Melrose, Massachusetts Savings Rates - September 2026
Brian McKay
Brian McKay
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The best savings rates for Melrose, Massachusetts and the surrounding area include Reading Co-op BankReading Co-op Bank526 Main St, Melrose, MA 02176A4.5 ★Texas Ratio: 0.72%Real return: +0.20%APY minus 2.8% CPI (February 2026) Online Christmas Savings at 3.00% APY, Rockland TrustRockland Trust27 Melrose St, Melrose, MA 02176A+5.0 ★Texas Ratio: 2.67%Real return: -2.25%APY minus 2.8% CPI (February 2026) Money Market Savings at 0.55% APY, Metro Credit UnionMetro Credit Union138 Main St, Melrose, MA 02176A+5.0 ★Texas Ratio: 5.26%Real return: -2.30%APY minus 2.8% CPI (February 2026) Secondary Savings at 0.50% APY, Cambridge Savings BankCambridge Savings Bank638 Main St, Melrose, MA 02176A5.0 ★Texas Ratio: 10.30%Real return: -2.65%APY minus 2.8% CPI (February 2026) Simple Savings at 0.15% APY, and Northern Bank & Trust CompanyNorthern Bank & Trust Company514 Franklin St, Melrose, MA 02176A5.0 ★Texas Ratio: 13.93%Real return: -2.70%APY minus 2.8% CPI (February 2026) Business Municipal Statement Savings at 0.10% APY.
Melrose has 18 local institutions in our database, with savings rates as high as 3.00% APY from Reading Co-op Bank at 526 Main St, Melrose, MA 02176. Use the table below to compare all available offers, including options from institutions serving the broader Massachusetts area. Rates are continually updated, so we recommend checking back frequently.
Savings rates reflect recent market quotes and representative offers available to depositors in Melrose, Massachusetts and the surrounding area. Last Updated and Verified: September 22, 2026
Compare the Best Savings Rates in Melrose, Massachusetts & Surrounding Communities
Balance: Bal. >= $10.00
Balance: $1,000,000 and over
Balance: $25,000.00 - $49,999.99
To be eligible you must establish an automatic transfer from a Metro account to the Secondary Savings. Once the balance in the Secondary Savings reaches the minimum opening deposit as stated in the Truth in Savings Disclosure for a 12 month Certificate of Deposit (CD), Metro will transfer the balance from the Secondary Savings Account to the CD within 2 business days. After the first CD is opened, automatic transfers will a into the Secondary Savings Account and subsequent 12 month CDs will be opened when the Secondary Savings reaches the minimum opening deposit as stated in the Truth in Savings Disclosure.
Balance: $10,000.00 - $24,999.99
$5 monthly maintenance service charge; Waived with $250 avg. monthly balance OR if you've notified us that you're 18 or younger or 65 or older; Non-CSB ATM Surcharge Reimbursement: No; Zelle: Yes; Statements: Online & Paper
Checking product for 501 (C) 3 organizations
To be eligible you must establish an automatic transfer from a Metro account to the Secondary Savings. Once the balance in the Secondary Savings reaches the minimum opening deposit as stated in the Truth in Savings Disclosure for a 12 month Certificate of Deposit (CD), Metro will transfer the balance from the Secondary Savings Account to the CD within 2 business days. After the first CD is opened, automatic transfers will a into the Secondary Savings Account and subsequent 12 month CDs will be opened when the Secondary Savings reaches the minimum opening deposit as stated in the Truth in Savings Disclosure.
