FREE Share Draft (Checking)

Unlimited free checking with no minimum balance requirement. Deposits can be made through payroll deduction, direct deposit and electronic funds transfer.

  • No monthly fee
  • No minimum balance requirements
  • Unlimited check writing ability
  • Debit Card/MasterCard
  • Overdraft Protection options available

ATM/Debit MasterCard

Replace your checks with the convenience of plastic that withdraws directly from your checking account. Use at any location that displays a MasterCard logo for point-of-sale purchases, or at any ATM that displays the MasterCard, NYCE or PLUS logos.

Use our Surcharge Free ATM's at any Allpoint ATM machines; you can use the Allpoint ATM locators on the Home Page of our website by entering the zip code of the area you are in to locate the nearest free ATM machine!

To report a lost or stolen MasterCard Debit/Check Card call 781-662-7276 during regular Credit Union hours, or 1-800-554-8969 after hours.


Regular Shares

Our basic savings program. Each member is required to have a minimum balance of $5.00 (one share) in a regular share account to maintain their credit union membership.

  • A share account with just a $5.00 minimum account balance entitles you to participate in all credit union products and services
  • Dividends compounded quarterly
  • Detailed quarterly statements
  • Can be linked to your share draft (checking) account and loan accounts for internal transfers


Vacation Club

Save for those exciting getaways at a premier rate of interest. Withdrawals can be made once a year, on July 1st. Save for that special weekend getaway or second honeymoon, anniversary or big birthday bash, or budget your money for summer vacation.

Holiday Club

Smart spending starts with smart savings. Our Holiday Club account allows you to save all year long to make sure you’re prepared for the holidays. Funds from your Holiday Club account are automatically transferred to your regular savings account on October 1st. Don’t let the holidays sneak up this year - open your Holiday Club account today and shop for your loved ones without the stress.

  • Choose an amount that suits your needs and budget
  • Set aside money for holidays, vacation or other special events
  • Premier dividend rate

Cerficates of Deposit (CDs)

CDs are a vehicle for risk-free savings and are ideal for people who do not need access to their funds during the investment period. Invest as little as $1,000. Choose how long you would like to invest, from 6 – 12 months.

  • Short investment terms
  • Excellent dividend rates
  • Minimum balance requirement $1,000


Vehicle Loans

Looking for a new or used auto or motorcycle loan? Looking to refinance existing loan you have with another financial institution?
Choose Melrose First Federal Credit Union!

You asked for it and now you’ve got it! Your credit union now offers Motorcycle Loans! Additionally, we have lowered our rates on New & Used Automobile Loans. If you're in the market for a new or used vehicle, please consider your credit union for very competitive rates and easy application process. Check our rates page for more details!

Personal Loans

Your signature is the only security required. Use personal loans for bill consolidation, appliances, vacations, car repairs, weddings, medical bills or anything you need.

The Mass Save® Residential HEAT Loan Program

Through the Mass Save Residential HEAT Loan Program, qualified customers can apply for a 0% loan for the installation of approved energy-efficient improvements in their homes or rental properties. Zero percent loans are available up to $15,000* with terms up to 5 years In addition to financing, Mass Save offers generous rebates and incentives for a variety of qualified energy efficiency improvements. Click here for more information.

Real Estate Loans

Whether you're making your first home purchase, relocating or refinancing an existing mortgage to lower your rate, Melrose First Federal Credit Union's dedicated mortgage team is here to help you make the right financing decision.

First Mortgage fixed rates

  • For loans up to $400,000
  • LTV of less than 80%
  • 1-4 Family owner-occupied

WE OFFER TERMS OF 7, 10, 15, 20, 25 AND 30 YEARS
Purchase or Refinance, No Points, No Application Fees!

Government Sponsored Real Estate Loans

Melrose First Federal Credit Union, thorough our partner Allanach Mortgage Group, is proud to offer our members Federally Secure Mortgage Programs - FHA, VA, Rural Housing, and Reverse Mortgages. There are several options for members looking to purchase or refinance and receive cash out. 96.5% and 100% financing available.

Purchases or Refinances available for members with lower Fico scores and higher LTV's. Solid fixed rate loans. Also loan rehabilitation on new or current homes.

VA Mortgages
30 Year Fixed Rates - 100% Financing - No PMI - Available on purchases and 90% LTV cash out.

Reverse Mortgages
A valuable financial tool for seniors 62 and older. This mortgage option gives them the opportunity to increase their monthly cash flow so they may live their life to the fullest.

View Other Rates

Mortgage products offered in partnership with Allanach Mortgage Group.
Broker's licenses MA# MB6033, NH# 5616, CT# 7160, RI# 20051935LB

Student Loan

Skip a Loan Payment

You can now skip a loan payment each year and have extra cash in your pocket for spring break, summer vacation, holiday, or back to school needs. Postpone a payment and use the extra cash for shopping or traveling to see family and friends.
If your payment is normally paid through payroll deduction, your payment will be deposited to your savings account on the effected payroll date for the month you skip.
Please call us for more details and to learn how to apply at 781 662-7276 or via email at

You can download a PDF application HERE

Additional Services

Credit Card Services

Call us today for an application or visit myCUcard to apply online.

Overdraft Line of Credit

This is a line of credit which is attached to your checking account that will advance funds to cover an overdrawn check for those "oops moments". This will save you the cost and embarrassment of a return check.

Home Equity Loans

Finance college tuition, home improvements and other large expenses. Consolidate your bills. Borrow from $20,000 up to $125,000 of appraised value of your home minus outstanding liens.

Overdraft Protection

You can link your share savings account to your checking account, which would automatically withdrawn the funds needed to cover an overdrawn item, to save you the cost and embarrassment of a returned check. Additionally, we have an overdraft line of credit available, for more information, please view our Loan Products.

Payroll Deductions/Direct Deposit

Save time and earn a little additional interest with the convenience of direct deposit to your checking, savings, Vacation Club or Holiday Club. You may arrange for direct deposit of your paycheck, pension, Social Security payments, and VA payments.

Social Security

To arrange direct deposit of your Social Security and/or Social Security Supplemental Income payments, call the Social Security Administration at 1-800-772-1213 or call us at (781)662-7276.

Pensions and VA Payments

To arrange direct deposit of your VA or pension checks, call your employer’s human resources department.

Family Memberships

Once you join, your immediate family members can also become members, including your spouse, children, siblings, parents, grandparents, grandchildren, stepchildren, stepparents, stepsiblings, and adopted children.

Free Notary Public Service

A service offered for all credit union members.

GAP Plus Insurance

Can help cover the difference and potentially save you thousands of dollars. Ask us when applying for your New or Used Auto Loan.

Warranty Insurance

Let us help protect you from future vehicle repair cost with a service contract from Vision Warranty.