Featured Savings Rates
Featured Accounts

Melrose Credit Union

Popular Accounts at this Credit Union

APYACCOUNT TYPEACCOUNT NAME
2.12%5-year CD5 Year Share Certificate
1.21%1-year CD1 Year Share Certificate
1.56%3-year CD3 Year Share Certificate

Overview / Commentary
718-658-9800
13930 Queens Blvd
Briarwood, NY 11435

Melrose Credit Union is a New York-based credit union that provides personal and business banking services to its wide membership. It serves over 20,000 members and has more than a billion dollars in assets.

On its personal banking side, Melrose offers checking, savings, Share Certificate (CD), and IRA Share Certificate accounts in addition to a variety of lending options. The checking account offering earns dividends on balances over a certain amount, has no minimum balance requirements, and comes with free checks. The credit union also offers two savings accounts, including a basic account that pays dividends quarterly and a children’s account that comes with a free, Melrose-branded piggybank. Share Certificates (CDs) are available in term lengths ranging from 12 to 60 months and have an initial minimum deposit requirement usually set at several thousand dollars. DepositAccounts.com has recognized Melrose repeatedly in the past for its competitive CDs. IRA Share Certificates come with the same tax benefit as a Traditional IRA and also range in term lengths from 12 to 60 months. Melrose also provides free certified financial planning to help with budgeting, retirement, and insurance decisions.

Melrose CU online banking provides a secure platform for members to execute account management tasks like Bill Pay, funds transfers, and direct deposit. The web-based system is also optimized to for mobile banking to make it convenient for members to bank from their smartphones and tablets. Melrose ATMs are available in the Queens area of New York City, around where the credit union is headquartered.

Melrose Credit Union was originally established in 1922 to supply financial services to the Bronx, New York community. Since that time, the credit union has grown considerably and now permits anyone with a valid ID and social security number to join. Melrose is currently headquartered in Briarwood, New York, and serves its members through a single office location in addition to its online banking platform.

Field of Membership Restrictions

Melrose Credit Union has an open New York charter. Membership is open to anyone regardless of geographic location or affiliations.
See current membership details

Related Posts

Happy New Year - New Fees At Melrose Credit Union - 10/15/2016

Just got a notice from Melrose Credit Union stating effective 1/1/2017 there will be a $5 monthly charge on accounts without activity for 18 months (excludes share certificates and IRAs). According to a CSR that I talked to today, if you have a CD this new fee won't apply to the regular share account that's required to join the credit union.   However, that's not how the notice was worded. Since I'll probably be bailing on Melrose after my last CD there matures there next year, it probably won't be an issue for me.  However, I'll have to make sure I close-out that regular share account to prevent the fees from accumulating.

Melrose CU 5 & 4 Year CD Rate Drops. Quick Look. - 8/25/2016

Melrose CU reduced the APY on its' previous top-of-the heap 5 & 4 year CD's today;      5 year CD APY now 2.22% (was 2.32%)      4    "      "     "     "   1.91% (  "    2.02%). (Ugly Melrose EWP's remain unchanged.)

Melrose CU 5 Year CD Rate Drop. Quick Look. - 6/29/2016

Melrose CU joined the slide today, reducing the APY (was 2.42%) to 2.32% on its' 5 year CD; still leaves it tops on nationally available list.

View all posts from:

