McGraw-Hill Federal Credit Union Review of Checking, Savings, CD, Money Market and IRA Rates

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Updated on Wednesday, July 1, 2020

McGraw-Hill Federal Credit Union’s checking account

McGraw-Hill S3 Checking Prime

The S3 Checking Prime has consolidated all of the features from the credit union’s previous checking accounts into one powerful account that pays higher rates.

APY

Minimum Balance Amount

0.50%

$100 - $24,999.99

1.05%

$25,000+

  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $0
  • ATM fee: $0 for network ATMs; $1 for non-network ATMs, after first 20 withdrawals monthly
  • ATM fee refund: None
  • Overdraft fee: $29 per instance, up to three times per day; not charged on amounts less than $5; can opt-in to overdraft protection, which drops the fee to $5 per instance with a linked account

McGraw-Hill Federal Credit Union consolidated its various checking accounts to offer one powerful account for new customers. If an existing customer has one of the original checking accounts, McGraw-Hill Federal Credit Union is maintaining those accounts. The S3 Checking Prime account combines a low minimum opening deposit and no monthly maintenance fees into an attractive account with a high interest rate. Additional features include the following:

  • No activity requirement
  • No direct deposit requirement
  • S3 Visa debit card with EMV technology
  • Access to 85,000+ surcharge-free ATMs
  • Nationwide shared branch banking access
  • Mobile banking with mobile check deposit
  • Apple Pay contactless payment opportunities

The account also comes with the CardNav app by CO-OP. With this app, you can control when, how and where your card can be used. For example, you can set up location restrictions for your card, disabling its use beyond certain parameters, or you can turn off access to online purchases.

The Checking Prime account also gives you access to the credit union’s Prosper RewardsTM program. You’ll earn one Prosper Point per every dollar spent as a credit transaction using your S3 Visa card. You can then use those rewards for merchandise, gift card options or travel rewards.

How to open McGraw-Hill Federal Credit Union’s checking account

To qualify for an account, you’ll need to be a member of the credit union. Membership is granted via association with one of the credit union’s approved employers or organizations, or via a $10 contribution to the VOICE Foundation. You can apply for membership during the application process.

You can open an account online, via phone or in person. You’ll need to provide information in five categories:

  • Your information, including personal identifiers such as your name, date of birth, Social Security number and mother’s maiden name
  • Your contact information, including your email address and phone number
  • Your address, including city, state and ZIP code
  • Membership eligibility, including whether you’re a member of a participating organization or if you’re making a donation to the VOICE Foundation
  • Your identification, via driver’s license, passport or state- or government-issued ID

From there, you can select if you want to add a joint account holder and choose the type of account you want.

If you prefer to speak with someone in person, you can call the Member Care Center, Monday through Friday, 8 a.m. to 5 p.m. EST. You can also visit one of the more than 5,000 shared branches in the McGraw-Hill Federal Credit Union system.

SEE DETAILS Secured

on McGraw Hill Federal Credit Union’s secure website

NCUA Insured

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How McGraw-Hill Federal Credit Union’s checking accounts compare

McGraw-Hill Federal Credit Union made a wise move by streamlining its checking account offerings into its well-rounded S3 Checking Prime account. The credit union took the best features from prior checking accounts, eliminated most fees and boosted the interest rate to provide a low-cost, high-feature account.

McGraw-Hill Federal Credit Union’s S3 Checking Prime account scores high marks for having a low minimum opening balance requirement, no monthly maintenance fees, and no ATM fees across a wide network of ATMs. Fees for out-of-network ATMs are low or nonexistent as well, as the average user is unlikely to burn through the allowance of 20 out-of-network fee-free withdrawals every month. Overdraft fees are high, but can be minimized by opting into the credit union’s overdraft protection service.

On the interest rate front, S3 Checking Prime’s base rate is about three times the national average, while the rate for deposits of $25,000 or more jump to more than six times the national average. Those rates are good enough to be competitive with the best available rates of checking accounts at the top online banks.

The ATM network used by the McGraw-Hill Federal Credit Union is extensive and offers plenty of opportunities for members nationwide to access surcharge-free ATMs. No fee rebate is offered for non-network ATMs, however.

A nice benefit of the account is the CardNav app, giving members a high level of control over the usage of their ATM cards. This can help minimize instances of fraud.

McGraw-Hill Federal Credit Union’s savings account options

McGraw-Hill S3 Prime Savings

The S3 Prime Savings account pays a high rate of interest with low fees.

