Melrose Credit Union Rates & Review

Melrose Credit Union Review

In 1922, Melrose Credit Union was founded to meet the needs of individuals and small businesses in the Bronx in New York City.

Headquartered in New York, Melrose Credit Union has over $1.2 billion in assets as of 2010 and has earned an A rating from the Better Business Bureau. The treasurer of the Melrose Credit Union today (2010) is the grandson of one of the founders and the son of the former treasurer.

Credit unions, being member organizations rather than for-profit financial institutions, often provide lower rates on loans and higher yields on deposit accounts. Membership is sometimes restricted to a certain geographic or group affiliation.

Melrose Credit Union, on the other hand, has an open New York State charter, allowing their over 20,000 members to work in any field and reside anywhere in the U.S. and the world. A quick online application is all that is required to become a member.

Products and services

Credit union members looking for a high yield savings account can apply online at Melrose Credit Union. Other savings accounts include share certificates which work like a bank certificate of deposit (CD), available for a minimum of $5,000 and for a term of one to five years. Customers can open an IRA with share certificates.

The E-Z checking account includes access to online banking and bill paying. The credit union does not offer a money market account.

Melrose Credit Union offers its members a variety of loans, including auto, home and personal loans.

Deposit insurance

Melrose Credit Union is a member of the National Credit Union Administration (NCUA). The temporary increase in NCUA coverage from $100,000 to $250,000 per depositor was made permanent in July 2010. All eligible deposits are NCUA-insured up to at least $250,000 per depositor. Joint accounts are NCUA-insured up to at least $250,000 per account holder.

Compare savings account rates from Melrose Credit Union and more than 400 other banks and credit unions at SavingsAccounts.com.