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Certificates of Deposit (CDs)

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).

Effective Date: Wednesday, August 21, 2019

TermMinimum Daily
Balance to earn APY
APYInterest Rate
CDs190 day$500.00.85%.85%
1 year$500.002.10%2.08%
18 months$500.002.20%2.17%
2 years$500.002.50%2.47%
3 years$500.002.70%2.66%
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. 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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