Melrose Cooperative Bank is offering some of the best CD rates available these days especially for their shorter term certificate of deposits. The annual percentage yield on Melrose Bank’s three month certificate of deposit is currently 1.75 percent, more than double the national average for a three month certificate of deposit. The APY for six month certificate of deposits is the same as a three month CD. The minimum daily balance to earn these rates is $2,500.

The APY on one year certificate of deposits is currently 2.50 percent. 18 month and 2 year certificate of deposits also have an APY of 2.50 percent. Three year, four year and five year certificate of deposits all earn an APY of 3.00 percent. The minimum daily balance to earn these rates is $500.

Melrose was founded in 1890 and is based in Melrose, Massachusetts. The bank is chartered as a FDIC savings bank. Their FDIC Cert number is 26511. Deposits are insured up for $250,000 per account until the end of 2013.