Balance: $0.01- $9,999.99
Balance: $.01 - $4,999.99; Monthly Service Charge: $15.00
Balance: Bal. >$9.99 and <$50,000.00; Balance: Bal. >$49,999.99 and <$100,000.00; Balance: Bal. >$99,999.99 and <$200,000.00; Balance: Bal. >$200,000.00 and More
Balance: Bal. >= $10.00
Balance: Bal. >$9.99 and <$50,000.00; Balance: Bal. >$49,999.99 and <$100,000.00; Balance: Bal. >$99,999.99 and <$200,000.00; Balance: Bal. >$200,000.00 and More
Balance: Bal. >$9.99 and <$50,000.00; Balance: Bal. >$49,999.99 and <$100,000.00; Balance: Bal. >$99,999.99 and <$200,000.00; Balance: Bal. >$200,000.00 and More
Balance: Bal. >$9.99 and <$50.00; Balance: Bal. >$50.00
Balance: Bal. >$9.99 and <$50.00; Balance: Bal. >$50.00
Qualifications Required: Direct deposit of net pay is required into members Service CU account.; Warriors deployed in combat zones may deposit up to $10,000 into a Service CU Deployed Warrior Savings Account which earns 10% APY (Annual Percentage Yield) up to $10,000.00. If actual daily balance exceeds $10,000, the remaining balance will receive variable APY of 10%-0.10%. Rates are variable and subject to change; accurate as of 09/08/2026. Service member must be serving in a combat zone as defined by Service CU; orders of deployment to a combat zone must be provided. Direct deposit of net pay is required into members Service CU account. No minimum balance is required to open the Deployed Warrior Savings Account; $5 deposit is required to open a Primary Savings Account. Monthly deposits into a Deployed Warriors Savings Account cannot exceed the amount of your monthly net military pay; however, deposits into the Deployed Warrior Savings Account may be direct deposit, an allotment, or a transfer of funds from a Service CU account. Withdrawals are not permitted from a Deployed Warrior Savings Account. If a withdrawal is made from the Deployed Warrior Savings Account before the redeployment date plus 120 days, the funds in the Deployed Warrior Savings Account will be transferred to the Primary Savings Account, and the Deployed Warrior Savings Account will be closed. The Deployed Warrior Savings Account will stop accruing 10% APY at the end of the month of return date per deployment orders plus 120 days. eCommunications is required.
APY=Annual Percentage Yield. 8.00% APY will be paid on the balance in your account up to the first $500.00. A dividend rate of 0.05% will be paid on the remaining balance in your account that exceeds $500.00 with a $500.01 balance earning a 8.00% APY and a $1,000.00 balance earning a 4.193% APY, as examples. Requires a $5.00 minimum balance to open the account. Fees could reduce earnings. All new Jeanne D'Arc Credit Union members will have one of their consumer savings accounts (except retirement statement savings) automatically designated as their primary savings account to receive these special terms. Additional savings accounts established under the same member name, and related tax identification number, are not eligible for these special terms. The M3TM Money Club Savings is available to children Newborn to age 12. Dividend rates are effective as of November 1, 2024. All rates are subject to change, after account opening, without notice.
APY=Annual Percentage Yield. 8.00% APY will be paid on the balance in your account up to the first $500.00. A dividend rate of 0.05% will be paid on the remaining balance in your account that exceeds $500.00 with a $500.01 balance earning a 8.00% APY and a $1,000.00 balance earning a 4.193% APY, as examples. Requires a $5.00 minimum balance to open the account. Fees could reduce earnings. All new Jeanne D'Arc Credit Union members will have one of their consumer savings accounts (except retirement statement savings) automatically designated as their primary savings account to receive these special terms. Additional savings accounts established under the same member name, and related tax identification number, are not eligible for these special terms. The M3TM Money Club Savings is available to children Newborn to age 12. Dividend rates are effective as of November 1, 2024. All rates are subject to change, after account opening, without notice.
Balance: $.01-$9,999.99; Minimum Daily Balance to Avoid Monthly Maintenance Fees: $0
Balance: $0 - $1,000
Balance: Up to and including the first $2,000.00; Balance: Up to and including the first $2,000.00
On Balances Up To $1000.00
Balance: $0.00 - $500
Qualifying balances of $250,000 or less only
Balance: $100,000.00 +
$0-$20,000
Balance: $0.00 - $20,000.00; For total balances above $20,000, the rate is blended; the first $20,000 will earn 4.00% APY and the remaining balance will earn 0.05% APY. Limit one account per tax reporting owner. Needham Bank Flex Checking Account required. Personal accounts only.
Qualifications Required; On balances $0.01 up to $25,000.
Qualifications Required: At least $250 in cumulative deposits during the previous statement cycle ("Evaluation Period").; LevelUp Rate is applied to the full balance of LevelUp Savings accounts that receive a total of at least $250 in deposits during the Evaluation Period. Otherwise, accounts will earn the Standard Rate. Rates are variable and subject to change.
