Northwest Federal Credit Union has a promotion in which you can earn $100 for joining the credit union, opening a checking account and establishing direct deposit with 3 consecutive direct deposits of at least $500. This is scheduled to last until June 30, 2011. The offer is listed in the credit union’s promotion page.
This offer is described as a refer-a-friend promotion in which both the referrer and the referee receive $100. However, in the promotion details page, it states that the “Referrer is not required for the new member to receive the bonus. Here are all of the checking bonus details listed in this promotion details page:
New member must be eligible for membership with Northwest Federal Credit Union. Each member may have one primary membership account. Required minimum deposit to open share account is $5.00. Referrer is not required for the new member to receive the bonus. New membership must be opened between 4/15/11 and 6/30/11. Qualification requirements for the checking account apply. New membership bonus will be paid to new member, and referrer if applicable, after the checking account is opened and three electronic payroll deposits have been credited to the account between 4/15/11 and 9/30/11 for a minimum of $500 each. New member’s bonus will be credited to his/her NWFCU checking account. The referrer’s bonus will be credited to his/her NWFCU savings account. Bonus will be credited to each applicable account on the business day following the third electronic payroll deposit of $500 or greater.
In addition to the $100 checking account bonus, there’s a $200 bonus when the new member gets an auto loan.
NWFCU has an online membership application via andera.com. In the membership section, several options are listed including joining the Financial Awareness Network (FAN). This makes it easy for anyone to join with a $10 one-time fee. More details about the field of membership are listed in the credit union’s Who We Serve page. Membership requires a minimum deposit of $5 into your share savings account.
Past NWFCU CD Deals
Many readers joined NWFCU when they used to offer competitive CD rates. Unfortunately, NWFCU's CD rates are not nearly as competitive as they used to be. As of 5/25/2011, the top 5-year CD yield is 2.27% APY for a $100K minimum. They also have some nice add-on CDs, but these rates have also fallen considerably. The 2-year add-on CD now has a yield of only 1.00%. One note about the standard certificates is that higher rates (up 0.25%) are available to Premier Checking members and Heritage Club members.
Northwest Federal Credit Union Overview
Northwest Federal Credit Union branches are located in the Virginia cities of Manassas, Chantilly, Herndon and Vienna. You can also use shared branches for making deposits, withdrawals and for other common banking transactions.
It’s a large credit union with over $2 billion in assets. The credit union has an overall health score at DepositAccounts.com of 4 stars (out of 5) with a Texas Ratio of 6.88% (excellent) based on December 2010 data. Please refer to our financial overview of Northwest Federal Credit Union for more details. NWFCU is federally insured by the NCUA (Charter # 5500).