bank rates

Melrose No Longer Best Bet On CD Rates

Melrose Credit Union cut CD rates for the second time this year.For the second time in as many months, Melrose Credit Union has cut its CD rates.

And it’s a significant drop – about a quarter of a percentage point in every term.

This is also the second time the New York-based credit union has trimmed rates in 2011.

And its first rate cut, at the end of June, was just by a tenth of a percentage point.

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

1.05% APY on its 12-month CD.
1.31% APY on its 24-month CD.
1.81% APY on its 36-month CD.
2.57% APY on its 60-month CD.

The 36- and 60-month rates are still competitive (although neither beat the top nationally available rates).

But the 12- and 24-month CD rates are significantly lower than what you’ll find on our CD Rates Leaderboard, where the institution once ruled before we limited the ranking of the best nationally available CD rates to banks.

Melrose, long a darling of credit union CD rates, also offers lower rates than other credit unions with nationally available deals.

The best nationally available credit union CD rates are offered by:

Credit unions often charge joining fees and place other restrictions on membership that could cut your earning power.

Anyone can join Melrose Credit Union, regardless of where they live or work 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.

Don't miss out on the next bank deal. Get the newest deals delivered straight to your inbox!

Comments (2)
1 Star2 Stars3 Stars4 Stars5 Stars (3 votes, average: 3.00 out of 5)
Loading...
2 Existing Comments
  1. Mike Cetera said:
    on August 22nd at 11:45 am

    Connexus Credit Union has cut its CD rates. It’s now paying 2.50% APY on 60-month CDs, 1.50% APY on 12-month CDs and 1.25% APY on 6-month CDs.

  2. Kathy at Bankaholic said:
    on August 29th at 09:05 am

    Self-Help CU’s 3-month CD is now paying 0.75% APY.