Earn 4.00% APY* on balances up to $25,000; Earn 0.500% APY* on balances over $25,000; No minimum balance required; No monthly maintenance fees; Sync to digital wallet like Apple Pay for contactless, cashless purchases; Mobile App for Apple and Android devices - deposit checks, apply for a loan, open a new account, send money to family and friends with Zelle; Visa Debit Card with EMV chip technology; CO-OP Nationwide ATM & Shared Branch Network with nearly 30,000 surcharge free ATMs, 5,000 branches; Overdraft line-of-credit up to $20,000 available; Enroll in VISA Debit Card purchase alerts Click here
Balance: $0.00 - $100,000.00; Qualifications Required; 1 direct deposit or ACH credit; 12 debit card purchases; e-statements enrollment; online banking enrollment/login
See footnote **
Balance: $20,000 or greater
2,500 Co-op Points
2,500 Co-op Points
Balance: $500,000.01 and above
Published APY range: 3.75% - 2.75%. Balance: $10,000.00 - $49,999.99; APY = Annual Percentage Yield. Rates are variable and may change after the account is opened at any time at SCU's discretion. Fees may reduce earnings on the account. Other conditions may apply. Please refer to SCU's Important Account Information for Our Members and Schedule of Fees and Service Charges for important information and disclosures.
2,500 Co-op Points
2,500 Co-op Points
Earn substantially more than the national average yield for savings accounts.
2,500 Co-op Points
2,500 Co-op Points
Earn an extra 1.00% APY for 3 months when you refer a friend. Standard APY may change at any time before or after account is opened. Maximum balance limits apply.
Balance: $100,000 - $500,000 (plus interest paid)
New money only. APY shown assumes the account is paired with an active Direct Advantage Checking. Without a Direct Advantage Checking, the APY will be 0.10% lower.
2,500 Co-op Points
$9,999.01 to $9,999,999.00
2,500 Co-op Points
2,500 Co-op Points ^
New money only. APY shown assumes the account is paired with an active Direct Advantage Checking. Without a Direct Advantage Checking, the APY will be 0.10% lower.
Balance: $1.00; Compounding: Monthly
Balance: $100,000.01 - $250,000.00
Banks and Credit Unions: If you identify an incorrect rate or wish to request the removal of your institution’s data, please contact us here.
Melrose, MA Savings Rate Trends
Compare local Melrose, MA savings rate quotes against the statewide average
Daily savings rate averages tracked across our database of 8,500+ banks and credit unions, updated every evening.
Massachusetts high-yield savings rates rose 0.091 points over the past 7 days to 1.973% APY, up from 1.882%.
Massachusetts standard savings rates fell 0.005 points over the past 7 days to 0.805% APY, down from 0.810%.
Melrose, Massachusetts Savings Rate Forecast, Next 12 Months
Savings rates move with Federal Reserve policy. Our model uses the current MA high-yield average and a Fed funds spread to project the likely rate trajectory for 2026–2027.
Savings account rates are variable and move in close correlation with the Federal Reserve’s federal funds rate target. Our 12-month forecast is derived from the current MA high-yield savings average of 1.973% APY and a Fed funds spread model calibrated to the historical relationship between policy rate changes and deposit rate adjustments at banks and credit unions.
Key assumptions: the Federal Reserve holds the federal funds rate at its current level over the next 12 months, with the possibility of one 25 basis point increase; deposit rates at banks and credit unions track policy-rate changes within 60–90 days. High-yield online savings rates tend to adjust faster than standard branch-based savings rates.
Important notice: This forecast is for informational purposes only and should not be used as the sole basis for financial decisions. Rate forecasts carry significant uncertainty. The actual trajectory will depend on Federal Reserve decisions, economic conditions, and competitive dynamics among financial institutions in Melrose, Massachusetts.
