Melrose Credit Union CD Rates Drop in Early 2012

February 2, 2012 No Comments »

We regularly hype Melrose Credit Union’s CD rates here on BankVibe.com simply because this not-for-profit, Bronx, New York, based credit union is almost always crushing the national average when it comes to deposit rates. However, as of the beginning of this year, we’ve seen Melrose Credit Union finally scale back on some their featured CD rates.

Is this surprising? Not at all. After FED Chairman Ben Bernanke came out with his latest statement reminding Congress and the general public that they plan on keeping interest rates at these record low levels through 2014, it seems like most banks and credit unions are doing exactly what Melrose did. And although Melrose lowered their CD rates, we gotta hand it to them for holding out for so long. The last time they cut their rates was at the end of the summer of 2011, and interest rates in general have fallen slightly since then, with almost every major bank and credit union making some additional cuts to their FDIC insured savings products.

Related: See how much banks borrowed from the FED in 2008.

Melrose Credit Union’s CD Rates (Feb 2012):

(Visit Melrosecu.org for further information regarding interest rates.)

Share and IRA Certificates
1 Year
1.10%
1.10%
2 Year
1.35%
1.36%
3 Year
1.85%
1.86%
4 Year
2.05%
2.07%
5 Year
2.25%
2.27%
Certificate Rates for Financial Institutions
1 Year
0.60%
0.60%
2 Year
0.85%
0.85%
3 Year
1.35%
1.36%
4 Year
1.55%
1.56%
5 Year
1.75%
1.76%

To put the above CD rates in further perspective the current national average for 6 month CD’s, 12 month CD’s and 3 year CD’s sit at roughly 0.40% APY, 0.60% APY and 0.95% APY, respectively.

If you’d like to take a quick look back at the history of Melrose Credit Union’s CD rates check out further articles from our archives noting their premium savings products.

They were featured in our 2011 round-up of the best CD rates from credit unions with their 3 year CD’s pumping out a return of 1.91% APY in the beginning of May of last year. And if you take a look even further back you’ll see they were once featuring the best 12 month IRA CD rates in the nation (during the end of 2010).

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