* Annual Percentage Yield (APY) is effective as of 1/15/2020, and is subject to change without notice. $500 minimum deposit to open account and earn stated APY. 1 -year term only. Substantial penalty for early withdrawal. Fees may reduce the earnings on the account. The 1-year CD automatically renews at maturity to the 1-year term and rate then available. Interest compounds and will be credited to the account monthly. Offer is subject to change without notice. Melrose Bank accepts deposits and is opening new accounts from customers residing in New England (MA, CT, NH, ME, VT, RI). CD are for personal accounts only.