Dedicated to Deposits: Deals, Data, and Discussion

5.25% 60-Month / 4.32% 12-Month CD at Melrose Credit Union in NY - Easy Membership


Melrose Credit Union
Update 12/02/08: The CD rates have fallen. Please check the credit union's website for the latest rates.

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 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.

  Tags: New York, Melrose Credit Union, CD rates, IRA rates

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Comment #1 by Anonymous posted on
Be careful with Melrose's prepayment penalties. I called this morning about their 6 month CD prepayment penalty. It was six months interest PLUS having the CD interest rate reduced for the entire life to the share savings rate, which could be very low when you want to prepay. That could make it extremely expensive to prepay.

Comment #2 by Anonymous posted on
Rates went down, no longer offering 5.25% 60 month. . .my paperwork was received and complete over a week and a half ago and beacause they have had problems with their electronic funds transfer, they are not honoring the higher rate for me. The Customer Service agent was very friendly but, the credit union itself does not sound like one with customer friendly management nor have they embraced electronic banking of the 20th century much less the 21st.

Comment #3 by David (anonymous) posted on
Good luck trying to get an answer to your questions via email. No one answered any of my concerns. They are not very helpful!!