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.