McGraw-Hill Federal Credit Union is again offering a top CD rate. Hopefully, it will last longer than the last time it was offering a top rate in October. This new top rate is 1.50% APY for a 15-month share certificate. Minimum deposit is $1,000. The credit union also has a competitive 5-year CD with a 2.25% APY. This has a $10,000 minimum deposit. CDs are also available in IRAs. These rates are listed in the credit union's deposit rates page as of 4/6/2012.
With help from readers, we learned in October that the early withdrawal penalty for share certificates with terms over one year is up to 180 days of dividends.
As I reported in October, membership used to be limited to only select employee groups (connected with the McGraw-Hill Company). However, this has changed. Anyone can qualify by joining the VOICE Foundation. You can see this in the credit union's express application below the membership eligibility box. When I spoke with the CSR last October, I was told that you can join the VOICE Foundation with a $25 payment, and that will qualify you for credit union membership. I was told that the best way to join would be to submit this application, and let them contact you for information on what needs to be mailed to join and open the accounts. I don't know how quick and easy this process might be.
The membership process will be quicker if you can visit a branch. McGraw-Hill Federal Credit Union branches are located in New York, NY and in East Windsor, New Jersey. The credit union is also part of the shared branch network which can make it quicker for making deposits and withdrawals.
McGraw-Hill FCU Overview
It's a moderate size credit union with $214 million in deposits and 45 employees. The credit union has solid financial ratings. At DepositAccounts.com it has 5-star rating (out of 5) with a Texas Ratio of 2.63% (excellent) based on December 2011 data. Please refer to our financial overview of McGraw-Hill Credit Union for more details. The credit union is federally insured by the NCUA (Charter # 861).
How These CD Rates Compare
The best 5-year CD rate that's nationally available is 2.27% APY at Melrose Credit Union. If you have a military connection, you may be able to qualify for Air Academy Federal Credit Union which has a 2.45% APY 5-year CD for a $10K minimum deposit.
These rates are accurate as of 4/06/2012.
Searching for Top CD Rates
To search for nationwide CD rates and CD rates in your state, please refer to the best CD rates section of DepositAccounts.com.