McGraw-Hill Federal Credit Union Adds 19-Month CD Promo, 3.00% APY

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Deal Summary: CD Promos –19-month (3.00% APY), 60-month (3.50% APY), and 14-month (2.50% APY), $1k min/$1m max deposit, new money, rates valid through November 30, 2018.

Availability: Easy membership requirement

Now through the end of November, McGraw-Hill Federal Credit Union (MHFCU) is offering competitive rates on three CD Promos: 19-month (3.00% APY), 60-month (3.50% APY), and 14-month (2.50% APY), ranked in competitive order. The minimum deposit for any of the CD Promos is $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 $1 million.

APYMINMAXINSTITUTIONPRODUCTDETAILS
3.50%$1k$1mMcGraw Hill Federal Credit Union60 Month CD Promo (New Money)
3.00%$1k$1mMcGraw Hill Federal Credit Union19 Month CD Promo (New Money)
2.50%$1k$1mMcGraw Hill Federal Credit Union14 Month CD Promo (New Money)
Rates as of November 14, 2018.

The CD Promos are also available as IRAs (Traditional, Roth, CESA), earning the same APYs with the same funding requirements.

APYMINMAXINSTITUTIONPRODUCTDETAILS
3.50%$1k$1mMcGraw Hill Federal Credit Union60 Month CD Promo (New Money)
3.00%$1k$1mMcGraw Hill Federal Credit Union19 Month IRA Promo (New Money) (Traditional, Roth, CESA)
2.50%$1k$1mMcGraw Hill Federal Credit Union14 Month IRA Promo (New Money) (Traditional, Roth, CESA)
Rates as of November 14, 2018.

In an email exchange with an MHFCU official, I learned the following:

  • Early Withdrawal Penalty – eight months dividends on the amount withdrawn for any of the CD Promos
  • Funding – there is no ACH transfer available for funding a CD Promo, but “We also allow people to take a photo of the front and back of the check and send it to us via secured email.” Checks can also be mailed to the corporate office in East Windsor, New Jersey.
  • Accessing maturing funds – there is no ACH transfer to an external account available for the CD Promos. Funds can be transferred to an MHFCU savings or checking account and then transferred out through bill pay or a funds transfer.
  • Instructions – Upon receipt of the maturity notice (sent by mail), the CD owner can call MHFCU with instructions as to how to distribute the funds. FYI – there is only a five day grace period.
  • Beneficiaries – There is no limit of the number of beneficiaries that can be named, with each beneficiary receiving an equal share, i.e., four beneficiaries would each receive 25%. Social Security numbers are required for each beneficiary.
  • Availability

    Headquartered in East Windsor, New Jersey, McGraw-Hill Federal Credit Union offers membership to the employees (and their family members) of more than 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 $10 entitles you to MHFCU membership.

    Joining MHFCU and/or opening a CD Promo can be done online, or at either of two full-service branches located in East Windsor (New Jersey) and New York City.

    Credit Union Overview

    McGraw-Hill Federal Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 7.13% (excellent) based on June 30, 2018 data. In the past year, MHFCU has increased its total non-brokered deposits by $23.27 million, an excellent annual growth rate of 8.1%. 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’s original field of membership (FOM) included 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 22,600 members and assets in excess of $420 million.

    How the CD Promos Compare

    When compared to 169 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are nationally available, McGraw-Hill Federal Credit Union's 19-month CD Promo APY currently ranks second.

    Interest RateCD Length of TermCredit Union/Bank
    3.04% APY19-Month Online CDMutualOne Bank
    3.00% APY19-Month CD PromoMcGraw-Hill Federal Credit Union
    2.85% APY18-Month Bump-Up CD SpecialVeridian Credit Union

    When compared to 185 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit and are nationally available, McGraw-Hill Federal Credit Union's 60-month CD Promo APY currently ranks second.

    Interest RateCD Length of TermCredit Union/Bank
    3.51% APY60-Month Share CertificateUnited States Senate Federal Credit Union
    3.50% APY60-Month CD PromoMcGraw-Hill Federal Credit Union
    3.49% APY5-Year CDKS StateBank

    The above rates are accurate as of 10/25/2018.

    To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.

    Related Pages: New York CD rates, Philadelphia CD rates, 1-year CD rates, 5-year CD rates, nationwide deals

    Comments
    alan1
    alan1   |     |   Comment #1
    As to the five day grace period mentioned by a Credit Union official --
    from the Truth-In-Savings Disclosure:

    "You have a grace period of seven (5) days after maturity in which to withdraw funds in the account without being charged an early withdrawal penalty."

    That is from Paragraph 9, "Renewal Policy" at page 3 of the PDF -- it is not my typo.
    https://www.mcgrawhillfcu.org/home/fiFiles/static/documents/CD%20TIS%20Disclosure%20Release%2020180618.pdf
    alan1
    alan1   |     |   Comment #2
    However, for promotional CDs, the grace period is definitely five (5) days:

    "For Promotional Certificate accounts, your account will automatically renew for another term upon
    maturity. You have a grace period of five (5) days after maturity in which to withdraw funds in the
    account without being charge an early withdrawal penalty."
    McGraw-Hill FCU Introduces 20-Month Promo CD
    Deal Summary: 20-month Promo CD (2.40% APY), $1k min/$1m max, new money.

    Availability: Easy membership requirement

    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...

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    McGraw-Hill FCU Adds New 18- And 30-Month CDs
    Deal Summary: 18-Month Promo CD (2.25% APY), 30-month Promo CD (2.40% APY), $1k min/$1m max, new money.

    Availability: Easy membership requirement

    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...

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    UPDATE: The 24- and 60-month promotional certificates have expired.

    Deal Summary: 60-Month Promo Certificate, up to 2.29% APY; 24-month Promo Certificate, up to 1.59% APY; new money required.

    Availability: Easy membership requirement

    Now through June 30, 2017, McGraw-Hill Federal Credit Union (McGraw-Hill FCU) is offering a 60-month and a 24-month Promo Certificate, with tiered APYs. Both Promo Certificates require new money, which is defined as funds that have not been on deposit "for more than 30 business days.” There is a maximum deposit cap of $1 million.

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    UPDATE: 5/19/17 - The 19- and 33-month CD Specials will expire on May 22, 2017.

    Deal Summary: 19-Month CD Special, up to 1.59% APY; 33-month CD Special, up to 1.79% APY; new money required.

    Availability: Easy membership requirement

    McGraw-Hill Federal Credit Union’s (McGraw-Hill FCU) 17-month Promotional Certificate has been removed from the product line, but the Credit Union has added a 19-month and a 33-month CD Special with tiered APYs. Both CD Specials require new money, which is defined as funds that have not been on deposit "for...

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    McGraw-Hill FCU Adds Ascend Account (Money Market)

    Deal Summary: Ascend Account (money market account); tiered rates; 1.25% APY, $75k+; new money required; rates guaranteed through August 31, 2017.

    Availability: Easy membership requirement

    McGraw-Hill Federal Credit Union (McGraw-Hill FCU) has just added a new money market account, the Ascend Account, which has tiered APYs based on daily deposit balances ($5k+, 1.00% APY; $20k+, 1.10% APY; $75k+, 1.25% APY). The minimum opening deposit is $5K of new money, defined as funds that have “not been on deposit with McGraw-Hill FCU for more than 30 days,” with a $500k...

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