McGraw-Hill Federal Credit Union is offering one of the best (if not the best) short term CD rates. Currently it is offering a 2.00% interest rate on an 8 month CD. This is certainly one of the best rates available since even the highest 1 year CD rate is only at 1.15% APY from Doral Bank and even the highest 2 year CD is only at 1.30%. With the large difference in rate plus the 4 month to 1 year difference between maturity, there’s no other offer that comes close to this. A 2.00% interest rate is currently at par with some bank’s 5 year CD’s.
McGraw-Hill is calling this special 8 month CD as the Solar CD. It is currently promoting awareness of solar energy and consumers who open an account with the Solar CD will help support a groundbreaking solar energy project led by McGraw-Hill Companies and NJR Clean Energy Ventures.
The Fine Print
To earn the advertised rate, consumers must open a checking account with direct deposit. A minimum deposit of $1,000 is required with a maximum of up to $25,000. Aside from that, a minimum direct deposit of $500 per month must be credited to the checking account monthly. Direct deposits may come from your salary, pension, Social Security, or any other regular monthly income. Should initial deposit not be completed upon six weeks of account opening, the rate will change to 0.40% APY.
The promotion has been available since September 22 of this year, and is subject to change or withdrawal without prior notice.
McGraw-Hill Federal Credit Union has been around since 1935, serving employees of the McGraw-Hill companies in New York City. Since then it has opened up its membership to other companies and it is currently serving 18,500 members throughout the world. The credit union has assets exceeding $268 million.
Credit union membership is traditionally restricted to people who share a common factor such as the community they are living in, or a common profession. In this case, membership is limited to those who are employed under the McGraw-Hill group of companies. However, McGraw-Hill is also offering an express application in which interested parties can be a member of the credit union when they opt to join the VOICE foundation. To join the foundation all you have to do is pay a $25 membership fee. The express application can be filled up and submitted online, but for faster approval, you may also visit their branches located at New York, NY and East Windsor, New Jersey.
There is no doubting the fact that this offer is definitely one of the best there is. A 2.00% APY on just an 8 month CD is hardly available anywhere else. The only thing you need to consider is having to make a direct deposit of $500 to your account every month. However, if you can link this to your salary payroll, then this shouldn’t be too much of a problem. Given the free for all eligibility and the impressive rate, would you open a Solar CD now?