3.5 star ratingAverage User Rating:
3.5 star rating based on 2 reviews.

Northwest Federal Credit Union

Northwest Federal Credit Union Locations
200 Spring St
Herndon, VA 20172
(703)709-8900
www.nwfcu.org



Northwest Federal Credit Union is headquartered in Herndon and is the 4th largest credit union in the state of Virginia. It is also the 57th largest credit union in the nation. It was established in 1947 and as of December of 2011, it had grown to 276 employees and 107,111 members. Northwest Federal Credit Union has a 5-star health rating.

Related Posts

Checking Account Bonus At Northwest FCU - YMMV (Forum) - 4/22/2012

I'm considering this a "your miles may vary" deal since the credit union only revealed this promo to certain members without checking accounts (apparently by mail). It may be targeted. This promotion was mentioned in this FW thread. Details are listed at

Banks That Give Certainty About CD Early Withdrawals - 3/28/2012

I don't know how long it will take, but interest rates will eventually rise. If rates do rise like they did in the early 80's, you won't want to be locked into a long-term CD paying today's extremely ...

Top CD & IRA CD Rates at Northwest Federal Credit Union - Easy Membership - 2/16/2012

Yesterday I reported on one credit union which offered premium rates for both senior members and Jumbo deposits. A reader reminded me of another credit union that also does this. It's Northwest Federa ...

NORTHWEST FCU - EASY TO JOIN - NATIONWIDE - $120.00 BONUS (Forum) - 11/3/2011

  Anyone can join and with direct deposit they will pay a bonus of $100.00 and I will pay an ADDITIONAL $20.00 for the referral via paypal. pdx2iah@aol.com

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See Rates for: Checking | Savings | Money Market | CD | IRA

Northwest Federal Credit Union Checking Account Rates

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0.10%--Premier Checking

Northwest Federal Credit Union Savings Account Rates

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2.28%-$500Youth Club Share Savings
0.50%--Share IRA
0.50%--Share Roth IRA
0.50%--Share Education IRA
0.25%--Share Savings
0.25%--Holiday Club

Northwest Federal Credit Union Money Market Rates

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0.70%$100k-Money Market Account

Northwest Federal Credit Union CD Rates

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1.86%$100k-5 Year CD
1.86%$100k-Business 5 Year CD
1.76%$100k-4 Year CD
1.76%$100k-Business 4 Year CD
1.50%$100k-3 Year CD
1.50%$100k-Business 3 Year CD
1.26%$100k-2 Year CD
1.26%$100k-Business 2 Year CD
0.95%$500-2 Year Add-On Certificate
0.95%$500-Business 2 Year Add-On Certificate
0.90%$100k-1 Year CD
0.90%$100k-Business 1 Year CD
0.69%$100k-6 Month CD
0.69%$100k-Business 6 Month CD
0.62%$100k-3 Month CD
0.62%$100k-Business 3 Month CD
0.60%$500-1 Year Add-On Certificate
0.60%$500-Business 1 Year Add-On Certificate
0.55%$100-1 Year Youth Add-On Certificate

