bank rates

Earn 1%, $50 Bonus On Free Checking

McGraw-Hill Federal Credit Union gives everyone the chance to open a checking account that not only pays 1.00% APY but doesn’t have any onerous requirements or monthly fees.

You’ll even earn a $50 bonus when you open the account.

The S3 account — which stands for Save. Spend. Simplify. — was introduced last month, has no minimum balance requirements and charges no monthly fees.

You only have to make one direct deposit per month, and unlike with some checking accounts, there’s no minimum requirement for that deposit.

McGraw-Hill customers earn 1.00% APY on balances up to $250,000. Anything above that amount earns 0.15% APY.

Members can use over 30,000 ATMs across the country free of charge, and McGraw-Hill will reimburse you for up to $5 a month in ATM fees imposed by machines outside that network.

Based in East Windsor, N.J., McGraw-Hill Federal Credit Union ( was originally designed to serve McGraw-Hill company employees and their family members. It then expanded to include employees of more than 120 businesses and organizations.

Even if you don’t fall into one of those groups, you can join the credit union by making a $25 donation to the VOICE Foundation, which is the credit union’s charitable arm. It supports financial literacy programs, as well as other organizations, such as the Children’s Miracle Network and National Junior Tennis & Learning of Trenton.

You’ll also need to open a savings account when you join the credit union. That requires a $5 deposit, but if you become a member of the VOICE Foundation, the cost to open the savings account is included in your donation.

You can become a member by visiting a McGraw-Hill Federal Credit Union branch. There are three in New York City and a fourth in East Windsor, N.J.

Or you can fill out an “Express Application” online (, and someone from the credit union will call to complete the process.

If you have experience dealing with McGraw-Hill we’d love to hear about it. Just go to the “Comment” box below this post and start writing. You don’t have to sign-up or log-in to anything to share your thoughts on Bankaholic.

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Comments (1)
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One Existing Comment
  1. Kathy at Bankaholic said:
    on June 26th at 08:54 am

    This deal is still being offered.