Celebrate With NorthWest FCU's 30-Month Certificate (2.02% APY)


Deal Summary: 30-month Celebration Certificate, 2.02% APY, $1k min/$500k combined max per member.

Availability: Easy Membership Requirement

For a limited time, Northwest Federal Credit Union (NWFCU) is offering a 30-month Celebration Certificate (2.02% APY). The minimum deposit is $1k, and there is a $500k combined maximum deposit per member, trust membership, or estate. (I’m not sure what the occasion is, but I suspect it has something to do with NWFCU’s upcoming 70th anniversary.)

2.02%$1k$500kNorthwest Federal Credit Union30 Month Celebration Certificate
2.02%$1k$500kNorthwest Federal Credit Union30 Month Celebration IRA Certificate (Traditional, Roth, CESA, SEP)
Accounts mentioned in this post. Rates as of May 21, 2017.

The Celebration Certificate is also available as an IRA (Traditional, Roth, CESA, and SEP) earning the same APY, with the same funding requirements.

The fine print on the promotion page states,

Celebration Certificate is not available as an Add-On Certificate.
No bonus rates are available on the Celebration Certificate.
Celebration Certificate will automatically roll into 1-year Regular/IRA Certificate upon maturity.

As stated on the Celebration Certificate Disclosure page, the Early Withdrawal Penalty reads as follows:

For Certificates having a term equal to or greater than two (2) years the penalty will be equal to the lesser of 366 days of dividends on the amount withdrawn or all dividends on the amount withdrawn since the date of issuance or renewal.

Many thanks to DA reader, celticbhoy, for his Forum post about the Celebration Certificate.


Headquartered in Herndon, Virginia, Northwest Federal Credit Union offers membership to virtually anyone in the U.S., with a variety ways to qualify:

Easy Membership: Joining the non-profit Florida Literacy Coalition (FLC) ($10 membership dues) qualifies for NWFCU membership eligibility.

Organizations: Members of 27 Partner Organizations also qualify for membership.

Government Employment: Employees of specific U.S. Government Agencies, including Homeland Security and CIA, are eligible to join.

Member Companies: Employees of more than 420 Member Companies also qualify.

Relationship: Family members (defined as spouse, children, siblings, parents, grandparents and grandchildren, including adopted family members) and household members (defined as persons living in the same residence who share living expenses) of any of the above groups are eligible for membership.

Joining NWFCU and/or opening a Celebration Certificate can be done online, or at any of seven Virginia branches located in Chantilly, Gainesville, Herndon (2), Leesburg, Manassas, and Vienna. You can also download a membership application and submit it through the mail.

Credit Union Overview

Northwest Federal Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 4.74% (excellent) based on December 31, 2016 data. In the past year, NWFCU has increased its total non-brokered deposits by $196.94 million, an excellent annual growth rate of 7.97%. Please refer to our financial overview of Northwest Federal Credit Union (NCUA Charter # 5500) for more details.

Established in 1947, Northwest Federal Credit Union is currently Virginia’s fourth largest credit union and the 57th largest credit union in the nation. NWFCU’s philosophy of "people helping people" has been put into action through the NWFCU Foundation, which recognizes students who demonstrate leadership, dedication and commitment in school, at home and in the community, by awarding college scholarships. Since 2005, the Foundation has awarded a total of $957,000 in scholarships to 232 recipients.

How the Celebration Certificate Compares

When compared to the 198 similar length-of-term CDs tracked by DepositAccounts.com that require a similar minimum deposit are available nationally, Northwest Federal Credit Union's 30-Month Celebration Certificate APY currently rates first.

The above rates are accurate as of 4/19/2017.

To look for the best CD rates, both nationwide and the state specific, please refer to our CD rates table or our Rates Map page.

alan1   |     |   Comment #1
According to NWFCU's website, the Celebration Certificate can also be opened "by phone 703-709-8900 (844-709-8900 toll-free)"

It's not clear to me whether this option applies to new members, or only to current members.
Kaight   |     |   Comment #2
I have been a NWFCU member for many years. They are very accommodating and will work with you whether you be an existing member or a "wannabe" member.
Bozo   |     |   Comment #3
For those over 59 1/2 who might be considering opening this special as an IRA CD, note the "exceptions" to the EWP in the disclosure link provided by Ken, above.

This feature is helpful to those who might wish to take advantage of a better rate and an indirect rollover with no EWP. One every 365 days is permitted.

NWFCU is one of a handful of financial institutions offering this perquisite (PenFed, StateFarmBank and Patelco the others, to my knowledge).
JimDavis   |     |   Comment #4
It does say....
" At our option and as permitted by law, we may pay the account before maturity..."

Should rates spike, they COULD say no. Anyone have experience at this CU and early withdrawal?
Bozo   |     |   Comment #8
JimDavis, the pertinent "exceptions" language in all the applicable verbiage I have read (whether from PenFed, StateFarmBank, Patelco or NWFCU) always have the "we may" caveat. Point being, at least the potentiality exists for the waiver. Most financial institutions don't even consider the option.
LuvCD   |     |   Comment #9
Jim et al...while it's preferred to have explicit language on criteria...if you do go forward ask (e.g. "What does that mean?" "You're reasonable 'aren't' you"?), document (have "you" sent them confirmation of same?), etc. fraud is fraud! I do the same thing on the time period for EWP for long term CDs
LuvCD   |     |   Comment #5
Bozo, on a related item...which seems to be on the Forum which I don't have access to. For trustee to trustee IRA transfers I have the check made out to the transferee organization but physically delivered to me for delivery to that organization, i.e. no mail and no delay. If I had a remote transferree organization (which I don't for exactly the receipt/delivery issues) I would probably FedEx.
Bozo   |     |   Comment #6
LuvCD, your query is way above my pay-grade. If the check is made out to the "new" custodian, but delivered to you, the precise question is whether that is a "custodian-to-custodian" transfer or an indirect rollover. As a practical matter, the IRS would probably never know if the check was mailed or not. In effect, you would be the mail delivery person, if you never actually cashed the check. But it's a question I have never really researched or considered. You might ask the current custodian.
LuvCD   |     |   Comment #7
Just saving them postage and them being the delivery problem! Works with all of them...even for QCDs...I'm the delivery girl
JimDavis   |     |   Comment #10
I'd guess that since the check is made out to the new custodian, and you could not possible cash it, then there would be no issue with the irs. Touching a check made out to someone else, hardly what I'd call constructive receipt of funds.
celticbhoy   |     |   Comment #12
I've been a member of NW for a bit, and I can tell you they do not charge a penalty for Required Minimum Distributions if that is a concern. Now if you do access your money after 59 1/2 and before RMD, I am not certain if they would assess a penalty, but the lady in IRA department, Joanna, may be able to help you with that.
Annonymous   |     |   Comment #11
People seem to talking about this offer as only an IRA.
I'm looking at 30-Month CD (2.02%) It's a fair CD rate offer. (not long 2 1/2 yr.) This looks interesting. I already have an acct with NW, so it should be easy. Hope it lasts for a while.
pinkterror   |     |   Comment #13
quick stupid question: the 2.00% interest rate becomes 2.02% APY?
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