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CDs & eCDs

At Melrose Bank you can choose to open a CD or eCD. Both pay competitive rates - but eCDs pay our best rates! There’s a simple difference between the two options. eCDs are opened online. Regular CDs are opened in the branch.

So go ahead, start saving. Give your investment portfolio a boost and earn a steady rate of return for a fixed period of time.

  • Open an account online with ease
  • Lock in a secured interest rate for a fixed period of time
  • $500 minimum initial investment
  • Deposits are fully insured by the Federal Deposit Insurance Corporation (FDIC) and Share Insurance Fund of Massachusetts (SIF)

The Federal Deposit Insurance Corporation (FDIC) insures each depositor to at least $250,000. All deposits above this amount are insured by the Share Insurance Fund of Massachusetts (SIF).

There can be a substantial penalty for early withdrawal. Fees could reduce earnings. Melrose Bank accepts deposits and is opening new accounts from customers residing in New England (MA, CT, NH, ME, VT, RI).

(Rates for accounts opened online)

Effective Date: Thursday, December 13, 2018

TermMinimum Daily
Balance to earn APY
APYInterest Rate
eCDs11 year$500.002.35%2.32%
18 months$500.002.50%2.47%
2 years$500.002.65%2.61%

1Annual Percentage Yield (APY) and rate are effective as of the date posted and are subject to change without notice. Substantial penalty for early withdrawal. Fees may reduce the earnings on the account. Minimum balance of $500.00 required to open the account and obtain APY for the 1 year, 18 month, and 2 year terms. Interest compounded and credited monthly. Melrose Bank accepts deposits and is opening new accounts from customers residing in New England (MA, CT, NH, ME, VT, RI). eCertificate of Deposit (eCD) accounts must be opened and funded online, and these rates are not available in the branch. eCDs are for personal accounts only. Individual Retirement Accounts (IRAs) are not available at these rates.

(Rates for accounts opened in our branch)

Effective Date: Thursday, December 13, 2018

TermMinimum Daily
Balance to earn APY
APYInterest Rate
CDs190 day$50,000.001.35%1.35%
6 months$500.000.85%0.85%
1 year$500.002.25%2.22%
18 months$500.002.35%2.32%
2 years$500.002.65%2.61%
3 years$500.002.85%2.81%
4 years$500.002.25%2.22%
5 years$500.002.25%2.22%

1 Annual Percentage Yield (APY) and rate are effective as of the date posted and are subject to change without notice. Substantial penalty for early withdrawal. Fees may reduce the earnings on the account. Minimum balance of $500.00 required to open the account and obtain APY for the 6 month, 1 year, 18 month, 2 year, 3 year, 4 year and 5 year terms. Minimum balance of $50,000.00 required to open the account and obtain APY for the 90 day term. Interest compounded and credited monthly for terms of 1 year or greater. Interest does not compound and will be credited monthly for terms of 11 months or less. IRA Accounts with terms of 6 months or longer are eligble for these rates. Melrose Bank accepts deposits and is opening new accounts from customers residing in New England (MA, CT, NH, ME, VT, RI).

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"Thank you for giving our Brownie Troop a tour of the bank. We are working on a Money Manager badge, and the tour got them excited about money."

Heidi

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