McGraw-Hill Federal Credit Union is once again offering CD specials with top rates. Just like last year, there’s a special 15-month share certificate with a 1.50% APY. There’s also a special 5-year CD with a 2.00% APY. Unlike last year, there are quite a few requirements. Minimum deposit is $1,000, and the maximum is $250,000. These promo rates require an S3 account with monthly recurring direct deposit. Direct deposit into the S3 account must be established within 60 days of account opening. If direct deposit is not established, the rate on the special CD will be lowered for the entire term. CDs are also available in IRAs. These rates are listed in the credit union's deposit rates page as of 10/31/2013.
Based on 2011 information from the credit union, the early withdrawal penalty for share certificates with terms over one year is up to 180 days of dividends.
Membership used to be limited to only select employee groups (connected with the McGraw-Hill Company). However, this has changed. Anyone should be able to qualify by joining the VOICE Foundation. You can see this in the credit union's express application below the membership eligibility box. When I spoke with the CSR in 2011, I was told that you can join the VOICE 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 $325 million in deposits and 46 employees. The credit union has solid financial ratings. At DepositAccounts.com it has an A+ health grade with a Texas Ratio of 3.43% (excellent) based on June 2013 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 These CD Rates Compare
After this McGraw-Hill FCU deal, the best nationally available CD rate with terms close to 15 months is at the all-access Communitywide Federal Credit Union. It has a special 1-year CD with a 2.00% APY. Maximum deposit is $100,000, and an active checking is required.
The best nationally available deal for a 15-month CD is at First Flight Federal Credit Union. It has a special 15-month CD with a 1.25% APY. Unlike these other specials, no checking account is required.
The best deal at an internet bank is a special 1.15% APY 15-month CD at GE Capital Retail Bank (formerly MetLife Bank).
These rates are accurate as of 10/31/2013.
Searching for Top CD Rates
To search for nationwide CD rates and CD rates in your state, please refer to the best CD rates section of DepositAccounts.com.