5.15% 60-Month / 4.40% 24-Month CD at a Virginia CU (Northwest).
Jul 1, 2008 - 9:38 AM by Ken Tumin
Northwest Federal Credit Union has again come out with some very competitive CD rates. The new certificate rates include a 5.15% APY 60-month CD, a 5.01% APY 36-month CD, a 4.40% APY 24-month CD, a 3.98% APY 12-month CD and a 3.69% APY 6-month CD. These rates require a minimum deposit of $25,000. Rates are 10 basis points higher for a $100,000 minimum and 5 basis points lower for a $2,500 minimum.
My first post on this credit union was last November when they were offering a special 6% 18-month CD. My last post on this credit union was on their 4% 24-month add-on CD which they are still offering.
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. A reader in my previous post mentioned that he was able to join based on his employer belonging to one of the Chambers of Commerce listed at the top of the Member Companies Page. 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 $1.55 billion in assets and 94,291 members. It has a 5 star rating (superior) at BauerFinancial based on 3/31/08 data, and a 4 star rating (sound) at Bankrate based on 12/31/07 data.
Thanks to the reader who mentioned these CD rates in the Finding the Best Deals post.
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Anonymous - #1, Sunday, June 29, 2008 - 9:49 PM
If you are eligible to become a Heritage Club member or meet the requirements for premier checking at NWFCU, you're 1 yr or greater term cd rate will be increased by .1 for the $50K-99,999 tier, and .25 for $100k+ tier. This would bring the 3 & 4 yr apy to 5.115%/5.375% for each tier, and the 5 yr apy to 5.25%/5.51% for each tier.
Anonymous - #2, Tuesday, July 1, 2008 - 8:35 AM
As of 07/01/08, rates have fallen
$25K to $99,999 APY
2-year 4.04%
3-year 4.64%
4-year 4.64%
5-year 4.83%
For $100K, you get 10 basis points higher APY.
For $2500 to $24,999, you get 5 basis points less APY.
Sorry I just noticed this one on the weekend and posted for Banking Guy. I opened my CD yesterday and got the higher rates that were in effect until today.
Banking Guy (anonymous) - #3, Tuesday, July 1, 2008 - 9:40 AM
Thanks for the update. One thing I've noticed about their CD rates is that they go up and down a lot. Glad you were able to take advantage of the previous rates.
Anonymous - #4, Monday, July 7, 2008 - 3:52 PM
Thank you so much to the first poster.
I was able to get 25 basis points higher APY by opening a Premier Checking account, so I ended up with 5.37% APY on $100K for 3 years. Very happy.
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