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 minimum deposit for regular Melrose Credit Union CDs is $5000.

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

The minimum deposit for IRA CDs is $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 for these CDs online.

Melrose Credit Union practically accepts everyone who wants to join because it has an open charter. Be forewarned, however – 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.