bank rates

Melrose Retains Lead In 5-Year CD Rates

Melrose Credit Union has led our rankings of the best nationally available 60-month CD rates for more than two months.

How does this small credit union in Queens, N.Y., offer some of the best CD rates in the country week, after week, after week.

It's still offering 3.03% APY on 60-month certificates of deposit.We went there to find out. The secret is taxis.

Melrose Credit Union has developed a profitable niche using its deposits to finance New York’s fleet of 13,000 cabs.

Not the actual cars, but the municipal licenses that every taxi must have to pickup passengers on city streets, and which cost hundreds of thousands of dollars to buy.

Click here to read the new Q&A on our Personal Finance blog with one of Melrose’s top executives.

The other top 60-month CD rates are:

2.75% APY with a $500 minimum deposit from Danversbank, which has more than 30 branches in the Boston area.

2.70% APY with a $1,000 minimum deposit from iGObanking, the online division of Flushing Savings Bank, which has 15 New York area branches.

2.65% APY with a $2,500 minimum deposit from Tennessee Commerce Bank, with one location in Franklin, Tenn.

2.65% APY with a $1,000 minimum deposit from First Internet Bank of Indiana, based in Indianapolis, Ind.

These banks and credit unions qualify for our rankings by imposing no restrictions on who can buy their CDs.

Melrose is one of the few credit unions in our rankings because its unique charter allows anyone to join for only $1, regardless of where they live or work. (You will also be required to hold at least $25 in a savings account.)

Click here to compare these deals with the best CD rates from dozens of other banks in our database.

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