12 Month 1.50 Percent CD APY from Melrose Cooperative Bank

We recently found one of the best CD rates available at 1.50 percent APY on a 12 month certificate of deposit. Melrose Cooperative Bank is offering their 12 month 50/50 certificate of deposit at 1.49 percent with an APY of 1.50 percent. Average CD rates on 12 month certificates of deposit at 0.59 percent this week, considerably less than Melrose's 12 month CD rate.

What is a 50/50 certificate of deposit? Melrose's 50/50 CD gives the depositor the ability to add or withdraw up to 50 percent of the initial deposit without incurring any penalties or fees. On the bank's website they point out that the odds of rates going up or down is 50/50 so they are giving you the ability to either add or remove funds after opening the account.

Only "new money" can earn the rate and yield - money not already on deposit at Melrose. There is a $1,000 minimum balance to open a CD and a maximum initial deposit is $100,000. The minimum balance to earn the APY is $500. Interest earned on the account is compounded and credited monthly.

Unfortunately, not everyone that lives in the United States can take advantage of this deal. You must live near this Massachusetts based bank. On the bank's website they say the "Tax Identification Number owner must reside in Melrose or its abutting communities: Saugus, Wakefield, Malden and Stoneham."

If you don't live in one of these communities, you can use our CD rate database to find the highest CD rates in your area.