12/19/13 - Higher CD Rates at Melrose Credit Union
12/18/13 - CD Rate Increases
5/3/13 - CD Rates Down But Still Competitive at Melrose Credit Union
7/25/12 - Melrose Credit Union's 5-Year CD Rate Drops below 2.00%
7/24/12 - Rate Drop Melrose Credit Union
4/27/12 - Melrose Credit Union CD Rates Fall But Remain Competitive
3/8/12 - Harsh Early Withdrawal Penalties at Some Banks & Credit Unions
1/17/12 - What to Do with Maturing CDs? Choosing Long-Term CDs with the Highest Rates
9/1/11 - CD Rate Increases at Melrose Credit Union
8/11/11 - Melrose Credit Union Cuts CD Rates By 25 Basis Points
6/28/11 - CD Rates Fall But Remain Competitive at Melrose Credit Union
6/27/11 - Melrose Credit Union CD Rates Fall By 10 Basis Points
2/2/11 - Melrose Credit Union's Competitive CD and IRA CD Rates
12/1/10 - Melrose Credit Union CD Rates Fall From Leader Position
11/3/10 - Top CD and IRA CD Rates Continue at Melrose Credit Union - Available Nationwide
8/26/10 - Rate Leaders Cutting Long-Term CD Rates
8/25/10 - Melrose Credit Union (2372)
5/26/10 - Melrose Credit Union Raises CD Yields - Available Nationwide
4/9/10 - Substantial CD Rate Cuts at Melrose Credit Union
3/24/10 - CD Rate Increase at Melrose Credit Union - Now a Decrease!
3/23/10 - Note: Be Sure To Read The Detail For The Melrose Credit Union Disclosures Melrose Credit Union
2/20/10 - I'm Surprised You're Not Listing Melrose Credit Union In Your Weekly Summary As One Of The Better
11/25/09 - CD Rates Fall at Melrose Credit Union But Remain Competitive - Available Nationwide - Update
9/30/09 - CD Rates Fall at Melrose Credit Union But Remain Competitive - Available Nationwide
9/5/09 - Melrose Credit Union CD Rates Are Down But Still Competitive - Nationally Available
6/23/09 - Melrose Credit Union Continues To Offer the Best One & Two-Year CD Rates - Nationally Available
4/12/09 - Update on Melrose Credit Union and Its High Yield CDs - Nationally Available
3/10/09 - 3.65% 12-Month CD and Other High Rate CDs at Melrose Credit Union in New York - Easy Membership
12/2/08 - 5.25% 60-Month / 4.32% 12-Month CD at Melrose Credit Union in NY - Easy Membership
8/2/08 - 5.00% 60-Month CD at Melrose Credit Union - Easy Membership
3/10/08 - 5.56% 12-Month CD at Melrose Credit Union (Open to All)
7/12/06 - 5.82% 12-Month CD at Melrose Credit Union (open to all)
3/13/06 - Melrose CU - High Yield CDs with Easy Membership
3/13/06 - 5.35% 12-Month CD at a New York CU (Open To All?)

Good Rates Good Service

Easy process. Live in California so opened share savings with online application that I had to mail. Very quickly acct was set up. Then it was easy to deposit money through shared branch network and fax applications to open cds requesting transfer of the funds from the share savings.  I deposited it in California. Five minutes later Melrose could transfer it to the new cd. This was a lot faster than ACH.  And I could verify it on line.  Really kind people at the call center.  Don't open a cd you will want to close early because of stiff penalties.

Review Of Experience With Melrose Credit Union

Posted by: mike67 | Feb 17, 2015

In reading the reviews I noticed that there are no recent reviews. I always read my fellow investors reviews so I though I would share my experience with Melrose. As a result of Deposit Accounts.com I have openned several CD's with this credit union. I very rarely speak to them over the phone. I receive monthly paper statements (no charge). The web site is very helpful. There have been no problems at all over the past four years. When I want to open a new CD I email them for the current CD application form and they always respond quickly. I do not close CDs early, I know this is an issue for some. Recently I got a notive by mail of a maturing CD. I returned the form indicating a wanted a check sent. Again no problem. All my correspondence with them is by mail. No ACH transfers. I know "old school" but that's just me. I hope this is helpful to someone.

Major Changes To Early Withdrawal Penalties

Posted by: carly | Nov 8, 2016

In a letter just received, Melrose states that any Certificate of Deposit opened or renewed after December 1, 2016 will be subject to the following changes:

"Account with maturity of 9-12 months--forfeiture of the first 90 days of dividends. Accounts with a maturity of 18-60 months--forfeiture of the first 180 days of dividends. In addition, the rate earned on your certificate will be reduced to the last declared share rate in effect on the start date of the share certificate; this will result in a reduction of interest earned/accrued. The result of the penalty and reduction may result in a reduction in your principal deposited."

If I'm reading this correctly, ending a certificate early will cause the interest rate for the entire certificate to revert to .50%, the current share account rate.

