Dedicated to Deposits: Deals, Data, and Discussion
DETAILSINSTITUTIONAPYMINMAXPRODUCT
Northwest Federal Credit Union1.51%$100k-5 Year Share Certificate
Northwest Federal Credit Union1.30%$100k-3 Year Share Certificate
Northwest Federal Credit Union1.15%$100k-2 Year Share Certificate
Accounts mentioned in this post. Rates as of July 31, 2014

Top CD & IRA CD Rates at Northwest Federal Credit Union - Easy Membership

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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 Federal Credit Union, and its Jumbo CD rates are very competitive for senior members who qualify for the Heritage Club. When you factor in the higher rates (up 0.25%) that are available to Premier Checking members and Heritage Club members, the best Jumbo CD and IRA CD rates are 2.32% APY for 5 years, 1.75% APY for 3 years and 1.51% APY for 2 years. These require a $100K minimum deposit. Rates are 25 basis points lower if members don't have Heritage Club or Premier Checking status. Also, rates are 20 to 25 basis points lower for a $500 minimum deposit. These rates are listed in the credit union's rate sheet as of 2/16/2012.

Credit Union Membership

Northwest FCU 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.

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 5 stars (out of 5) with a Texas Ratio of 7.61% (excellent) based on September 2011 data. Please refer to our financial overview of Northwest Federal Credit Union for more details. The credit union is federally insured by the NCUA (Charter # 5500).

How These CD Rates Compare

The best 5-year CD rate that's nationally available without special qualifications is 2.30% APY at Andrews Federal Credit Union, and the best 2-year CD rate is 1.36% APY at Melrose Credit Union. These rates are accurate as of 2/16/2012.

Searching for the Best CD Rates

To search for the best nationwide CD rates and the best CD rates in your state, please refer to the CD rates section of DepositAccounts.com.


  Tags: Virginia, CD rates, Northwest Federal Credit Union, IRA rates

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Comments
2 Comments.
Comment #1 by Bancxman (anonymous) posted on
Bancxman
Ken, Thanks for the heads up. I actually have a dormant account with NWFCU that goes back to the time they were offering great CD rates. However, I completely overlooked the premier checking benefits they are offering, The moral of this story is never give up a credit union membership unless you're absolutely certain you will never need it again.

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Comment #2 by Kaight posted on
Kaight
I'm in accord with your thinking on this, Bancxman.  I maintain a significant number of "dormant" CU memberships.  So far I've only benefitted one time, but that one instance added many thousands of dollars to my net worth.  And there was no way I could have predicted, in advance, which CU was going to be the one leading to a payoff.

I'm pretty well organized and I do my "keep alive" activity through Alliant.  It does not occupy much time at all.  But when that mega interest rate deal materializes, as happened for me, it is immeasureably helpful, it is so much easier, already to be a member of the "gift-giving" CU.  I've done the "gotta join right now it's an emergency" thing so many times with CUs.  That's not for me.  It's so much better when you can call the CU and simply say:  "Hi.  I'm Kaight and my member number is (whatever) and I want to open that special CD the CU is offering."  At that point, the reps don't care that you have been inactive.  They just open the new CD straightaway;  no muss, no fuss, no hassle!  

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