Northwest Federal Credit Union is headquartered in Herndon and is the 6th largest credit union in the state of Virginia. It is also the 114th largest credit union in the nation. It was established in 1947 and as of December of 2024, it had grown to 531 employees and 278,753 members at 12 locations. Northwest Federal Credit Union's CD rates are 5X the national average, and it has an A health rating.
Field of Membership Restrictions
Membership in Northwest Federal Credit Union is open to anyone by joining the Florida Literacy Coalition ($10 membership fee). Membership is also open to employees of the Central Intelligence Agency, the National Reconnaissance Office, office of the Director of National Intelligence, personnel assigned or detailed to the Department of Homeland Security and people retired from these agencies and to employees of member companies and members of partner organizations.
See current membership details
Impressive Speed And Personalized Service!
I needed to move a good chunk of IRA money somewhere new and I saw that NWFCU had an attractive rate for a 5-year term.
I don't live in the northern Virginia/D.C. area, but saw that one can qualify for new membership by joining certain charitable organizations--there's a whole list. The first time I applied, I got a rejection notice. Then I realized my error. I thought joining the org would be part of the sign-up process, but they are separate matters and entities. So I joined one of the orgs for a small fee, then resubmitted my request.
Amanda from the CU new members department contacted me directly, in a very welcoming manner, and helped me complete the new member enrollment. Everyone has to open a share savings account to get started. Then she referred me to Felipe in the IRA department to handle the transfer.
IRA transfers are often cumbersome. The institution sending the funds often has specific requirements. I completed NWFCU's forms after downloading them from their easy to use Forms page, filled them out, and emailed them to the provided address. Then Felipe signed them and faxed them to my existing bank. After a few days, that bank kicked it back, telling me my forms must have a "wet" (handwritten) signature. Ugh. So I filled out the form anew, signed it, scanned it, and sent it to Felipe again. Without hesitation, and with great speed, he signed it again and faxed it to them again.
A few days later, after the other bank released the funds as a check, I emailed Felipe to ask whether it had shown up yet. Today, he confirmed he received it, and he PROMPTLY and ACCURATELY opened the certificate for me at Northwest.
Really a great experience all the way!
Data as of Q4 2024
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| NCUA # | 5500 |
| Year Chartered | 1947 |
| Employees | 531 |
| Primary Regulator | |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.51% |
| Return on Equity - YTD | 5.7% |
| Annual Interest Income | $203.6MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q4 2024vs Q4 2023 | $4.07B$4.56B |
| Loans | Q4 2024vs Q4 2023 | $2.85B$2.89B |
| Deposits | Q4 2024vs Q4 2023 | $3.4B$3.36B |
| Equity Capital | Q4 2024vs Q4 2023 | $398.7MM$375.1MM |
| Loan Loss Allowance | Q4 2024vs Q4 2023 | $18.9MM$25.7MM |
| Unbacked Noncurrent Loans | Q4 2024vs Q4 2023 | $14.7MM$11.4MM |
| Real Estate Owned | Q4 2024vs Q4 2023 | $0$0 |
