Dedicated to Deposits: Deals, Data, and Discussion

5.56% 12-Month CD at Melrose Credit Union (Open to All)

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Melrose Credit Union
Update: The CD rates have fallen. Please check the credit union's website for the latest rates.

Melrose Credit Union raised the yields on its share and IRA certificates by 25 basis points. For minimum deposits of $5,000, the yields now range from 5.56% APY for 1 and 5 year terms, 5.51% APY for 2 and 4 year terms and 5.46% APY for a 3 year term. The IRA certificates have the same rates but require a minimum deposit of $4,000.

Melrose also has Jumbo Certificates, but these should be called Super Jumbo since it has a minimum of $1 million. The Jumbo rates are 25 basis points higher than the regular share rates.

For much of last year Melrose maintained very high CD yields. They had ranged as high as 5.82% APY last July. Last November they had gone down a bit but were still as high as 5.61% APY. However, the rates plummeted by up to 50 basis points in mid November. The rates rebounded a bit in January to about 25 basis points below where they are today.

Another thing to note about Melrose is that it has a high rate on its Basic Share Savings Account. The yield is currently 4.06% APY. Although it's not high compared to online bank savings accounts, it's high compared to the typical credit union savings accounts. The minimum deposit is $25.

Anyone can join the credit union. According to Melrose'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 requires a one-time fee of $1 and a minimum $25 deposit into your share savings account. You can apply online for membership, but you have to fund you account by mailing a check or a money order. In addition, you must print, sign and mail the membership application and include a copy of your photo ID and proof of address (utility bill) with the application.

Melrose is located in Briarwood, New York which is in Queens.

Melrose Credit Union is federally insured by the NCUA (Charter # 62005). Since last year, it has grown from 17,755 members to 19,231 members and from $771 million in assets to $860 million in assets. With easy membership and high CD yields, I'm surprised it hasn't grown more.

  Tags: New York, Melrose Credit Union, CD rates

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