| Bank or Credit Union | Apy | Min | Max | Product | |
| Mcgraw Hill Credit Union | 1.50% | $10k | - | 60 Month CD |
Top CD Rates at McGraw-Hill Federal Credit Union - Easy Membership
Update 5:40pm 10/04/2011: The 5-year CD APY with a $10K minimum has fallen to 2.25%.
If you missed the 5-year CD deal at US Senate FCU, this might be another chance to lock into a 3% CD. McGraw-Hill Federal Credit Union is listing a 5-year share certificate with a 3.00% APY for a minimum $10,000 deposit. This is listed in the credit union's rates page as of 12:00pm 10/04/2011. I was a little skeptical of this rate since it was so much higher than the lower tier rate that requires a $500 minimum. I just called the credit union at 800-226-6428, and the CSR confirmed that it is correct. I was told the rates typically change once a month, but they can change at anytime. The CSR wasn't clear on the early withdrawal penalty. It appeared to be up to 90 days of interest. I couldn't find a disclosure on the website with this info. If you receive more information from the CSR, please leave a comment.
The credit union also has a good 8-month CD deal. It's called the Solar CD, and it has a 2.00% APY for an 8-month term. Minimum deposit is $1,000 and the maximum is $25,000. This also requires a checking account with direct deposit of at least $500 per month. This is listed in the credit union's Solar CD page as of 10/04/2011.
Membership Eligibility
When I last posted on this credit union, the membership appeared to be limited to certain select employee groups (connected with the McGraw-Hill Company). However, I just noticed on their express application it mentioned the VOICE Foundation. According to the CSR, you can join this foundation with a $25 payment, and that will qualify you for credit union membership. I was told that the best way to join would be to submit this application, and let them contact you for information on what needs to be mailed to join and open the accounts. I don't know how quick and easy this process might be.
The membership process will be quicker if you can visit a branch. McGraw-Hill Federal Credit Union branches are located in New York, NY and in East Windsor, New Jersey. The credit union is also part of the shared branch network which can make it quicker for making deposits and withdrawals.
McGraw-Hill FCU Overview
It's a moderate size credit union with $208 million in deposits and 44 employees. The credit union has solid financial ratings. At DepositAccounts.com it has 5-star rating (out of 5) with a Texas Ratio of 1.17% (excellent) based on June 2011 data. Bankrate gives it 4 stars based on March 2011 data. Please refer to our financial overview of McGraw-Hill Credit Union for more details. The credit union is federally insured by the NCUA (Charter # 861).
How This CD Rate Compares
After this McGraw-Hill FCU deal, the best 5-year CD rate that's nationally available is 2.68% APY at Melrose Credit Union. For banks, the 5-year CD rates are much lower. The highest 5-year bank CD rate that's nationally available is 2.20% APY at First Internet Bank. These rates are accurate as of 10/04/2011.
Searching for the Best CD Rates
To search for the best nationwide CD rates and the best CD rates in your state, please refer to the CD rates section of DepositAccounts.com.
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| Mcgraw Hill Credit Union Locations: 3 Health Rating:  |   |
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3-year Term IRA CD
1.21% APY
Capital One 360
360 Checking Account
0.85% APY
LOF (anonymous) - #1, Tuesday, October 4, 2011 - 1:28 PM
CSR stated 90 days EWP for the 5 yr.
Anonymous - #2, Tuesday, October 4, 2011 - 1:46 PM
Early withdraw for a 5 year CD is 180 days. The representative is clueless... I had to have her read me the statement. It is 90 days for the 1 year CD. Anything over that, it is 6 months. And she kept saying: or the date of insurance... finally i understood .. she ment or the day of issuance.... Geez... what a horrible experience. I left a message for the manager to call me...
Bozo - #3, Tuesday, October 4, 2011 - 1:48 PM
My sorry-ass CD ladder is yielding a paltry 2.9%. My stocks seem to be going down by that amount daily. Oh, well.
51hh - #4, Tuesday, October 4, 2011 - 1:53 PM
Hi Bozo,
LOL.
There is no place to hide these days; might as well spend all the money as we go.
51
mak1118 - #5, Tuesday, October 4, 2011 - 1:54 PM
Bozo: At least you know you're going to get the 2.9%. One more rally in the stock market and then that's it, don't buy stocks after the next rally until spring of 2013.
Anonymous - #6, Tuesday, October 4, 2011 - 2:07 PM
ok, here is what she said is written on the CD:
If the maturity of the share certificate is 1 year or less, the forfeited divident is equal to the smaller of the two amounts: dividents since the day of issuance or renew OR 90 days of dividents
If the maturity of the share certificae is more than 1 year, the forfeited dividents are equal to the smaller of the two: dividents since issuance or renewal OR 180 days of dividents.
whew... i had to pull teeth to get this from them...
Anonymous - #7, Tuesday, October 4, 2011 - 2:39 PM
Wow, and they even spelled dividends wrong. Not sure this is a place I trust with my money.
Anonymous - #8, Tuesday, October 4, 2011 - 3:06 PM
hahah, no that was my error on the spelling of dividents :-)
Anonymous - #9, Tuesday, October 4, 2011 - 3:11 PM
don't bother! the idiots changed the rate as soon as i sent them the application and told me it was an error and already have changed it on their site!
LOF (anonymous) - #10, Tuesday, October 4, 2011 - 3:41 PM
This morning, the CSR said 60 days (EWP) plus I used the words "are you sure", was confirmed again 60 days plus the 3.00% apy. Just checked the web site, like noted above, said rate vanished. Just deleted said CU from my list. Glad I didn't waste much time on this. Anyway I was able to fund the U.S. Senate FCU last week.
Anonymous - #11, Tuesday, October 4, 2011 - 5:55 PM
i was the one who reported the US Senate Federal Credit Union rate .. opened the account, paid my $35 bucks but unfortunately did not fund a CD on time... sob... so i am still looking..
Anonymous - #12, Wednesday, October 5, 2011 - 10:40 AM
the 3% is gone already on 60 mo IRA CDs
Anonymous - #13, Wednesday, October 5, 2011 - 10:54 AM
to #11
thank you for posting the senate credit union rate. I'm sorry you didn't get yours funded in time. That just doesn't seem fair!
Anonymous - #14, Wednesday, October 5, 2011 - 11:03 AM
thank you #11. it really is my fault for not funding it on the day that i found the deal and opend the account with ussfcu. i could have pulled $$ from the several reward checking accounts i have but was waiting for a cd that is maturing on the 8th of october. i actually asked the lady if i should hurry and open it before october and she said that those rates had been there for a while and even though they could change in october, they would not most likely change significantly. wrooooong... it's ok... we live and learn. i am glad i was able to contribute to this site and you and hopefully some other people too, were able to take advantage of this. i know my financial status is sooo many better than it would have been had it not been for ken, this blog and the wonderful people who read it and participate. cheers!
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