Still your local bank for over 125 years.

Melrose Cooperative Bank is now...

Melrose Bank Logo

Our new look embodies our growth in the community, deep commitment to our neighbors and open arms to potential customers. We look forward to continuing to grow with you and the community we've served for over 125 years.

Celebrate our continued commitment to you by taking advantage of these great offers.

With these CD Rates,
the sky is the limit!

16 Month CD

1.35% APY1

48 Month CD

2.00% APY1

All-in Checking

Get up to $1252

for opening an account with Direct Deposit & Bill Pay!

Home Equity Line of Credit

Your dreams are within reach.

1.99% APR3

Fixed for first 12 months

4.00% APR3

Variable at Prime Rate thereafter

Apply for a home equity like of credit Now

Reference promo code: HE2017 when applying to receive a $500 rebate at closing!

Call 781.665.2500 or Contact Us

1 - Annual Percentage Yields (APYs) begin and are effective on 2/28/2017. $500 minimum deposit to open account and earn stated APYs. 16 and 48 month terms only. Substantial penalty for early withdrawal. Accounts subject to terms of Certificate of Deposit (Fixed Rate) Product. The 16 month CD automatically renews at maturity to the 18 month term and rate then available. The 48 month CD automatically renews at maturity to the 48 month term and rate then available. Interest compounds and will be credited to the accounts monthly. Limited time offers may be withdrawn at any time. Offers are subject to change without notice. Tax Identification Number owner must reside in Massachusetts. 2 - Offer available for new Melrose Bank All-In Checking accounts opened between 2/28/2017 and 4/30/2017. Receive $125 when you meet two requirements: 1) Sign up and receive direct deposit from payroll, pension, or recurring payment; direct deposit must be established and utilized within 90 days of account opening. 2) Personal accounts only. Sign up for bill pay and pay 3 bills via Melrose Bank online banking & bill pay system within 90 days of account opening. All applicable taxes are the responsibility of the recipient. Bonuses limited to one account per customer and will be credited to the checking account within 90 days of completing the requirement(s). Offer may be withdrawn or amended without prior notice. 3 - 12 month introductory rate of 1.99% Annual Percentage Rate (APR) effective 4/3/2017. After 12 months from closing the APR becomes variable at the Prime Rate published in the Wall Street Journal for the life of the line, currently 4.00% APR. In order to qualify for the 1.99% introductory APR and Prime Rate thereafter, loan payments must be automatically deducted monthly from a Melrose Bank checking account. The APR for lines without automatic payment from a Melrose Bank checking account will be 2.49% APR for the first 12 months, then equal to the Prime Rate plus .50% thereafter. Following the initial 12-month period, rates for all lines adjust monthly based on the Wall Street Journal Prime Rate effective on the first business day of the month and the maximum APR is 18%. This Home Equity Line of Credit is a variable rate revolving line of credit with a 15-year draw period followed by a 10-year repayment period. $500 processing fee will be due upon loan approval, prior to closing. Reference promo code HE2017 when applying and the $500 processing fee will be rebated at loan closing. Maximum line amount cannot exceed 80% of the home's current tax assessed value, less any existing mortgage liens. This offer is available for lines of credit which will be in second lien position to a valid, institutional first mortgage. Lines of credit in first lien position are available, however applicants will be assessed additional closing costs. Offer is only valid on owner occupied 1-2 family homes and condominium units and 1 family or condominium second homes. Homeowners' insurance is required; flood insurance may be required. If the line of credit is paid off in full and closed within its first 36 months, you will be charged a prepayment/ termination fee up to $995, plus a reimbursement fee equal to all upfront closing costs paid by the bank to third parties at closing. Homes currently for sale or intended to be sold within 12 months are not eligible for these terms. Contact us for other terms.