Freedom Northwest Credit Union is headquartered in Kamiah and is the 11th largest credit union in the state of Idaho. It is also the 1,088th largest credit union in the nation. It was established in 1963 and as of December of 2019, it had grown to 40 employees and 8,637 members at 2 locations. Freedom Northwest Credit Union's money market rates are 14% higher than the national average, and it has an A health rating.
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Amazing Credit Union
Freedom Northwest CU burst onto the scene and lit up the DA.com Blog in March 2020 as the result of offering top CD rates, but as I write this review there is only one other review posted here in the Review section. As time passes it is probably less likely that someone researching this institution will end up finding that part of this site, so I wanted to reference that resource.
Like many users of DA.com I am on the lookout for the best CD rates nationally and am ready to move money fairly quickly to capture them. I am not looking for a new, primary financial institution, so my reviews do not consider other services such as loans or checking accounts.
Freedom was the easiest and fastest Credit Union, that I have encountered, to join and get a CD established.
The new member process needs to be initiated by a phone call. Their website does not accommodate that. But they handle the basics on the phone and through follow-up emails with documentation. Many have commented that they got through the process and initiated funding all in the same day.
Membership is accomplished with a fee of $30, which Freedom splits into a $20 qualifying contribution, $5 fee to Freedom and $5 minimum balance in your membership savings account. These small costs are worth it in return for speed. Also, unlike many CU's, they do NOT do a hard credit pull as part of membership application. They use ChexSystems to decide on membership application. Another delay reducer (unless, I suppose, you have a negative rating there). You can fund your accounts by ACH or wire transfer which Freedom will initiate for you.
Having done that, you can then apply for online banking, which again is not done online, but requires a phone call to get the authorizing documents (by email). But that too is smooth and fast and once set up you can establish ACH transfer capability, to permit conventional online account management (through your member savings a/c). Although phone calls are needed, as indicated above, it is almost a joy to go through this step as the service reps are pleasant and helpful. The online software is efficient and easy to use.
It Doesn't Get Any Better !!
Was attracted to their 3.2% 5-year CD offering. Called to see if I was eligible to be a member and what it would take to become a member an open an account with them.
With their help, I was able to become a member, wire them the funds, and get my CD opened all in the same day - something I've never been able to accomplish in the past !!
Highly recommended for that reason.
Data as of Q4 2019
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| NCUA # | 65722 |
| Year Chartered | 1963 |
| Employees | 40 |
| Primary Regulator | |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.81% |
| Return on Equity - YTD | 20.31% |
| Annual Interest Income | $9.8MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q4 2019vs Q4 2018 | $195.0MM$157.6MM |
| Loans | Q4 2019vs Q4 2018 | $165.0MM$133.8MM |
| Deposits | Q4 2019vs Q4 2018 | $138.9MM$120.0MM |
| Equity Capital | Q4 2019vs Q4 2018 | $17.0MM$13.6MM |
| Loan Loss Allowance | Q4 2019vs Q4 2018 | $468.00K$381.00K |
| Unbacked Noncurrent Loans | Q4 2019vs Q4 2018 | $621.00K$359.00K |
| Real Estate Owned | Q4 2019vs Q4 2018 | $107.00K$117.00K |