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 March of 2024, it had grown to 537 employees and 287,777 members at 12 locations. Northwest Federal Credit Union's CD rates are 6X 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

$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.

6% APY On 4-Month “Football” Certificate. $1,000 Minimum Balance. - 9/12/2023

Got an email about this today. https://www.nwfcu.org/certificates SCORE this GREAT RATE on a FOOTBALL Certificate! Earn 6.00% APY* *APY = Annual Percentage Yield. Football 4-month promotional certificate and rate are current as of 9/12/2023 and subject to change. The Football 4-month certificate has a dividend rate of 5.84% and an APY of 6.00%. $1,000 minimum balance required. The APY assumes dividends will remain on deposit until maturity. A penalty may be imposed for early withdrawal. Fees may reduce earnings on account. Promotional certificates are not eligible for a dividend rate bonus. Rates are also available on IRA Certificates. Businesses are eligible to take advantage of this special certificate.

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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 Offering Up To 3.45% APY On 5-Year CD
4/20/18 - Northwest FCU: 5-Yr. CD, Up To 3.41% APY
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
5/9/17 - Celebration Certificate Is Still Around - 30 Months - 2.02% APY
4/19/17 - Celebration Certificate - 30 Month - 2.02% APY
6/11/16 - Northwest FCU - Possible 2.47% 5 Year 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
6/13/12 - Northwest FCU Offering 2-Year CD At 1.51%, Various Other Competitive Terms -- Nationally Available, Easy Membership

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!

Best Credit Union Ever !!

Posted by: |

They called me many times to make sure I was HAPPY after I opened my account. !! Yes It's True !!

NWFCU Add-On CD

I have very good experience with NWFCU add-on CD. whenever you have some extra money, you can deposit it into the CD. I use internet online banking. However, they have partners in my area where I can do deposits, such as checks or cash. You can transfer or deposit money in your savings account, and transfer them to your add-on CD. Even though there normally is a hold on your check, the representative can waive it since the money stays in the Credit Union. I am very happy with their customer service too, very nice and helpful. Unfortunately their add-on CD promotion CD rate has gone. However, they still  have 2-year add-on CD with 1.51% APY.

NO Customer Service At ALL

I've been trying to open a $50,000 cd at this Credit Union. I've so far invested almost 2hrs yesterday. And still it isn't done. I've been on hold trying to contact them for over 1hour so far. I would definitely discourage anyone to do business with them. Customer service is nonexistent . UPDATE: We did finally connect with customer service. Must have been a glitch with there incoming calls. I received an apology which was greatly appreciated. However, your website is just not that user friendly for new accounts. Needs some tweaking for sure.

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Health

Health Grade Components

Overall
NCUA #5500
Year Chartered1947
Employees537
Primary Regulator
Profit Margin
Return on Assets - YTD0.52%
Return on Equity - YTD6.26%
Annual Interest Income$49.2MM
Assets and Liabilities
AssetsQ1 2024vs Q1 2023$4.57B$4.83B
LoansQ1 2024vs Q1 2023$2.85B$2.9B
DepositsQ1 2024vs Q1 2023$3.37B$3.59B
Equity CapitalQ1 2024vs Q1 2023$380.4MM$343.4MM
Loan Loss AllowanceQ1 2024vs Q1 2023$25.1MM$27.1MM
Unbacked Noncurrent LoansQ1 2024vs Q1 2023$11.9MM$5MM
Real Estate OwnedQ1 2024vs Q1 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
4.00%*$5m*-Premium Business Saver Account
OTHER TIERS: 0.13% $1 - $100k | 2.50% $100k - $5m
2.27%*$1$1.5kYouth Club Share Savings
OTHER TIERS: 0.25% $1.5k+
1.50%*$0$25kRewards Savings
OTHER TIERS: 0.50% $25k+
0.20%$0-Savings IRA
0.05%$1-Share Savings
0.05%$1-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
5.10%*$250k*-1 Year Share Certificate
OTHER TIERS: 5.00% $1k - $100k | 5.05% $100k - $250k
4.40%$1k-2 Year Share Certificate
4.26%$1k-18 Month Share Certificate
4.00%$1k-5 Year Share Certificate
4.00%$1k-10 Month Share Certificate
3.90%$1k-3 Year Share Certificate
3.80%$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
5.10%*$250k*-1 Year IRA Certificate
OTHER TIERS: 5.00% $1k - $100k | 5.05% $100k - $250k
4.85%$1k-5 Year IRA Certificate
4.80%$1k-4 Year IRA Certificate
4.75%$1k-3 Year IRA Certificate
4.70%$1k-2 Year IRA Certificate
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.