Great But Very Strict Credit Union

Posted by: Member44 | Dec 1, 2015

This is excellent financial institution that offers a lot of convenience such as shared branching and ATM deposits at local 7-Eleven drug stores as well as other ATM deposits out of state but just be aware this financial institution is very very strict when it comes to monitoring closely to your account they do not use early warning they do not use ChexSystems they do not use your credit report to be eligible for membership however if you overdraw your account you will receive a phone call and be subject to possible harassment and be subject to an attorney letter!!! believe me I know and only overdrew my account twice less than $100. :( they are quick to close your account. They are normally not very forgiving if you over draw your account . Even if you use your debit card and use the credit transaction funds can take up to 3 days to clear so be careful and they are quick to shut your card down even once... they recently changed their policy how they do things so now they are even more strict as to who they screen to be eligible for an account they are also saying that their stop being people from opening checking accounts at this time that are not New York residents. You have to have your account and totally good standing more than 6 months even to be eligible for the debit card and be subject possible to a credit check.. member services are not that helpful and you can be passed around quite a bit. Sure this is a great financial to sign of just please be very very careful monitor your money very carefully. They like to see mostly active direct deposits and mostly cash transactions . Funds go on hold for typically 3 days. 10 days for new members..

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Health

Health ratings for Melrose Credit Union have been suspended due to the uncertainty around the large exposure it has to the New York taxi industry which is under pressure from app-based ridesharing services such as Uber.

Overall
NCUA #62005
Year Chartered1922
Employees80
Primary Regulator
Profit Margin
Return on Assets - YTD-5.94%
Return on Equity - YTD-86.53%
Annual Interest Income$30.4MM
Assets and Liabilities
AssetsQ2 2016vs Q2 2015$1.92B$2.12B
LoansQ2 2016vs Q2 2015$1.93B$2.00B
DepositsQ2 2016vs Q2 2015$1.69B$1.65B
Equity CapitalQ2 2016vs Q2 2015$131.9MM$371.7MM
Loan Loss AllowanceQ2 2016vs Q2 2015$270.5MM$39.9MM
Unbacked Noncurrent LoansQ2 2016vs Q2 2015$435.3MM$55.2MM
Real Estate OwnedQ2 2016vs Q2 2015$0$0
  User-submitted Promotions & Notices

This section lists recent deals, promotions and rate changes submitted by our community within the past 90 days. Always verify official rates and promotions with the bank or credit union.

Happy New Year - New Fees At Melrose Credit Union

jimbeau   |  
Just got a notice from Melrose Credit Union stating effective 1/1/2017 there will be a $5 monthly charge on accounts without activity for 18 months (excludes share certificates and IRAs).

According to a CSR that I talked to today, if you have a CD this new fee won't apply to the regular share account that's required to join the credit union.   However, that's not how the notice was worded.

Since I'll probably be bailing on Melrose after my last CD there matures there next year, it probably won't be an issue for me.  However, I'll have to make sure I close-out that regular share account to prevent the fees from accumulating.

Rates
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Melrose Credit Union Savings Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.50%--Share Account
0.50%--IRA Share Account
0.50%--Coverdell Education Savings Account

Melrose Credit Union Checking Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.25%$500-EZ Checking

Melrose Credit Union CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
2.12%$5k-5 Year Share Certificate
2.02%$5k-5 Year Share Certificate for Financial Institutions
1.81%$5k-4 Year Share Certificate
1.71%$5k-4 Year Share Certificate for Financial Institutions
1.56%$5k-3 Year Share Certificate
1.46%$5k-3 Year Share Certificate for Financial Institutions
1.41%$5k-2 Year Share Certificate
1.31%$5k-2 Year Share Certificate for Financial Institutions
1.21%$5k-1 Year Share Certificate
1.10%$5k-1 Year Share Certificate for Financial Institutions

Melrose Credit Union IRA Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
2.12%$4k-5 Year Share IRA Certificate
1.81%$4k-4 Year Share IRA Certificate
1.56%$4k-3 Year Share IRA Certificate
1.41%$4k-2 Year Share IRA Certificate
1.21%$4k-1 Year Share IRA Certificate
Locations


Melrose Credit Union Locations
Branch Office13930 Queens BlvdBriarwood, NY 11435