Freedom Northwest Credit Union Update
I’m starting this blog post about Freedom Northwest Credit Union (FNWCU) with a review by DA reader, Rich89044.
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!!
That being said, here are the very competitive Share Certificate rates currently offered by Freedom Northwest. Given how competitive these rates are, the small size of the credit union and the new month that’s almost underway, I don’t think these rates will last long.
All the Share Certificates are also available as IRA Certificates (Traditional and Roth), earning the same APYs with the same funding requirements.
According to CSR and the CD disclosure, partial withdrawals are allowed and the Early Withdrawal Penalties are as follows:
- 90 days interest – terms less then 12 months
- 180 days interest – terms between 12-24 months
- 365 days interest – terms greater than 24 months
Funding a Share Certificate can be done by wire, transfer from an external bank, or by mailing a check. Maturing funds can be distributed by cashier’s check, wire transfer, or transferred into another Freedom Northwest account.
Many thanks to Rich89044 for his review of Freedom Northwest Credit Union!
Availability
Headquartered in Kamiah, Idaho, Freedom Northwest Credit Union’s field of membership (FOM) provides a way to join for almost all US citizens/resident aliens.
You won’t find the FOM detailed anywhere on FNWCU’s website. Matter of fact, the Join Us page doesn’t mention any specific requirements for membership. All the following information comes from three separate conversations with three different CSRs.
The first question all the CSRs asked me was, “Do you have a relative who belongs to Freedom Northwest?” Anyone related to a current Freedom Northwest member is eligible to join.
The rest of us can join FNWCU with a one-time $10 membership fee and a $20 contribution “that goes to support the local Idaho community.” It’s as simple as that.
Joining FNWCU and/or opening a Share Certificate can be done by phone (866.687.5228) or at either of two Idaho branches located in Kamiah and Kooskia.
While there is no online application, the Join Us page states,
You can also email us ([email protected])
with inquiries about basic member services.
Unfortunately, FNWCU does not participate in the CO-OP Share Branch or ATM networks, but is a member of the AllPoint® ATM network.
Credit Union Overview
Freedom Northwest Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 5.91% (excellent), based on September 30, 2019 data. In the past year, FNWCU has increased its total non-brokered deposits by $20.38 million, an excellent annual growth rate of 20.18%. Please refer to our financial overview of Freedom Northwest Credit Union (NCUA Charter # 65722) for more details.
Founded in 1963 as the Kamiah Community Credit Union, the Freedom Northwest Credit Union re-brand occurred in 2016. (Kamiah is the Nez Pierce word for “many rope litter.” The Nez Pierce tribe made kamiah ropes with which to fish for steelhead.) FNWCU is currently the eleventh largest credit union in Idaho, with more than 8,400 members and assets in excess of $186 million. According to FNWCU’s Our History page,
We have grown our capital at a rate far above our peers, resulting
in our capital position increasing seven-fold over the last 15 years.
How the Share Certificates Compare
When compared to the similar length-of-term CDs tracked by DepositAccounts.com that are available nationwide and require a similar minimum deposit, all of Freedom Northwest Credit Union's Share Certificate APYs currently rank first.
The above rates are accurate as of 2/29/2020.
Searching for the best CD rates, both nationwide and in your state? Please refer to our CD Rates table.