APY

Minimum Opening Deposit

1.45%

$100+

  • Minimum opening deposit: $100
  • Monthly account maintenance fee: $0
  • ATM fee: $0
  • ATM fee refund: $0
  • Overdraft fee: $29 per instance, up to three times per day; not charged on amounts less than $5; can opt-in to overdraft protection, which drops the fee to $5 per instance with a linked account

The primary savings account at the McGraw-Hill Federal Credit Union is the aptly-named S3 Prime Savings account. The main draw for the account is the high APY paid on balances as low as $100. The account also has the same ATM fee structure as the credit union’s checking accounts, meaning it’s easy to access a surcharge-free ATM nationwide.

There are no relationship requirements with this savings account, meaning no other type of account needs to be opened to get an S3 Prime Savings account. There’s also no requirement for qualifying transactions, such as direct deposit or debit card transactions, as many other banks require.

If you make more than six transfers or withdrawals from this account per month, you’ll face an excess withdrawal fee of $10. This is in accordance with federal law, which limits transactions in savings accounts to six per month.

SEE DETAILS Secured

on McGraw Hill Federal Credit Union’s secure website

NCUA Insured

McGraw-Hill Share Savings

Share savings is the basic account that all members must open.

APY

Minimum Balance Amount

0.05%

$100+

  • Minimum opening deposit: $5
  • Monthly account maintenance fee: $0
  • ATM fee: $0
  • ATM fee refund: $0
  • Overdraft fee: $29 per instance, up to three times per day; not charged on amounts less than $5; can opt-in to overdraft protection, which drops the fee to $5 per instance with a linked account

When you join McGraw-Hill Federal Credit Union, you must deposit $5 into the Share Savings account. This is essentially your membership fee; if you withdraw these funds, you can no longer have an account with the credit union. The account pays nominal interest on deposits of at least $100, but is really a placeholder account.

Although you can access ATM withdrawals like a normal savings account, customers are directed to put additional funds into the S3 Prime Savings account as their main savings option, as that account pays much higher rates of interest and still carries no fees. For those that maintain this as their primary savings account, federal restrictions on withdrawals still apply. Once you reach six or more withdrawals per cycle, you’ll pay a $10 fee for each instance thereafter.

SEE DETAILS Secured

on McGraw Hill Federal Credit Union’s secure website

NCUA Insured

Holiday Club Savings

The credit union’s specialty savings account helps savers stay on track for holiday expenses.

APY

Minimum Balance Amount

0.05%

$100+

  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $0
  • ATM fee: Withdrawals not allowed
  • ATM fee refund: N/A

The Holiday Club Savings account is a non-traditional savings account offered by McGraw-Hill Federal Credit Union. The account is essentially a slush fund for savers looking to set aside money for the holiday season or a vacation. There are no fees or minimum deposits with the account, but there is also no ATM access. In fact, customers cannot access their accounts at all until a specified date. For holiday season savers, the credit union allows transfers money out of the account beginning in October. For those saving for vacation, deposits are locked up until May. A minimal amount of interest is paid on all balances above $100.

How to open McGraw-Hill Federal Credit Union’s savings accounts

To qualify for an account, you’ll need to be a member of the credit union. Membership is via association with one of the credit union’s approved employers or organizations, or via a $10 contribution to the VOICE Foundation. You can apply for membership during the application process.

You can open an account online, via phone or in-person. You’ll need to provide information in five categories:

  • Your information, including personal identifiers such as your name, date of birth, Social Security number and mother’s maiden name
  • Your contact information, including your email address and phone number
  • Your address, including city, state and ZIP code
  • Membership eligibility, including whether you’re a member of a participating organization or if you’re making a donation to the VOICE Foundation
  • Your identification, via driver’s license, passport or state- or government-issued ID

From there, you can select if you want to add a joint account holder and choose the type of account you want.

If you prefer to speak with someone in person, you can call the Member Care Center, Monday through Friday, 8 a.m. to 5 p.m. EST. You can also visit one of the more than 5,000 shared branches in the McGraw-Hill Federal Credit Union system.

