Northwest Federal Credit Union


Overview / Commentary
703-709-8900
200 Spring St
Herndon, VA 20170

Northwest Federal Credit Union is headquartered in Herndon and is the 5th largest credit union in the state of Virginia. It is also the 91st largest credit union in the nation. It was established in 1947 and as of June of 2024, it had grown to 534 employees and 286,867 members at 12 locations. Northwest Federal Credit Union's CD rates are 5X the national average, and it has a B 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

Related Posts

STALE RATES - 9/23/2024

I checked CD rates today on the site. The leading rates I saw on the 4- and 5-yr were at Northwest FCU. Turns out actual rate is 3.69. Don't know how many others shown are stale, but there must be others.

IRA Rates Shown Not Accurate - 8/7/2024

Shown on DepositAccounts.com: 4.85% 5 Year IRA Certificate 4.80% 4 Year IRA Certificate 4.75% 3 Year IRA Certificate 4.70% 2 Year IRA Certificate Actual from https://www.nwfcu.org/certificates : 5 years 4.60 4 years 4.55 3 years 4.50 2 years 4.45

$400 Bonus For Opening a (new, first with them) Checking Account - 1/11/2024

I don't bother with Checking promos myself, so this is for others who might be interested. NWFCU is running a $400 bonus for opening your first checking account with them, with some form of direct deposit. In the first 90 days you need to deposit $500, either via direct deposit or ACH. https://www.nwfcu.org/checking-savings/checking-accounts Here's the fine print: "Limited time offer, subject to change without notice. To earn a $400 deposit into your checking account during the first 90 days after opening your first ever consumer checking account with Northwest Federal, you must: be 18 years of age or older, be in good standing, and make a minimum of $500 in direct deposits or ACH deposits into the checking account each month for three months. If all requirements are met and once your checking account has been open for 90 days, you will receive your deposit into the checking account within 30 days. Cannot be combined with other offers.

View all posts from:

10/1/21 - Rewards Checking Rate Drop
10/10/20 - They Have Delivered On The Recent Checking Promotion
7/9/20 - $300 Free Checking Bonus, Plus 1.31% On A 14-Month Certificate
11/6/19 - Checking Account With Direct Deposit, $300 Bonus
8/28/19 - Harvest CD - 17 Months @ 2.2%
5/11/19 - Rockville In-Branch Only: 3.15% APY 14 Mo
4/26/19 - New Variable-Rate 3-Year CD, Starting At 3.25%
11/20/18 - Northwest FCU: 15-Month CD, 2.85% APY
10/22/18 - Upto $300 For New Checking Accounts
10/6/18 - NWFCU 7Mo. Heritage Club Members Get 1/4% More
9/28/18 - NWFCU CD Rate Matching :(
9/25/18 - 2.50% 7 Months
9/12/18 - Northwest Federal Credit Union
6/11/18 - Northwest FCU 5-Yr. Appreciation CD Special Seems To Have Ended
5/21/18 - NFCU Offering To Convert 3 Yr Add-On To Current 5 Yr Promo CD
4/20/18 - Northwest FCU Adds 5-Year Appreciation CD
4/20/18 - Northwest FCU Offering Up To 3.45% APY On 5-Year CD
4/20/18 - Northwest FCU: 5-Yr. CD, Up To 3.41% APY
4/6/18 - Northwest FCU Adds Kasasa Cash and Kasasa Saver
4/5/18 - 2% Kasasa Cash Checking At NWFCU (Upto $15K)
3/6/18 - (See Note) NWFCU Leaving Shared Branch Network
7/26/17 - Northwest FCU Raises Longer-Term Rates
7/5/17 - NWFCU 30-Month Celebration Special No Longer Listed
6/2/17 - Northwest FCU Ups Rates On 1- And 2-Year Share Certificates
5/9/17 - Celebration Certificate Is Still Around - 30 Months - 2.02% APY
4/19/17 - Celebrate With NorthWest FCU's 30-Month Certificate
4/19/17 - Celebration Certificate - 30 Month - 2.02% APY
12/28/16 - Northwest FCU's 1-Year CD Has Potential 0.25% Rate Bump
6/14/16 - Northwest FCU Offers Bonus Rate On Share Certificates
6/11/16 - Northwest FCU - Possible 2.47% 5 Year CD
10/1/15 - Northwest FCU Has Limited Time, Top Rate 3-Year Add-On CD
4/3/15 - Northwest FCU Introduces Top-Rate 18-month CD - Easy Membership
3/6/15 - Northwest FCU (Easy Membership) Offers Competitive Rate 12-month CD
3/5/15 - Northwest Federal CU (1 Yr CD, 1.21%APY)
7/10/14 - Northwest Federal CU amends Online Banking and BP agreement effective 6/19/14
4/3/13 - Top 2-year CD Rates at Northwest Federal Credit Union - Easy Membership
2/4/13 - $100 Checking Account Bonus at Northwest FCU - Easy Membership
9/19/12 - Credit Unions Offering Virtual Safe Deposit Boxes
7/24/12 - $200 Checking Account Bonus at Northwest FCU - Easy Membership
6/13/12 - Northwest FCU Offering 2-Year CD At 1.51%, Various Other Competitive Terms -- Nationally Available, Easy Membership
2/16/12 - Top CD & IRA CD Rates at Northwest Federal Credit Union - Easy Membership
11/1/11 - Checking Account Bonus & Top Features at Northwest FCU in Virginia
5/25/11 - $100 Checking Account Bonus at Northwest Federal Credit Union - Easy Membership
9/6/10 - $110 Checking Account Bonus at Northwest Federal Credit Union in VA - Easy Membership
7/8/10 - What Happened to the Add-On Certificates of Deposit?
12/20/09 - Competitive 2- and 5-Year CDs at Northwest FCU - Available Nationwide
12/20/09 - Competitive 5-Year CD at Northwest FCU with Useful IRA Feature - Available Nationwide
9/2/09 - Competitive Mid-Term and Long-Term CD Rates at Northwest FCU - Easy Membership
3/9/09 - 3.75% 2-Year Add-On CD at Northwest FCU in Virginia - Easy Membership
3/3/09 - 4.88% 5-Year CD and Other High CD Rates at Northwest FCU in Virginia - Easy Membership
7/1/08 - 5.15% 60-Month / 4.40% 24-Month CD at a Virginia CU (Northwest).
5/3/08 - 5.30% 60-Month / 4.96% 36-Month CD at a Virginia CU (Northwest).
4/29/08 - 4.00% 24-Month CD at a Virginia CU - Plus $100 Checking Bonus (Northwest)
3/22/08 - 4.44% 60-Month / 3.98% 36-Month CD at a Virginia CU (Northwest).
11/15/07 - Update #2 on Northwest FCU and its 6.00% 18-Month CD
11/15/07 - 6.00% 18-Month CD at a Virginia CU (Northwest)
11/15/07 - Update on Northwest FCU and its 6.00% 18-Month CD

