No, we’re not talking about Melrose Credit Union.
The New York-based credit union has long been a Bankaholic favorite for its consistently high (in general) CD rates.
But it’s not today’s subject.
We’re talking about Melrose Cooperative Bank in Massachusetts, just north of Boston.
It pays 2.00% APY for both 48- and 60-month CDs with a $500 minimum deposit.
That’s a decent deal for either term, considering that downward movement among nationally available 60-month CD rates on our CD Rates Leaderboard has left the top rate at 1.80% APY.
It also pays 1.50% APY for 36-month CDs, which is a tenth a percentage point higher than its term leader.
You can only buy Melrose Cooperative Bank’s certificates of deposit if you live or work in Melrose or one of its bordering communities. You also have to do so in person at the bank’s single office, which is located at 638 Main St. in Melrose.
Learn more about Melrose Cooperative Bank at www.melrosecoop.com or 866-665-2500.
See how these returns compare with the best CD rates from scores of banks in our extensive database.