Dedicated to Deposits: Deals, Data, and Discussion

5.82% 12-Month CD at Melrose Credit Union (open to all)


Melrose Credit Union made a significant increase to its 12-month share certificate rate. The new APY is 5.82% which is up from 5.46%. Rates on the longer terms also increased, but by not as much. Below is the full list of new and old yields:

Term Old APY New APY Change
1-year 5.46% 5.82% +0.36
2-year 5.51% 5.77% +0.26
3-year 5.56% 5.72% +0.16
4-year 5.67% 5.77% +0.10
5-year 5.82% 5.82%

These CDs have a minimum deposit requirement of $5K. These are also available as an IRA with a minimum of $4K. Jumbo share certificates with a minimum of $1M are available with rates 0.25% higher than the above rates.

When I first reported on Melrose in March, its CD rates were way ahead of the others. For example, Melrose's 1-year CD APY was 5.35% which was 0.20% higher than Corus Bank's 5.15% APY 1-year CD. Over the last several months, Melrose CD rates remained the same while all others went up. It wasn't until mid June that Melrose finally raised CD rates. The 1-year CD was bumped from 5.35% to 5.46% APY. With this latest rate hike, Melrose is back on top.

As I reported in my March post, Melrose has an open field of membership. People from any state can join. There is a $1.00 one time membership fee and a minimum opening deposit of $25.00. Membership application can now be done online.

Melrose Credit Union is NCUA insured. As of April 18th, it has $771 million in assets and 17,755 members.