Northwest Federal Credit Union IRA Rates

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1.86%$100k-5 Year IRA
1.86%$100k-5 Year Roth IRA
1.86%$100k-5 Year CESA
1.86%$100k-5 Year SEP IRA
1.76%$100k-4 Year IRA
1.76%$100k-4 Year Roth IRA
1.76%$100k-4 Year CESA
1.76%$100k-4 Year SEP IRA
1.50%$100k-3 Year IRA
1.50%$100k-3 Year Roth IRA
1.50%$100k-3 Year CESA
1.50%$100k-3 Year SEP IRA
1.26%$100k-2 Year IRA
1.26%$100k-2 Year Roth IRA
1.26%$100k-2 Year CESA
1.26%$100k-2 Year SEP IRA
0.95%$500-2 Year Add-On IRA Certificate
0.95%$500-2 Year Add-On Roth IRA Certificate
0.95%$500-2 Year Add-On SEP IRA Certificate
0.95%$500-2 Year Add-On CESA Certificate
0.90%$100k-1 Year IRA
0.90%$100k-1 Year Roth IRA
0.90%$100k-1 Year CESA
0.90%$100k-1 Year SEP IRA
0.69%$100k-6 Month IRA
0.69%$100k-6 Month Roth IRA
0.69%$100k-6 Month CESA
0.69%$100k-6 Month SEP IRA
0.62%$100k-3 Month IRA
0.62%$100k-3 Month Roth IRA
0.62%$100k-3 Month CESA
0.62%$100k-3 Month SEP IRA
0.60%$500-1 Year Add-On IRA Certificate
0.60%$500-1 Year Add-On Roth IRA Certificate
0.60%$500-1 Year Add-On CESA Certificate
0.60%$500-1 Year Add-On SEP IRA Certificate
0.55%$100-1 Year Youth Add-On IRA Certificate
0.55%$100-1 Year Youth Add-On Roth IRA Certificate
0.55%$100-1 Year Youth Add-On CESA Certificate
0.55%$100-1 Year Youth Add-On SEP IRA Certificate

Rates updated: 5/27/2012

Data for Q4 2011


Institution Statistics


NORTHWEST
NCUA #5500
BankRate ReportView
Year Chartered1947
Employees276
Primary Regulator

Assets and Liabilities

Assets$2.10 billion
Loans$1.13 billion
Deposits$1.87 billion
Equity Capital$200.90 million
Loan Loss Allowance$15.08 million
Unbacked Noncurrent Loans$15.33 million
Real Estate Owned$1.38 million

Historic Data - December 2010

Assets$2.05 billion
Equity Capital$188.86 million
Loan Loss Allowance$14.23 million
Unbacked Noncurrent Loans$12.94 million
Real Estate Owned$1.04 million

Profit Margin - Quarterly

Net Interest Margin4.93%
Return on Assets0.96%
Return on Equity10.02%
Interest Income$81.01 million
Non-Interest Income$25.17 million

Institution Health


Overall Score:
5 out of 5
5
Texas Ratio5
The Texas Ratio is an indicator of how much funds a bank has available compared to the total value of loans considered at risk. As of December 31, 2011 Northwest Federal Credit Union had $16.7 million in non-current loans and owned real-estate with $215.98 million in equity and loan loss allowances on hand to cover it. This gives Northwest Federal Credit Union a Texas Ratio of 7.73% which is excellent. Any bank with a Texas Ratio near or greater than 100% is considered at risk.
Texas Ratio Trend3
The Texas Ratio for Northwest Federal Credit Union held steady from 6.88% as of December 31, 2010 to 7.73% as of December 31, 2011, resulting in a negative change of 12.35%. This indicates that the balance sheet and financial strength for Northwest Federal Credit Union has held steady in recent periods.
Deposit Growth4
In the past year, Northwest Federal Credit Union has increased its total deposits by $37.47 million, resulting in 2.04% growth for the year. A strong track record of growth is an indicator of consumer confidence and the bank's ability to strengthen its balance sheet. The growth Northwest Federal Credit Union has shown is above average.
Capitalization4
Both FDIC and NCUA consider capitalization levels of banks and credit unions to be of high importance. Higher capitalization allows for a greater buffer when cover loans that may fail in the future. Northwest Federal Credit Union has $2.1 billion in assets with $215.98 million in equity, resulting in a capitalization level of 10.26%, which is above average.
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OK Credit Union
3 stars - novagirl - Wednesday, May 4, 2011 - 8:41 PM

