Update 3/03/09: The Add-On CD rates have fallen.
Update 2/21/09: The standard CD rates have fallen. Please check the credit union's website for the latest rates.
Northwest Federal Credit Union actually increased its CD rates this week which is rare these days. For a $25,000 minimum deposit, the new CD rates range from 2.95% APY for 3 months to 4.88% APY for 5 years. Higher CD rates are available to Heritage Club members. I've been told that rates typcially are updated on Tuesdays. Below is a more complete list of the CD rates as listed in the credit union's rate table (pdf) as of 2/11/2009.
Regular and IRA Certificate Rates as of 2/11/2009:
TERM APY APY APY
$2.5K MIN $25K MIN $100K MIN
3 months 2.85% 2.95% 3.05%
6 months 2.84% 2.94% 3.04%
1 year 3.03% 3.09% 3.19%
2 years 3.65% 3.70% 3.80%
3 years 4.16% 4.22% 4.32%
4 years 4.16% 4.22% 4.32%
5 years 4.83% 4.88% 4.98%
They also continue to offer two competitive Add-On CDs: 3.75% APY for 2 years and 3.25% APY for 1 year. Minimum deposit is $500. According to the Add-on Certificate page, you have the "ability to add on deposits over the term with no minimum amounts or limits to the number of deposits."
Refer to my previous Northwest FCU post for more details about qualifying and applying for membership. According to this Northwest FCU's Organizations Page, members of the American Consumer Council are eligible to join the credit union.
Northwest FCU branches are located in the Virginia cities of Chantilly, Herndon and Vienna.
The credit union has some strong ratings for safety and soundness: 5 stars (superior) at BauerFinancial and 4 stars (sound) at Bankrate.com. Both ratings are based on 9/30/08 financial datal. he credit union is federally insured by the NCUA (Charter # 5500). It's a large credit union with $1.6 billion in assets and 96,306 members.