New York credit union tops four CD rates
Melrose Credit Union enters the spring offering four of the six top nationally available CD rates that we follow:
- 1.41% APY on 12-month CDs.
- 1.66% APY on 24-month CDs.
- 2.17% APY on 36-month CDs.
- 2.93% APY on 60-month CDs.
The little credit union that can -- it has only one office in the borough of Queens, in New York City -- has a unique charter that allows anyone to join, regardless of where the live or work.
All you must do is pay a $1 membership fee and deposit $25 in a savings account.
Melrose can offer way-above-average CD rates because it’s developed a lucrative business financing New York taxi licenses.
Those are the 6-inch aluminum medallions that are permanently affixed to the hood of the city's 13,200 legal taxis, and which anyone must have to pick passengers up on New York streets.
They can be bought and sold through city-approved brokers and cost about $575,000 for an individually owned cab and $750,000 for a fleet cab – hence the need for a loan.
The next best nationally available returns those four certificates of deposit are:
- 1.25% APY on 12-month CDs from Aurora Bank, Colorado Federal Savings Bank, MetLife Bank and Ascencia.
- 1.55% APY on 24-month CDs from Aurora Bank.
- 2.15% APY on 36-month CDs from Tennessee Commerce Bank.
- 2.805 APY on 60-month CDs from Sovereign Bank.
You can compare those returns with the best CD rates from scores of local and national banks in our database.
Or use our CD calculator to determine how much you can make from any certificate of deposit, regardless of size, term or interest rate.