Melrose Credit Union continues to offer their highest cd rates for their midterm to long-term certificates of deposit. The current interest rates as of February 8 are the following:

1 year 1.81% APY
2 years 2.07% APY
3 years 2.57% APY
4 years 2.83% APY
5 years 3.39% APY

The top cd rates can be enjoyed if you open an account with an initial deposit of at least $5,000.

The credit union also offers IRA Certificates with the following interest rates:

1 year 2.07% APY
2 years 2.32% APY
3 years 2.83% APY
4 years 3.09% APY
5 years 3.65% APY

You can purchase an IRA certificate for $4,000.

All share certificates may incur early withdrawal penalties. New CDs and renewed certificates compound their dividends on a quarterly basis.

The certificate of deposit rates are in effect as soon as the credit union receives your initial funding. You can apply online but some readers have reported that they were asked still to mail some documents to complete the process.

One good way to expedite the process is sign up for membership and then get the funds of your CD from your share savings account. One friend shared that he was able to open and fund the cd at the same day by going to a local credit union service center.

Melrose Credit Union practically accepts everyone who wants to join because it has an open charter. By the way, one of our readers warned us that the credit union did a hard credit pull when he opened an account.

Melrose Credit Union has excellent ratings from BauerFinancial and bankrate.com. Both issued 5 stars for performance, soundness, and safety based on their June 2009 data.