SEE DETAILS Secured

on McGraw Hill Federal Credit Union’s secure website

NCUA Insured

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How McGraw-Hill Federal Credit Union’s savings accounts compare

McGraw-Hill Federal Credit Union essentially only has one real savings account, the S3 Prime Savings account, since the other accounts serve specific purposes. However, it packs important features into a single package. For starters, the interest rate paid is outstanding. Unlike many other financial institutions, McGraw-Hill Federal Credit Union pays this rate starting at just $100, and the rate remains high for all deposit levels. Not only is that rate nearly 10 times the national average, it’s within shouting distance of the highest online savings rates available.

The credit union’s Share Savings account is a requirement for membership, but doesn’t offer many attractive features beyond that. The Holiday Club Savings account can be a good option for savers who might not have the willpower to separate their savings for future needs, like holidays or vacations. However, the rate is significantly below the Prime Savings account, so those with the discipline to keep these amounts separated would be better served keeping that money in the higher-paying account.

McGraw-Hill Federal Credit Union’s CD rates

McGraw-Hill Federal Credit Union offers a standard spread of CD maturities, with some promotional rates tossed in.

Term

APY

Minimum Balance Amount

3 months

0.15%

$1,000 - $9,999.99

3 months

0.15%

$10,000+

6 months

0.20%

$1,000 - $9,999.99

6 months

0.25%

$10,000+

9 months

0.30%

$1,000 - $9,999.99

9 months

0.35%

$10,000+

12 months

0.40%

$1,000 - $9,999.99

12 months

0.50%

$10,000+

12 months (promo)

1.75%

$1,000+

18 months

0.50%

$1,000 - $9,999.99

18 months

0.60%

$10,000+

18 months (promo)

2.25%

$1,000+

20 months (promo)

2.40%

$1,000+

24 months

0.60%

$1,000 - $9,999.99

24 months

0.75%

$10,000+

30 months (promo)

2.40%

$1,000+

36 months

0.15%

$1,000 - $9,999.99

36 months

0.75%

$10,000+

48 months

0.99%

$1,000 - $9,999.99

48 months

1.25%

$10,000+

60 months

0.99%

$1,000 - $9,999.99

60 months

1.50%

$10,000+

  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: 6 months of interest for all maturities; for promotional CDs, 8 months of interest for all maturities

McGraw-Hill Federal Credit Union offers CDs with maturities between three and 60 months. Standard CDs have a tiered interest option, with deposits of $10,000 or more earning higher rates. Promotional-rate CDs pay the same rate regardless of deposit amount, as long as the $1,000 minimum is reached. Promotional rates also pay higher rates.

McGraw-Hill Federal Credit Union’s CDs automatically renew upon maturity at the then-current rates. If you don’t wish to renew your CD, you have a seven-day grace period after maturity to withdraw your funds penalty-free. If you need to cash in your CD before it matures, you’ll face an early withdrawal penalty.

How to get McGraw-Hill Federal Credit Union’s CDs

To qualify for an account, you’ll need to be a member of the credit union. Membership is via association with one of the credit union’s approved employers or organizations, or via a $10 contribution to the VOICE Foundation. You can apply for membership during the application process.

You can open an account online, via phone or in-person. You’ll need to provide information in five categories:

  • Your information, including personal identifiers such as your name, date of birth, Social Security number and mother’s maiden name
  • Your contact information, including your email address and phone number
  • Your address, including city, state and ZIP code
  • Membership eligibility, including whether you’re a member of a participating organization or if you’re making a donation to the VOICE Foundation
  • Your identification, via driver’s license, passport or state- or government-issued ID

From there, you can select if you want to add a joint account holder and choose the type of account you want.

If you prefer to speak with someone in person, you can call the Member Care Center, Monday through Friday, 8 a.m. to 5 p.m. EST. You can also visit one of the more than 5,000 shared branches in the McGraw-Hill Federal Credit Union system.

SEE DETAILS Secured

on McGraw Hill Federal Credit Union’s secure website

NCUA Insured

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How McGraw-Hill Federal Credit Union’s CD rates compare

McGraw-Hill Federal Credit Union standard CD rates are below-average. Across the board, CD rates fall below national averages by maturity. However, promotional rates are quite good. In every instance, they exceed the national averages. They are not good enough to compete with the absolute best CD rates available from competitors, but they are much better than the standard CD rates.

The $1,000 minimum to buy a CD is fairly standard, although some competitors offer minimums of $100. The early withdrawal penalty is costly for those redeeming shorter maturities. However, for longer-term CDs, the McGraw-Hill Federal Credit Union early withdrawal penalty is lower than at some other financial institutions, where a full years’ worth of interest is often charged.

