Melrose Bank Offers 2-Year CD (2.50% APY) In New England


Deal Summary: 2-year CD and eCD, 2.50% APY, $500 minimum deposit.

Availability: Online market area includes Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island, and Vermont.

Massachusetts-based Melrose Bank has recently raised the rate on its 2-year in-branch CD and eCD (2.50% APY). The minimum deposit is $500, with no stated balance cap.

2.50%$500-Melrose Bank2 Year CD
2.50%$500-Melrose Bank2 Year eCertificate of Deposit
Rates as of March 22, 2018.

While Melrose Bank has been offering in-branch CDs for many years, the eCDs were added to the product line about two months ago. At this time, there are only three eCDs (1- and 2-year, and 18-month) available, with the 2-year eCD being the most competitive.

As stated on the first page of the online application, “You can fund this new account with either a credit card, or a checking or a savings account.”

According to CSR, the Early Withdrawal Penalty for any of the eCDs is “six months simple interest on the amount withdrawn.”

Melrose Bank’s deposits are not only FDIC insured, but are also covered by the Share Insurance Fund.

The Share Insurance Fund (SIF) is a private fund owned by the member co-operative banks, which insures all deposits at co-operative banks in Massachusetts above Federal Deposit Insurance Corporation (FDIC) limits.


Headquartered in Melrose, Massachusetts, Melrose Bank’s online market area is New England, including Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island, and Vermont.

Opening an eCD can be done online. Melrose Bank is currently offering the same APY on its in-branch 2-year CD, which can be opened at the sole Massachusetts branch located in Melrose. If you live in New England and want the brick-and-mortar experience, the fine print for the Bank’s in-branch CDs states,

Melrose Bank accepts deposits and is opening new accounts
from customers residing in New England (MA, CT, NH, ME, VT, RI).

Bank Overview

Melrose Bank has an overall health grade of "A+" at, with a Texas Ratio of 0.56% (excellent) based on December 31, 2017 data. In the past year, the Bank has increased its total non-brokered deposits by $18.16 million, an excellent annual growth rate of 8.37%. Please refer to our financial overview of Melrose Bank (FDIC Certificate #26511) for more details.

The original Melrose Co-operative Bank was founded in 1890, but was not FDIC insured until 1986. As part of its “co-operative” philosophy, the Bank established the Melrose Bank Foundation,

to provide financial support to charitable and community service organizations in the communities in which Melrose Bank operates. The Foundation is dedicated completely to community activities and the promotion of charitable causes.

The Foundation focuses on supporting education and youth programs, health and human services, and affordable housing issues.

How the CD Compares

When compared to the other similar length-of-term CDs tracked by, requiring a similar minimum deposit and available within the Bank’s market area, Melrose Bank’s 2-year CD APY currently ranks second.

Interest RateCD Length of TermCredit Union/Bank
2.51% APY2-Year CDColorado Federal Savings Bank
2.50% APY2-Year CDMelrose Bank
2.40% APY2-Year CDKS StateBank

The above rates are accurate as of 3/12/2018.

To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.

Related Pages: Boston CD rates, 5-year CD rates

Special CD & Checking Deals at Melrose Cooperative Bank in MA - Local Only

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...

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