In financial news, most stories are about banks lowering their CD rates, but Melrose Credit Union has decided to do the opposite. They have increased their rates by a tenth of a percentage point, which makes Melrose Credit Union competitive once again.
Melrose Credit Union has been known to change their rates about once every three months, but since August, they have been a cutting spree. They cut their CD rates twice within the last month; however, things are looking better now that they have bumped up their rates.
Overall, their rates are still down from previous offered rates since the beginning of 2011, but Melrose Credit Union is slowly getting back into the competitive world of finances.
The following CD rates that have been increased are the Share and IRA CDs with a $5,000.00 minimum deposit:
- 1.15% APY on 12-month CDs
- 1.41% APY on 24-month CDs
- 1.91% APY on 36-month CDs
- 2.17% APY on 48-month CDs
- 2.68% APY on 60-month CDs
If you are interested in learning more about obtaining a CD through Melrose Credit Union, then be prepared to pay a membership fee since it is a credit union. The membership fee is $1.00 and a deposit of $25.00 in a savings account is also required.