McGraw-Hill Federal Credit Union’s money market account options

McGraw-Hill Ascend Money Market Account

The Ascend Money Market account is the credit union’s sole money market account currently being offered to new customers.

APY

Minimum Balance Amount

1.00%

$5,000 - $19,999.99

1.10%

$20,000 - $74,999.99

1.30%

$75,000+

  • Minimum opening balance: $5,000
  • Minimum balance to earn APY: $5,000
  • Monthly account maintenance fee: $25 if account drops below $5,000, or if you close your account within six months after opening
  • ATM fee: $0
  • ATM fee refund: None
  • Overdraft fee: $29 per instance, up to three times per day; not charged on amounts below $5; can opt-in to overdraft protection to drop fee to $5 per instance with a linked account

The Ascend Money Market pays high rates as soon as the minimum deposit amount is met, and rates go up from there. Minimums and fees can be high, however. The account also has an unusual provision in that you’ll face a $25 fee if you close your account within six months of account opening, something not common at other institutions.

How to get McGraw-Hill Federal Credit Union’s money market accounts

To qualify for an account, you’ll need to be a member of the credit union. Membership is via association with one of the credit union’s approved employers or organizations, or via a $10 contribution to the VOICE Foundation. You can apply for membership during the application process.

You can open an account online, via phone or in-person. You’ll need to provide information in five categories:

  • Your information, including personal identifiers such as your name, date of birth, Social Security number and mother’s maiden name
  • Your contact information, including your email address and phone number
  • Your address, including city, state and ZIP code
  • Membership eligibility, including whether you’re a member of a participating organization or if you’re making a donation to the VOICE Foundation
  • Your identification, via driver’s license, passport or state- or government-issued ID

From there, you can select if you want to add a joint account holder and choose the type of account you want.

If you prefer to speak with someone in person, you can call the Member Care Center, Monday through Friday, 8 a.m. to 5 p.m. EST. You can also visit one of the more than 5,000 shared branches in the McGraw-Hill Federal Credit Union system.

SEE DETAILS Secured

on McGraw Hill Federal Credit Union’s secure website

NCUA Insured

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How McGraw-Hill Federal Credit Union’s money market accounts compare

The Ascend Money Market account, available to new customers, is far better than the original, Regular Money Market account that the credit union is still maintaining for existing customers. Rates are far better for every deposit level, coming in at about four to five times the national average. However, they are still a fair stretch below the highest available money market rates at other banks.

The account minimum on the Ascend Money Market account is fairly high, however. Even worse, a stiff monthly fee applies to those that fall below the $5,000 account minimum. Considering these costs and the interest rates paid, most customers would be better served avoiding the money market accounts at McGraw-Hill Federal Credit Union altogether and instead using the institution’s S3 Prime Savings account.

McGraw-Hill Federal Credit Union’s IRA rates

IRA CD rates

As with its non-IRA CDs, McGraw-Hill Federal Credit Union offers a wide range of regular and promotional CD rates in its IRA accounts.

Term

APY

Minimum Balance Amount

3 months

0.15%

$1,000 - $9,999.99

3 months

0.15%

$10,000+

6 months

0.20%

$1,000 - $9,999.99

6 months

0.25%

$10,000+

9 months

0.30%

$1,000 - $9,999.99

9 months

0.35%

$10,000+

12 months

0.40%

$1,000 - $9,999.99

12 months

0.50%

$10,000+

12 months (promo)

1.75%

$1,000+

18 months

0.40%

$1,000 - $9,999.99

18 months

0.50%

$10,000+

18 months (promo)

2.25%

$1,000+

20 months (promo)

2.40%

$1,000+

24 months

0.60%

$1,000 - $9,999.99

24 months

0.75%

$10,000+

30 months (promo)

2.40%

$1,000+

36 months

0.15%

$1,000 - $9,999.99

36 months

0.75%

$10,000+

48 months

0.99%

$1,000 - $9,999.99

48 months

1.25%

$10,000+

60 months

0.99%

$1,000 - $9,999.99

60 months

1.50%

$10,000+

  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: 6 months of interest for all maturities; for promotional CDs, 8 months of interest for all maturities

McGraw-Hill Federal Credit Union’s IRA CDs automatically renew upon maturity at the then-current rates. If you don’t want to renew your IRA CD, you have a seven-day grace period after maturity to withdraw your funds penalty-free.

