It’s been several months – eight to be exact – since I last wrote about McGraw-Hill Federal Credit Union (MHFCU). That changed yesterday with the addition of two new CDs with promotional rates: 18-Month CD (2.25% APY) and 30-month CD (2.40% APY). Both Promo CDs 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 business 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,
18-month promo certificate renews to a non-promotional
18-month term and rate after the five (5) day grace period.
Note that the grace period is only five days, which is at the low-end for grace periods. The current APY for a non-promotional 18-month CD is 0.60% APY. Do not be caught unawares.
According to CSR, the Early Withdrawal Penalty for either CD is eight months of dividends.
S3 Prime Savings
MHFCU’s S3 Prime Savings account currently earns 1.45% APY on balances of $100+. While there is no monthly service fee, a $10 fee will be assessed for each withdrawal or transfer beyond the six allowed per month. The minimum opening deposit is $100.
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 FOM. 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 CD Compares
When compared to the 158 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 18-month Promo CD APY currently ranks third.
When compared to the 199 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 30-month Promo CD APY currently ranks fifth. When compared to only 30-month CDs, the APY currently ranks first.
The above rates are accurate as of 3/8/2017.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.