Last year at this time, McGraw-Hill Federal Credit Union (McGraw-Hill FCU) offered a competitive guaranteed APY (through April 30, 2016) on its Optimizer Money Market Account. While Optimizer MMA is still part of the Credit Union’s product line, the rate has fallen to 0.50% APY.
McGraw-Hill FCU’s current promotion is a Holiday Money Market Account that guarantees an APY of 1.05% through April 30, 2017, on balances between $5k and $250k. The minimum opening deposit is $5K of new money, defined as funds that have "been on deposit less than 14 business days from promo money market open date," i.e., October 17, 2016.
|1.05%||$5k||-||McGraw Hill Federal Credit Union||Holiday Money Market Account Promo (until 4-30-2017)|
|0.80*%||$100k||$250k||McGraw Hill Federal Credit Union||Holiday Money Market Account (after 04-30-2017)|
As stated on the Deposit Rates page, the APY will revert to tiered levels on May 1, 2017, as follows:
- Tier 1, 0.20% APY, $5k+
- Tier 2, 0.25% APY, $25k+
- Tier 3, 0.65% APY, $50k+
- Tier 4, 0.80% APY, $100k+
- Funds deposited between October 31, 2016, and April 30, 2017, will earn the promotional rate.
- There is a $25 early termination fee if the account is closed within six months of opening.
- A $25 fee will be assessed if monthly balance drops below $5k.
- Limit of one Holiday Money Market account per Social Security number.
Thanks to DA reader, Carpline, for his Forum post about the Holiday Money Market Promo.
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, McGraw-Hill FCU offers easy membership through their charitable arm, the VOICE Foundation, which promotes and manages the Credit Union's charitable activities and participates in financial literacy education. A one-time donation of $25 entitles you to Credit Union membership.
Credit Union Overview
McGraw-Hill Federal Credit Union (NCUA Charter # 861) has an overall health grade of "B+" at DepositAccounts.com, with a Texas ratio of 3.87% (excellent) based on June 30, 2016 data. McGraw-Hill FCU has an excellent capitalization level of 12.35%, a result of holding $363.83 million in assets with $44.94 million in equity. Please refer to our financial overview of McGraw-Hill Federal Credit Union 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 their membership to include outside companies, and now has over 120 businesses and organizations in its field of membership. McGraw-Hill FCU is currently the 5th largest credit union in New Jersey, with more than 23,000 members and assets in excess of $373 million.
How the Holiday Money Market Promo Compares
When compared to the 175 Money Market Accounts tracked by DepositAccounts.com that are available nationally, McGraw-Hill Federal Credit Union's Holiday Money Market Promo APY currently ranks third, with the rate guarantee through April 30, 2017, only enhancing its competitiveness.
The above rates are accurate as of 11/7/2016.