I recently opened a Northwest Federal Credit Union and here are my thoughts so far.  The online process was fine for the most part, except when I didn't check off the right box for how I qualified to be a member.  Because of this, my application was in limbo until I called them to ask a question on what they call the "signature page" that you have to print out upon completion of the application, sign and mail back to them.  Okay, step one completed.  I had checked off that I wanted to apply for their credit card.  Again, that was in limbo too.  More than a week past until I again called and they took additional information from me to process the credit card.  They had asked how much I credit did I want.  They said if I didn't state how much then I would get the automatic $2000.  $2000???  Considering I have excellent and established credit, I was a bit insulted.  It wasn't worth it to open a credit card for that amount.  Again, I get more paperwork in the mail to sign and return.  I finally get my debit card in the mail.  Had to wait a bit to get my PIN.  Then I tried to change my address, but their policy is that you can't change your address within 30 days from opening a new account for security reasons.  Then I try to link up this account to another external bank account.  I was having a tough time and called their customer service number.  The rep was nice and friendly, but didn't know the answer nor did she try to problem solve.  So here is the bottom line.  NWFCU has nice customer service and you don't have to press a gazillion numbers when you call their call center to speak to a rep.  NWFCU was highly recommended by a friend and I was told they have good credit card rewards and that's my primary reason for opening the account.  However, compared to other banks and credit unions, they are a bit ancient in today's standards with technology and efficiency.  I am a member of 2 other banks and NWFCU has the least robust website and online banking.  They need a serious online banking upgrade.  In my other credit union, to qualify for free checking, you just have to meet 2 out of 3 of their criteria, both of which are very reasonable.  With NWFC, you have to meet all their criteria and I believe there are 5.  If you are looking for VERY basic online service and have patience - give them a shot.  If you want more capabilities from a bank - consider other options.  I probably won't used them for my primary banking transactions, but I thought I would give them a try. 

5

NWFCU Add-On CD
4 stars - outtempster - Wednesday, June 16, 2010 - 1:32 PM

I have very good experience with NWFCU add-on CD. whenever you have some extra money, you can deposit it into the CD. I use internet online banking. However, they have partners in my area where I can do deposits, such as checks or cash. You can transfer or deposit money in your savings account, and transfer them to your add-on CD. Even though there normally is a hold on your check, the representative can waive it since the money stays in the Credit Union. I am very happy with their customer service too, very nice and helpful. Unfortunately their add-on CD promotion CD rate has gone. However, they still  have 2-year add-on CD with 1.51% APY.

5
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$300 for opening a new checking account
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Leave a Comment (3) »
KenBDG - April 22, 2012
I'm considering this a "your miles may vary" deal since the credit union only revealed this promo to certain members without checking accounts (apparently by mail). It may be targeted. This promotion was mentioned in this FW thread. Details are listed at www.nwfcu.org/happy

NWFCU is offering $300 for opening a new checking account by May 31, 2012 and for establishing direct deposit. Here's a copy of the small print:
Qualifications for checking account apply. New checking account must be opened by 5/31/12. Three (3) consecutive payroll direct deposits of at least $500 each to the new checking account must be received by 7/31/12 to earn bonus. Bonus will be credited to member’s NWFCU checking account on the business day following the third deposit of $500 or greater. Limited time offer effective 4/1/2012. Offer is not transferable to other Northwest Federal members.

I have more details about NWFCU's checking account and membership in this blog post on a past NWFCU promotion. Anyone can qualify for credit union membership via an association membership.

KenBDG - April 24, 2012
A FW member on that thread confirmed that this $300 bonus is targeted. However, there's a $65 bonus that isn't targeted. Here's the message the FW member received:
Thank you for contacting Northwest Federal Credit Union. If you received a promotional mailing from us than you are eligible for the $300 promotion. If you did not you are still eligible for another promotion that we are running that you would receive a $65 bonus for opening a checking account with three consecutive direct deposits of $500 or more. Please let me know if I can provide you with any other information.





KenBDG - May 6, 2012
The $65 checking account bonus is now listed at Northwest FCU's website. Here's the link to the promotion page. And here's the offer's small print:
Qualifications for checking account apply. To earn $65 bonus; must be your first checking account with NWFCU and opened between 4/16/12 – 6/30/12. Closed accounts reopened during the promotion period are not eligible. Three consecutive payroll direct deposits of at least $500 each to the new checking account must be received by NWFCU between 4/16/12 – 7/31/12. Bonus will be credited to member’s NWFCU checking account on the business day following the third qualifying direct deposit. The bonus will be reported on your year-end 1099-INT statement. Offer cannot be combined with other direct deposit offers.