Open a 5-year certificate of deposit (CD) at Melrose Credit Union and you could earn a CD rate of 3.29% annual percentage yield (APY). You must open a savings account to become a member of the Briarwood, NY-based credit union. There are no other restrictions for joining so it doesn’t matter where you live or work. Other requirements for opening an account include a $1 one-time membership fee and $25 minimum opening deposit.
CDs require a minimum investment of $5,000. If you are opening an IRA certificate, the minimum opening balance is $4,000. You earn dividends only when you maintain a minimum balance of at least $500. Dividends are compounded on a quarterly basis and can be transferred to another share account.
CD rates are subject to change at any time so check with Melrose Credit Union for the most current information. CD rates as of June 30, 2010, were:
- 1.76% APY for 1 year
- 2.02% for 2 years
- 2.52% for 3 years
- 2.78% for 4 years
Money deposited at Melrose Credit Union is insured up to $250,000 per depositor by the National Credit Union Administration.
- 6 Month CD %
- 1-year CD %
- 2-year CD %
- Money Market Account %
- Savings Account %
- 30-year Fixed Mortgage 3.62 %
Bank rates provided by MoneyRates.com based on average rates for deposits under $10K and conforming mortgage rates
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