The rates have fallen significantly for Melrose Credit Union but they still offer very competitive interest rates for their long-term certificates of deposit.

Here are their current cd rates:

Term APY
2 year 2.52%
3 year 3.03%
4 year 3.39%
5 year 3.91%

These interest rates are posted on the credit union’s website as of September 11. Remember that these highest cd rates may change any time without notice. Account holders must fund $5,000 for their initial deposit. These are also available as IRAs for a minimum opening of $4,000.

The rate table of Melrose reminds members that the interest rates will be effective upon completion and funding of your certificate of deposit. Some have reported that their processing takes a while, and you might need to mail in some accomplished forms despite completing the online application.

Account holders gave us a tip on how the process can be a bit faster. One way is to sign-up as a member and fund the certificate of deposit from your share savings account. Another had a good experience when he funded his Melrose share certificates using a local credit union through CU Service Centers. The CD was opened and funded on the same day.

Melrose has an open charter so anyone can practically join the credit union from any state.

The ratings of Melrose Credit Union reflect a good performance. Bankrate.com stamped 5 stars while BauerFinancial gave 4 stars. The credit union is headquartered in Briarwood, New York in the area of Queens. Melrose is covered by the NCUA under charter number 62005.