UPDATE 12/8/2015: McGraw-Hill FCU has a new 13-month CD (1.25% APY, $10K min) available through December 31, 2015.
UPDATE 12/4/2015: The 14-month CD availability has been extended through business today
McGraw-Hill Federal Credit Union (McGraw-Hill FCU) is the latest institution to offer a guaranteed, competitive APY on a Money Market Account. The new Optimizer Money Market account earns 1.25% APY through April 30, 2016.
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," which was October 19, 2015.
On May 1, 2016, the APY will revert to tiered levels as follows:
- Tier 1, 0.25% APY, $5K+
- Tier 2, 0.35% APY, $100K+
- Tier 3, 0.50% APY, $500K+
- Funds deposited between October 19, 2015 and April 30, 2016 will earn the promotional rate.
- There is a $25 early termination fee, if the account is closed within six months of opening.
- A $15 fee will be assessed if monthly balance drops below $5K.
- Limit one Optimizer Money Market account per Social Security number.
Limited Time 14-month CD
Now through November 30, 2015, McGraw-Hill FCU is offering a 14-month CD (1.35% APY). The minimum opening deposit is $10K of new money, which is defined as funds that have "been on deposit less than 14 business days from promo CD open date," which was October 19, 2015. There is a maximum deposit cap of $250K and a limit of one 14-month CD per Social Security number.
The 14-month CD is also available as an IRA (Traditional, Roth, and CESA), earning the same APY and with the same funding requirements.
As stated on McGraw-Hill FCU’s Truth In Savings document, the Early Withdrawal Penalty reads as follows:
The penalty schedule is as follows: Terms of longer than 12 months, 180 days’ dividends
Headquartered in East Windsor, New Jersey, McGraw-Hill Federal Credit Union offers membership to the employees (and their family members) of 130+ SEGs, including McGraw Hill Companies, Rockefeller Group, and Emblem Health.
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.
Joining McGraw-Hill FCU can be done online using the Express Application, or at any of three branches located in New Jersey (East Windsor) and New York City (55 Water St. and W. 44th St.). To open a CD or Optimizer Money Market account, contact the credit union at 1-800-226-6428.
Credit Union Overview
McGraw-Hill Federal Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas ratio of 3.64% (excellent) based on June 30, 2015 data. In the past year, McGraw-Hill FCU has increased its total deposits by $47.3 Million, an excellent annual growth rate of 18.05% APY. Please refer to our financial overview of McGraw-Hill Federal Credit Union for more details.
Originally chartered in 1935, McGraw-Hill Federal Credit Union (NCUA Charter # 861) 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 130 businesses and organizations in its field of membership. McGraw-Hill FCU currently has over 24,000 members and assets in excess of $376 Million.
How the Optimizer Money Account Compares
When compared to the 115 Money Market Accounts tracked by DepositAccounts.com that are available nationally, McGraw-Hill Federal Credit Union's Optimizer Money Market APY currently shares the top spot with Redneck Bank’s Mega Money Market.
How the CD Compares
When compared to the 126 similar length-of-term CDs tracked by DepositAccounts.com that are available nationally, McGraw-Hill Federal Credit Union's 14-month CD APY currently ranks first, regardless of minimum deposit.
The above rates are accurate as of 10/28/2015.
To look for the best nationwide MMA rates and the best MMA rates in your state, please refer to our Money Market Accounts rates table.
To look for the best nationwide CD rates and the best CD rates in your state, please refer to our CD rates table.