Dedicated to Deposits: Deals, Data, and Discussion

5.30% 60-Month / 4.96% 36-Month CD at a Virginia CU (Northwest).

POSTED ON BY

Northwest Federal Credit Union
Update 5/3/08: The CD rates have fallen. Please check the credit union's website for the latest rates.
Update 4/26/08: CD rates went up! The new 60-mo and 36-mo CD yields for $100K minimum are 5.30% APY and 4.96% APY. The title has been modified to reflect this change.
Update 4/19/08: CD rates went down this time. The new 60 and 36-month CD yields for $100K minimum are 4.94% APY and 4.55% APY.
Update 4/12/08: CD rates actually went up! The new 60-month and 36-month CD yields for $100K minimum are 5.09% APY and 4.68% APY.

Northwest Federal Credit Union seems to be one of the few institutions which raised CD rates at the start of April. The new certificate rates include a 4.79% APY for a 5-year term and 4.36% APY for 3 and 4 year terms. These require a minimum deposit of $100,000. The yields for a $25K minimum are 10 basis points lower and about 15 basis points lower for a $2,500 minimum.

My first post on this credit union was last November when they were offering a 6% 18-month CD. In February they came out with some competitive long term CD rates. However, it seemed like every week after that, the rates kept declining. So don't expect these current rates to remain through April.

When I first posted on this credit union in November, it appeared anyone could qualify by joining the National Wildlife Federation. However, the credit union's board changed this eligibility criteria to only include employees of National Wildlife Federation. So there's no longer an easy way to qualify for credit union membership. The credit union's field of membership is primarily limited to Select Employee Groups. Please see their Who Can Join page for more details. There is a long list of member companies. Membership requires a minimum deposit of $5 into your share savings account.

Branches are located in the Virginia cities of Chantilly, Herndon and Vienna. The credit union is federally insured by the NCUA (Charter # 5500). It's a large credit union with $1.51 billion in assets and 92,177 members.

Thanks to the readers who emailed me and commented in the finding-the-best-deals post.
  Tags: Virginia, CD rates, Northwest Federal Credit Union

Related Posts

Comments
3 comments.
Comment #1 by Anonymous posted on
Anonymous
Heritage Club Membership is available to NWFCU members age 62 & older who have savings of $50,000 or more. You get additional Bonus rate on certificates,
0.10% on deposits 50,000-99,999.99 term 1 yr or longer and also,
0.25% on deposit of $100,000+ term 1 yr or longer. Also get free domestic wire transfer for Heritage Club members.Check this out at the Northwest website under "Heritage Club Member"

1
Comment #2 by Anonymous posted on
Anonymous
Thank you for your tip re the Heritage Club. I enrolled within minutes of reading your post. Enrollment is easy. The club is new, and the interest rate bumps apply only to accounts opened now and hereafter. Still, the free wire transfers are great and, well, the whole thing is a big plus!

1
Comment #3 by Anonymous posted on
Anonymous
I believe the heritage club member benefits (50yo and older) are also offered to a premier checking account member(?). The website spells this out.

We live within miles of this cu, and plan on attending their customer appreciation day on the 26th. And, of course, visiting them to purchase the 5yr cd, with the 4.79 + .25 bonus.

What I love best about them is the 'secrecy' associated with the atm cards. No logos, no names, not even contact info on the back, etc. It's a complete blank bc SHHHH, of the other people who are members.

When I received my card, I phoned asking why my card had no identifying info, SHHHHH. It was a fun conversation. The csr laughed and said her husband often asked her who she 'really' works for. LOL

So, I'm sure you can guess which agency uses this cu. SHHHH. LOL.

All kidding aside, they offer great service. If you are eligible to join, do so. They are great.

1