Dedicated to Deposits: Deals, Data, and Discussion

Melrose CU - High Yield CDs with Easy Membership

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I received confirmation that Melrose Credit Union does accept members who live outside of New York. This confirms what is stated at the credit union's membership page:

Since Melrose Credit Union has an open New York State charter there are no geographic or group affiliation field of membership restrictions. So, regardless of where you live or how you earn a living, you may qualify for membership.

Membership application must be done by mail. As I posted on Saturday, this credit union has very high rates on its share certificates such as a 5.35% APY on a 1-year term. The terms range from 1 to 5 years with APYs increasing by 0.10% for each year. Below is the list of all rates:

Term APY
1 year 5.35%
2 year 5.46%
3 year 5.56%
4 year 5.67%
5 year 5.77%

The minimum deposit requirements is $5K. IRA certificates at these same rates are also available.

The credit union has over $740 million in assets. This is over 3 times the size of the Self-Help Credit Union so it seems Melrose could be able to handle a national membership.

Comments
4 comments.
Comment #1 by Banking Guy (anonymous) posted on
Banking Guy
I just received a membership package in the mail. The penalties for early withdrawals of the CDs are:
* 1-year CD: forfeiture of the first 90 days dividend and a reduction of rate/APY to 3.00%
* 2-year+ CD: forfeiture of the first 180 days dividend and a reduction of the rate/APY to 3.00%

The minimum balance for an IRA share certificate is $4,000.

The CD dividends accrue daily and are compounded quarterly.

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Comment #2 by TheSlink (anonymous) posted on
TheSlink
My mother is a member of Members Credit Union in North Carolina. She told me, and I confirmed at their website, they are now offering a 6.17%APY 60-month cd. Looks like they have online banking and a pretty wide-reaching field of membership. I think you have the choice of joining a few non-profits for $25-$35 to receive membership eligibility. Pretty decent rates on everything else, too.

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Comment #3 by Banking Guy (anonymous) posted on
Banking Guy
Thanks for the info on Members CU. I posted on it here.

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Comment #4 by Shanny (anonymous) posted on
Shanny
Looks like Melrose dropped their rates today, and pretty harshly at that. Even the million dollar jumbos dropped significantly.

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