SEE DETAILS Secured

on McGraw Hill Federal Credit Union’s secure website

NCUA Insured

McGraw-Hill IRA Savings

The McGraw-Hill Federal Credit Union’s IRA Savings account is essentially a slush fund until money is moved elsewhere.

APY

Minimum Balance Amount

0.05%

$0+

  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $0
McGraw-Hill Federal Credit Union suggests on its website that customers use the IRA Savings account as a place to build up funds on a periodic basis until you’re ready to purchase an IRA share certificate or other IRA investment. Interest is earned from the first dollar, but rates are lower than other IRA options at the credit union.

SEE DETAILS Secured

on McGraw Hill Federal Credit Union’s secure website

NCUA Insured

McGraw-Hill Premium IRA Savings

APY

Minimum Balance Amount

0%

$25 - $4,999.99

0.10%

$5,000 - $24,999.99

0.15%

$25,000 - $99,999.99

0.20%

$100,000 - $249,999.99

0.25%

$250,000+

  • Minimum opening deposit: $1,000
  • Monthly account maintenance fee: $0

The Premium IRA Savings account is a tiered, interest-bearing account that pays higher rates on larger deposits. At the highest deposit level of $250,000 or more, rates climb up to a respectable level. However, this is not a place for long-term savings, as rates are considerably below those available in other investments, like the credit union’s own CDs.

How to get McGraw-Hill Federal Credit Union’s IRA accounts

To qualify for an account, you’ll need to be a member of the credit union. Membership is via association with one of the credit union’s approved employers or organizations, or via a $10 contribution to the VOICE Foundation. You can apply for membership during the application process.

You cannot open a McGraw-Hill Federal Credit Union IRA account online. You’ll have to contact Member Services to open an IRA account.

While speaking to a customer service representative, you’ll need the following information:

  • Your information, including personal identifiers such as your name, date of birth, Social Security number and mother’s maiden name
  • Your contact information, including your email address and phone number
  • Your address, including city, state and ZIP code
  • Membership eligibility, including whether you’re a member of a participating organization or if you’re making a donation to the VOICE Foundation
  • Your identification, via driver’s license, passport or state- or government-issued ID

From there, you can select if you want to add a joint account holder and choose the type of account you want.

If you prefer to speak with someone in person, you can call the Member Care Center, Monday through Friday, 8 a.m. to 5 p.m. EST. You can also visit one of the more than 5,000 shared branches in the McGraw-Hill Federal Credit Union system.

SEE DETAILS Secured

on McGraw Hill Federal Credit Union’s secure website

NCUA Insured

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How McGraw-Hill Federal Credit Union’s IRA rates compare

McGraw-Hill Federal Credit Union’s IRA CD rates are the same as their non-IRA rates, so the same comparisons apply. In its IRA accounts, rates for McGraw-Hill Federal Credit Union’s standard CDs are below-average, falling below national averages for every maturity. The promotional rates, on the other hand, are above average, exceeding the national average in every instance. Although they are better than the rates for standard maturities, they are not good enough to compete with the absolute best IRA CD rates available from competitors.

As far as the credit union’s IRA savings accounts go, its premium IRA savings account is the only real option. However, rates are quite low. For deposits of $250,000 or more, the tiered rate kicks up to a level just above the national average. However, the rate for smaller deposits are below average. Rates for even the shortest CD maturity of 3 months are significantly higher.

Overall review of McGraw-Hill Federal Credit Union’s banking products

McGraw-Hill Federal Credit Union’s range of products is broad, but not deep. In the case of this credit union, however, that is a good thing. What has been left in the McGraw-Hill Federal Credit Union product line are “best of breed” offerings that highlight the best features and benefits that would otherwise be spread out across a range of different products. For example, the credit union only offers one checking account currently, but it offers a great combination of low fees, low minimums, a rewards program and a high interest rate.

The S3 Prime Savings account offers a well-above-average APY, as do many of the credit union’s promotional CDs. The one area of weakness is the credit union’s money market account, which can’t even compete with the institution’s own savings account in terms of yield.

Membership is required to open an account at the credit union, but if you’re not a member of a participating organization, a $10 donation is enough to open an account, so that isn’t an obstacle for most potential customers. Overall, the McGraw-Hill Federal Credit Union offers products that can suit the needs of most members. Although rates don’t top the best available across the nation, they are generally competitive.

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