Reviews (1)

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!



Health

Health Grade Components

Overall
NCUA #5500
Year Chartered1947
Employees534
Primary Regulator
Profit Margin
Return on Assets - YTD0.5%
Return on Equity - YTD6.02%
Annual Interest Income$99.4MM
Assets and Liabilities
AssetsQ2 2024vs Q2 2023$4.56B$4.6B
LoansQ2 2024vs Q2 2023$2.8B$2.89B
DepositsQ2 2024vs Q2 2023$3.36B$3.45B
Equity CapitalQ2 2024vs Q2 2023$377.7MM$345.2MM
Loan Loss AllowanceQ2 2024vs Q2 2023$24.5MM$26.3MM
Unbacked Noncurrent LoansQ2 2024vs Q2 2023$12.6MM$7.6MM
Real Estate OwnedQ2 2024vs Q2 2023$0$0
Rates
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Always verify rates and promotions with the bank or credit union. We are not Northwest Federal Credit Union; we are a rate comparison website and cannot provide official rates or promotions.

* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.

Northwest Federal Credit Union Savings Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
3.50%*$5m*-Premium Business Saver Account
OTHER TIERS: 0.13% $1 - $100k | 2.00% $100k - $5m
2.27%*$1$1.5kYouth Club Share Savings
OTHER TIERS: 0.25% $1.5k+
1.50%*$0$50kRewards Savings
OTHER TIERS: 0.50% $50k+
0.20%$0-Savings IRA
0.05%$1-Share Savings
0.05%$0-Savings Club

Northwest Federal Credit Union Money Market Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
1.46%*$1m*-Money Market
OTHER TIERS: 0.64% $0 - $25k | 0.72% $25k - $50k | 0.74% $50k - $100k | 0.93% $100k - $250k | 1.41% $250k - $1m

Northwest Federal Credit Union Checking Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
4.00%*$0$25kDividend Rewards Checking account
OTHER TIERS: 0.50% $25k+
0.07%$0-Elite Checking > $1k Monthly Deposits
0.02%$0-Elite Checking < $1k Monthly Deposits

Northwest Federal Credit Union CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
4.35%*$250k*-1 Year Share Certificate
OTHER TIERS: 4.25% $1k - $100k | 4.30% $100k - $250k
4.26%$1k-18 Month Share Certificate
4.15%$1k-2 Year Share Certificate
4.00%$1k-10 Month Share Certificate
3.75%$1k-5 Year Share Certificate
3.65%$1k-3 Year Share Certificate
3.55%$1k-4 Year Share Certificate
0.11%$1k-6 Month Share Certificate
0.05%$1k-3 Month Share Certificate

Northwest Federal Credit Union IRA Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
4.60%$1k-5 Year IRA Certificate
4.55%$1k-4 Year IRA Certificate
4.50%$1k-3 Year IRA Certificate
4.45%$1k-2 Year IRA Certificate
4.35%*$250k*-1 Year IRA Certificate
OTHER TIERS: 4.25% $1k - $100k | 4.30% $100k - $250k
4.26%$1k-18 Month IRA Certificate
4.00%$1k-10 Month IRA Certificate
0.11%$1k-6 Month IRA Certificate
0.05%$1k-3 Month IRA Certificate
Locations

Availability

Washington Area

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The financial institution, product, and APY (Annual Percentage Yield) data displayed on this website is gathered from various sources and may not reflect all of the offers available in your region. Although we strive to provide the most accurate data possible, we cannot guarantee its accuracy. The content displayed is for general information purposes only; always verify account details and availability with the financial institution before opening an account. Contact [email protected] to report inaccurate info or to request offers be included in this website. We are not affiliated with the financial institutions included in this website.