Melrose Credit Union has recently increased its share certificate rates. The yields for all terms went up about 25 basis points. All the terms are competitive, but the 5-year CD is most competitive with a 5.25% APY. The minimum deposit is $5,000, and these are also available in an IRA (minimum IRA deposit is $4,000). Below is a full list of the CD rates:
CD Rates as of 9/23/2008:
Term Rate APY
1 year 4.25% 4.32%
2 year 4.40% 4.47%
3 year 4.50% 4.58%
4 year 4.75% 4.84%
5 year 5.15% 5.25%
Melrose also has Jumbo Share 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 more details about Melrose share certificates, please refer to my August 2nd post.
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 ($2 for joint accounts) and a minimum $25 deposit into your share savings account. You can apply online for membership, but you have to fund your 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 with the application. Note, in my last post, a commenter described some difficulties in the application process.
Financial Health and NCUA Status
For those who are looking for sound financial institutions, Melrose CU may be one according to the rating services: 5 stars (superior) at BauerFinancial and 4 stars (sound) at Bankrate.com. Both are based on 6/30/08 data.
Melrose is located in Briarwood, New York which is in Queens.
Melrose Credit Union is federally insured by the NCUA (Charter # 62005). It has $943 million in assets and 19,346 members.