Melrose Cooperative Bank is listing two deposit specials. The best deal is the 1-year CD special with a 1.50% APY. Minimum deposit is $1,000, and the maximum initial deposit is $100,000. The CD also has a special feature. You have a one-time option to add or withdraw 50% of your initial deposit without incurring a penalty or extending the term of the CD. The bank also has good deals on its long-term standard CDs. Both the 4-year and 5-year CD have a 2.00% APY. Minimum deposit is $500. The special CD rate is listed in this bank promo page and this 4/5-year CD rate is listed in the bank's deposit rates page as of 1/29/2013.
The checking account special offers a $100 bonus for opening a free checking account. To earn $50 requires signing up for direct deposit. Another $50 can be earned by paying 10 bills online through bill pay. Checking account must be opened by February 28, 2013. Full details are available at the bank promo page.
Unfortunately, not many are eligible for these deals. In the small print of the bank promo page, it states:
Tax Identification Number owner must reside in Melrose or its abutting communities: Saugus, Wakefield, Malden and Stoneham.
The small print in the deposit rates page is similar:
Melrose Cooperative Bank accepts deposits only from its primary business area, and currently is opening new accounts from customers residing or working in Melrose and its abutting communities.
It's a small bank with one branch located in Melrose, MA.
The bank has an overall health score at DepositAccounts.com of 5 stars (out of 5) with a Texas ratio of 1.02% (excellent) based on September 2012 data. Please refer to our financial overview of Melrose Cooperative Bank for more details. The bank has been a FDIC member since 1986 (FDIC Certificate # 26511).
How These CD Rates Compare
The best nationally available 1-year and 4-year CD rates are 1.25% APY and 1.85% APY from Pentagon Federal Credit Union. The best 5-year CD rate is 2.05% APY at Citizens State Bank in Florida. These rates are accurate as of 1/29/2013.
To search for nationwide CD rates and CD rates in your state, please refer to the best CD rates section of DepositAccounts.com.
Other Bank Bonuses
We have a bank promotions page with a table of all of the active bank and credit union promotions. You can filter the table based on the type of promotion and based on your state. I have more details about how to use this page in this blog post.