Skip to main content

Money Market

The higher your account balance, the higher your returns. Commit to your savings goals and maximize your efforts with our competitive rate structure. Take advantage of our best rates and have the flexibility to make a limited number of withdrawals and transfers each month.

At Melrose Bank you can choose to open a Money Market Account* or Super Money Market Account**. Both pay competitive rates - but the Super Money Market Account pays our best rates! There’s a simple difference between the two options: the minimum deposit to open.

  • $2,500 minimum deposit to open a Money Market* account
  • $25,000 minimum deposit to open a Super Money Market** account
  • Tiered interest rates
  • Check writing privileges
  • Free Online and Mobile Banking with Mobile Check Deposit
  • Free eStatements
  • Depositors can make up to 6 withdrawals or transfers each statement cycle***

*Minimum deposit of $2,500.00 required to open a Money Market Account. Must maintain a minimum balance of $10.00 in account each day to obtain APY. A $10.00 service fee will be charged if the balance falls below $750.00 on any day of the statement period. Melrose Bank accepts deposits and is opening new accounts from customers residing in New England (MA, CT, NH, ME, VT, RI).

**Minimum deposit of $25,000.00 required to open a Super Money Market Account. Must maintain a minimum balance of $25,000.00 in account each day to obtain APY. A $10.00 service fee will be charged if the balance falls below $25,000.00 on any day of the statement period. Melrose Bank accepts deposits and is opening new accounts from customers residing in New England (MA, CT, NH, ME, VT, RI).

***Transaction Limitations: A depositor is permitted to make no more than six transfers or withdrawals per calendar month or statement cycle to another account or third party by preauthorized, automatic, telephone transfer, computer transfer, check, draft or similar order. We reserve the right to require that you give us written notice before a withdrawal of not less than 7 days. A $10 Excessive Transaction Fee will be assessed each statement cycle for accounts exceeding the transacation limitation.

Money Market1
(Minimum deposit of $2,500)

Effective Date: Tuesday, October 22, 2019

Minimum Daily
Balance to earn APY
APYInterest Rate
$10.00 to $2,499.990.10%0.09%
$2,500.00 to $24,999.990.25%0.24%
$25,000.00 to $74,999.990.50%0.49%
$75,000.00 or greater 1.00%0.99%

1 Annual Percentage Yield (APY) is effective as of the date posted and is subject to change and the rate may also change after the account is opened. Minimum deposit of $2500.00 required to open a Money Market Account. Daily minimum balance of $10.00 required to obtain APY. Interest compounded and credited monthly. Fees may reduce the earnings on the account. Withdrawal restrictions apply to this account. Melrose Bank accepts deposits and is opening new accounts from customers residing in New England (MA, CT, NH, ME, VT, RI).

Super Money Market1
(Minimum deposit of $25,000)

Effective Date: Tuesday, October 22, 2019

Minimum Daily
Balance to earn APY
APYInterest Rate
$0.00 - $24,9990.00%0.00%
$25,000 - $99,9991.20%1.19%
$100,000 - $249,9991.25%1.24%
$250,000 - $1,999,9991.50%1.48%
$2,000,000 +1.60%1.58%

1 Annual Percentage Yield (APY) is effective as of the date posted and is subject to change and the rate may also change after the account is opened. Minimum deposit of $25,000.00 required to open a Super Money Market Account. Daily minimum balance of $25,000.00 required to obtain APY. Interest compounded and credited monthly. Fees may reduce the earnings on the account. Withdrawal restrictions apply to this account. Melrose Bank accepts deposits and is opening new accounts from customers residing in New England (MA, CT, NH, ME, VT, RI).

Icon of a light blue quotation mark.

"Yesterday would have been my 1 year anniversary of my refinance with Melrose bank... I am thankful every day to be in my house and you and everyone else who worked with me were so helpful and kind during an exceptionally difficult time. I deeply appreciate all your help - it has truly meant so much!"

Alexis

Discover everything we can offer.