Melrose Credit Union is unique in several ways. Below are some of the key elements to it’s profitability and high rates.
No Membership Requirements
First it has an open charter which means US residents in any state can become members without the usual need of belonging to a certain group.
Unusual Profitability Due to Taxi License Loans
Second, Melrose Credit Union is unusually profitable because it makes loans to prospective New York cab drivers. Each cab in New York requires a municipal license which costs $575,000 for an independent cab and $750,000 for a fleet cab. The default rate on taxi cab license loans is very low and Melrose Credit Union makes more of these loans than any other financial institution in New York.
One Office Means Low Brick & Mortar Expenses
Third, Melrose Credit Union has low expenses because it only maintains one office location:
139-30 Queens Boulevard
Briarwood, N.Y. 11435
(718) 658-9800 in New York 
(800) 235-0118 outside New York
Because Melrose Credit Union belongs to the Shared Branch Network, Members can conduct transactions at more than 4,285 service centers. A service center is simply a credit union that belongs to the Shared Branch Network and will process transactions for members of other credit unions. You can find a branch near you at www.creditunion.net.
Unlike a bank, which charges ATM fees if you aren’t a customer, Melrose Credit Union belongs to the surcharge-free CO-OP network of ATMs which includes 5,500 ATMs at 7-Elevens and ATMs at credit unions and other financial institutions that have the CO-OP logo.
To open a CD (Share Certificate) with Melrose, you need to deposit a minimum of $5,000 ($4,000 for an IRA Certificate). Here is a chart of Melrose Credit Union’s latest CD and IRA rates:
| Term | RATE (APY) |
|---|---|
| 1 Year | 1.41% |
| 2 Year | 1.66% |
| 3 Year | 2.17% |
| 4 Year | 2.42% |
| 5 Year | 2.93% |
Make sure to compare the national best CD rates and money market rates before you lock in a rate on a CD.
