Melrose Credit Union Offering 3.65% APY 5-Year CD

Melrose Credit Union is offering a 3.65% APY 5-Year CD. That tops the credit union CD rates as well as the general bank CD rates for that term. Although it's a credit union, anyone can join regardless of state of residency or profession. There are no membership restrictions.

The minimum balance to open a CD is $5,000 and $4,000 for IRA CDs.

Account Opening

Opening an account is a somewhat manual process. The application can be filled out online but it must be printed and mailed back to Melrose. This can take between 5-10 business days. The rate doesn't lock until they have received and processed all of your material.

A faster way of opening a CD is to become a member. This costs $1 plus a refundable $25 deposit into their share savings account. Once the membership is set up, it is possible to open a CD in 1-2 business days.

Safety and Soundness

Melrose Credit Union has 5 out of 5 stars (Superior) from Bauer Financial for its safety and soundness. It is Federally insured by the NCUA (Charter # 62005), which is the credit union equivalent of the FDIC. The bank is headquartered in Briarwood, NY. That's Queens.