Still looking for a 12 month CD yielding a >3.0% interest rate?

Well, we just got tipped off on a sweet 1 year CD offer from a credit union in Queens New York called Melrose Credit Union. Currently they have a 12 month certificate of deposit yielding 3.03% APY (roughly twice the national average).

Although they are a smaller credit union, they still offer their certificate of deposit products to banking consumers nationwide (as long as you’re willing to pay the small “one-time membership fee” of $1.00).

Terms and Conditions:

An early withdrawal penalty applies to all Share Certificate Accounts. All new share certificate purchases and renewals will compound dividends quarterly. The interest rate will be determined in the same manner as other share certificates, however due to the compounding there will be an APY on share certificates which is different than the rate. Please note that members will still have the option of having their quarterly dividend transferred to another share account. The minimum purchase for Share Certificates is $5,000. The minimum purchase for IRA Share Certificates is $4,000. (Additional limitations and regulations apply to IRA accounts. Please contact a Member Service representative for further information and disclosures).

Rates good as of April 2009.

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