Savings Account Earnings in Melrose, Massachusetts
Annual interest earnings at current MA average APYs, based on the high-yield and standard savings averages tracked in our database. Compounding assumed monthly.
| Balance | HY Savings (1.973% APY) | Monthly Earnings | Standard Savings (0.805% APY) | Monthly Earnings |
|---|---|---|---|---|
| $5,000 | $98.64 / year | $8.22 | $40.27 / year | $3.36 |
| $10,000 | $197.28 / year | $16.44 | $80.54 / year | $6.71 |
| $25,000 | $493.20 / year | $41.10 | $201.35 / year | $16.78 |
| $50,000 | $986.40 / year | $82.20 | $402.70 / year | $33.56 |
| Earnings estimates use daily compounding. Actual earnings depend on exact rate, compounding frequency, and daily balance maintained. Rates are variable and subject to change. Source: Melrose, Massachusetts savings rate averages as of September 22, 2026. | ||||
About Our Melrose, Massachusetts Savings Rate Database
MonitorBankRates found 5 institutions with branches in Melrose (4 banks, 1 credit union), plus 24 additional state-chartered and national online institutions available to Melrose residents. Our proprietary aggregation system pulls verified rate data directly from each institution’s official website, no estimates, no national averages passed off as real offers.
Every rate listed includes the institution’s Safety Grade (A+ to F), Star Rating (1–5), and Texas Ratio, objective financial health metrics calculated from FDIC and NCUA regulatory data, so you can compare yield and institutional safety in one place.
Current top rate: Reading Co-op Bank offers a savings account at 3.00% APY with a minimum deposit of $10. Use the rate table above to compare all current offers in Melrose, Massachusetts.
How to Find the Best Savings Rates in Melrose, Massachusetts
What to compare when shopping for a savings account in Melrose, Massachusetts
To find the best savings APYs in Melrose, Massachusetts, start with credit unions and online-only banks: Melrose, Massachusetts has 13 credit unions in our database, and they consistently offer some of the highest yields because they are member-owned nonprofits with lower overhead than traditional banks.
Always compare the APY (Annual Percentage Yield), not just the interest rate. APY reflects compounding and is the true measure of what you’ll earn. Savings accounts that compound daily earn slightly more than those compounding monthly at the same stated rate. The current MA high-yield savings average is 1.973% but top local institutions are offering as high as 3.00%, so shopping around pays off.
Unlike a CD, savings account rates are variable. Your rate can change at any time with Federal Reserve policy. Many institutions offer elevated introductory rates that reset after a promotional period. Review your account periodically to ensure your APY remains competitive.
When a High-Yield Savings Account Makes Sense
- Emergency fund: Financial experts recommend 3–6 months of expenses in a liquid, FDIC-insured account. Melrose, Massachusetts high-yield savings rates currently average 1.973% APY, far above a typical checking account.
- Short-term savings goals (6–24 months): If you may need the money soon, a savings account gives you immediate access without early withdrawal penalties.
- Parking cash between investments: A high-yield savings account at Melrose, Massachusetts institutions keeps idle cash working harder while remaining fully accessible.
- You prefer banking locally: 29 institutions in Melrose, Massachusetts report savings rates to our database.
- You’re among Melrose, Massachusetts’s 20.6% of residents aged 65+ for whom liquid, accessible savings complement fixed-income holdings.
- No rate lock-in risk: Unlike a CD, your rate moves up with the market if rates rise further.
Consider an Alternative If…
- You want a locked-in, guaranteed return → Melrose, Massachusetts CD rates
- You want check-writing flexibility → Melrose, Massachusetts money market rates
- You need daily transaction access → Melrose, Massachusetts checking rates
Melrose, Massachusetts Financial Snapshot
Local demographics and economic context for savers. Source: U.S. Census Bureau
20.6% of residents are 65 or older, above the national average of 17.3%, making liquid, accessible savings accounts a particularly relevant option in this market; a low unemployment rate of 3.7% reflects a strong local economy with solid savings capacity. At today’s MA high-yield savings average of 1.973%, saving 10% of the local median salary ($8,029/year) would earn an additional $158 annually in interest.
Data: U.S. Census Bureau and U.S. Bureau of Labor Statistics.
Savings Accounts vs. Other Melrose, Massachusetts Options
How high-yield savings accounts compare to other deposit products available at banks and credit unions in Melrose, Massachusetts.
