Dedicated to Deposits: Deals, Data, and Discussion

Top CD Rates at McGraw-Hill Federal Credit Union - Easy Membership

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McGraw Hill Credit Union

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 Eligibility

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.


Related Pages: McGraw Hill Credit Union, CD rates, New York, New Jersey

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Comments
10 Comments.
Comment #1 by Anonymous posted on
Anonymous
I just wanted to answer a question I figured a lot of people would be asking... yes, a regular ACH transfer of any amount from another bank account qualifies as a recurring direct deposit with the S3 checking account. I have had an S3 account for a little over a year, and a $10 monthly ACH transfer from another institution has qualified just fine.

4
Comment #2 by Anonymous posted on
Anonymous
Anonoymous #1--Is the S3 account you are making the $10 ACH transfer to a McGraw Hill S3 account?

2
Comment #3 by Anonymous posted on
Anonymous
I opened one with a regular ten dollar a month ACH transfer from a checking acct. at another financial institution.McGraw Hill does all the arranging.

2
Comment #4 by Anonymous posted on
Anonymous
It should be added to the five year 2% rate list.

2
Comment #5 by Anonymous posted on
Anonymous
I picked up the 15Mo 1.50% Promo CD today.  It was simple, very easy!  I had their CD from last year, expired now, so I didn't have to worry about the membership.  While speaking to a Rep, I had them open the required Savings Account.  I will have McGraw Hill post the recurring transfer ACH of $10. per month from my home bank.  On 11/2/13, I had a maturing CD from PenFed, and had been searching for a placement of the funds, so I'm very happy this 15mo CD came along at the perfect time.  I had PenFed wire the funds over to McGraw Hill today.

1
Comment #6 by Anonymous posted on
Anonymous
Anonymous #5's experience was different from mine. I went to branch office to join and purchase CD on the theory it would be smoother and quicker. However, it took over 2 hours to get all paperwork done to join and open checking, saving and CD accounts. They are friendly but extremely slow in the branch I used. Other than the time it took to join and open the accounts, I feel extremely blessed to have access to such a great rate

1
Comment #7 by paoli2 posted on
paoli2
I am quite confused about this 5year 2% McGraw CD and what it entails.  I called them today and was told all that is needed is to join the Voice group with a $25.00 donation and put another $5.00 in the savings account.  They said I could go to my local Shared Branch after I became a member by sending them my ID info (drivers license and SS card copy) and could put funds in my McGraw savings account and they would withdraw what I needed to buy CDs with.  Nothing was said about having to do anything else in order to get that CD rate or opening any other accounts with deposits as I read on certain posts.  Am I misunderstanding the criteria here or being given misinformation by the McGraw rep?  Thanks!

1
Comment #8 by paoli2 posted on
paoli2
Please disregard my former post.  I just called McGraw back and got a different rep.  He said in order to get the 2% one must have the recurring direct deposits as is posted in earlier post on DA.  It can be in small amount but I still don't want to bother with something like that just to get 2% unless I really can't get the 2% someplace else. 

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Comment #9 by Anonymous posted on
Anonymous
#8 paoli2, why bother with a 5 yr CD, 2%??  Instead just open the 15mth Promo 1.50%.  It seems like more short term CD's are starting to pop up lately.  Perhaps after the 15 months CD matures, there will be more options.  I did open the 15mth promo CD 1.50% because it seems like the best deal around.  A couple months ago I opened a 15mth CD 1.25% at another establishment and now I wish I could change it, but you must act quickly these days for short term CD's at a decent rate.

1
Comment #10 by paoli2 posted on
paoli2
#9  Didn't you read Shorebreak's latest article about the Fed?  Don't think we are going to see much over 2% for quite some time.  I am going for the 4 year CDs with Penfed if I can still get it when my funds are available this month.  I don't want to end up getting .35% like certain other banks in my area are giving for 5 year CDs.  I will take the 2% and be glad to get it while I still can for the 4 years.  After that we all may be in the dumpster if our nation doesn't find a way out of the financial mess it is in.  Sushi is not a dish I can eat!  Thanks for the advice anyway.

1