Habib American Bank continues to offer 2.50% APY at its two, Los Angeles-area branches and 2.25% APY at its New York-area branches.That’s more than you can earn with the best nationally available 2-year CDs.