| Feature | High-Yield Savings | Standard Savings | Money Market | CD (12-Month) |
|---|---|---|---|---|
| Current MA Avg APY | 1.973% | 0.805% | View MMA Rates | View CD Rates |
| Rate Type | Variable | Variable | Variable | Fixed for term |
| FDIC / NCUA Insured | ✓ Up to $250K | ✓ Up to $250K | ✓ Up to $250K | ✓ Up to $250K |
| Withdraw Anytime | ✓ Yes | ✓ Yes | ✓ Yes | ✗ Penalty applies |
| Check Writing | ✗ No | ✗ No | ✓ Often yes | ✗ No |
| Debit / ATM Card | Some institutions | ✗ Rarely | ✓ Often yes | ✗ No |
| Typical Min Deposit | $0 – $100 | $25 – $100 | $0 – $2,500 | $500 – $1,000 |
| Rate Risk | Variable, moves with Fed policy | Variable, moves with Fed policy | Variable, moves with Fed policy | None, locked for term |
| Best For | Emergency fund, short-term goals, parking cash | Everyday saving, low-balance accounts | Active savers wanting flexibility + check writing | Locking in a rate for a defined period |
APY data reflects Melrose, Massachusetts averages tracked in our database as of September 22, 2026. Rates are variable and may differ by institution. See individual product pages for full details.
Savings Calculators for Melrose, Massachusetts
At MA’s top rate of 3.00% from Reading Co-op Bank, a $10,000 deposit earns $300 annually. Enter your balance to see your exact return.
Savings Goal CalculatorA 3-month emergency fund for the median Melrose, Massachusetts earner is roughly $20,100. At 1.973% APY, saving $1,670/month gets you there in about 12 months. Set your target and see your exact timeline.
CD vs. High-Yield SavingsMassachusetts’s high-yield savings average is 1.973% APY, variable and always accessible. A local CD may offer a higher fixed yield in exchange for locking in your deposit. Compare both side-by-side to find the better fit for your timeline.
Budget CalculatorBefore you can grow your savings, you need to know how much you can set aside each month. The median Melrose, Massachusetts earner makes $80,293/year. Track your income vs. expenses to find your monthly surplus, then put it to work at 1.973% APY.
Retirement PlannerA $25,000 high-yield savings balance earning 1.973% APY grows to roughly $36,951 over 20 years with compounding. See how your current savings trajectory lines up with your retirement income needs.
Methodology & Data Sources
Independent, Free, and Unbiased Rate Comparisons: MonitorBankRates.com is an independent rate comparison service. Our Melrose, Massachusetts savings rate tables are free for consumers to use, and we do not receive payment from any financial institution to be included or to be ranked in any particular order. Listings are based solely on the rates each institution publicly advertises on its own website.
A Note on Third-Party Rate Tools: Some pages on our site also feature rate comparison widgets and tools provided by third-party partners. These tools may include sponsored listings or affiliate links, and we may receive compensation when users click through them. We clearly label these widgets so you can tell at a glance which rates come from our independent MonitorBankRates.com tables and which come from our advertising partners.
Direct-Sourced & Verified Savings Rate Data: We aggregate savings account rates for Melrose, Massachusetts directly from the official websites of banks and credit unions using our proprietary rate aggregation technology and a dedicated team of rate updaters. Every savings rate displayed on MonitorBankRates.com is highly accurate and trustworthy.
Local, Regional, and National Coverage: Our systems constantly monitor the market to provide a complete picture of available yields in Melrose, Massachusetts. We feature a comprehensive mix of institutions, from neighborhood credit unions and competitive regional banks to large national institutions available to savers in MA.
Daily Updates & Time-Stamped Accuracy: Our rate updaters verify and update savings rates daily. Because savings account yields can fluctuate rapidly, every product listed features its own specific “last updated” date, giving you complete transparency.
Frequently Asked Questions about Savings Accounts in Melrose, Massachusetts
What is a High-Yield Savings Account (HYSA)?
Are savings accounts in Melrose, Massachusetts safe?
How often do savings rates change in Melrose, Massachusetts?
Do I need a minimum deposit to open a savings account?
What is the difference between a Savings Account and a Money Market Account?
Are online banks better than local banks in Melrose, Massachusetts?
How do I open a savings account in Melrose, Massachusetts?
Best Savings Rates in Melrose, Massachusetts
- Reading Co-op Bank
Online Christmas Savings: 3.00% APY - Rockland Trust
Money Market Savings: 0.55% APY - Metro Credit Union
Secondary Savings: 0.50% APY - Cambridge Savings Bank
Simple Savings: 0.15% APY - Northern Bank & Trust Company
Business Municipal Statement Savings: 0.10% APY
Melrose, Massachusetts Rates & Resources
