In early March, McGraw-Hill Federal Credit Union (MHFCU) added three new, promotional-rate CDs, which were the first competitive products MHFCU had offered in many months. The Credit Union has just added an additional Promo CD: a 20-month earning 2.40% APY. All the Promos CD require a minimum deposit of $1k of new money, which is defined as funds that have “not been on deposit with MHFCU for more than 30 calendar days.” The maximum deposit is capped at $1 million.
The Promo CDs are also available as IRAs (Traditional, Roth, CESA), earning the same APYs and having the same funding requirements.
According to the fine print on the promotion page,
20-month promo certificate renews to a non-promotional
24-month term and rate after the five (5) day grace period.
N.B. - the grace period is only five days, definitely at the low end for grace periods. The current rate for the non-promotional 24-month CD is 0.75% APY. Caveat emptor.
According to CSR, the Early Withdrawal Penalty for the 20-month CD Promo is eight months of dividends.
Headquartered in East Windsor, New Jersey, McGraw-Hill Federal Credit Union offers membership to the employees (and their family members) of 100+ SEGs, including the McGraw-Hill Company.
If you don’t qualify for membership through any of the SEGs, MHFCU offers easy membership through the VOICE Foundation, which promotes and manages the Credit Union's charitable activities and participates in financial literacy education. A one-time donation of $15 entitles you to Credit Union membership.
Credit Union Overview
McGraw-Hill Federal Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 4.04% (excellent) based on December 31, 2017 data. In the past year, MHFCU has increased its total non-brokered deposits by $19.87 million, an excellent annual growth rate of 7.42%. Please refer to our financial overview of McGraw-Hill Federal Credit Union (NCUA Charter # 861) for more details.
Originally chartered in 1935, McGraw-Hill Federal Credit Union served the employees of the McGraw-Hill Companies (book publishing) in New York City. Since then, the Credit Union has expanded its membership to include outside companies, and now has more than 120 businesses and organizations in its field of membership. MHFCU is currently the fifth largest credit union in New Jersey, with more than 22,100 members and assets in excess of $410 million.
How the Promo CD Compares
When compared to the 156 similar length-of-term CDs tracked by DepositAccounts.com, that require a similar minimum deposit and are available nationally, McGraw-Hill Federal Credit Union's 20-month Promo CD APY currently ranks third.
The above rates are accurate as of 5/8/2017.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.