Northwest Federal Credit Union (NWFCU) celebrated its 70th anniversary in 2017. As a thank-you to its loyal members, NWFCU is offering a 5-year Appreciation Certificate, which can earn up to 3.41% APY with Heritage Club bonus rates.
NWFCU’s Heritage Club is for Credit Union members, age 62 and over.
There is nothing you need to do to join the Club, at age 62 you automatically become a member of this elite group.
As DA reader, me1004, stated in a Forum post today,
Unfortunately, their rules for joining the Heritage Club have changed. It used to be open to all ages by opening a certain checking account, or those simply age 62 or over. But it is now only for those age 62 or over, and they automatically qualify as a Heritage Club member. (I presume if you were under age 62 and already a Heritage Club member, you will retain your membership even after the rule change, but you better check that.)
I confirmed with CSR that NWFCU members who belonged to the Heritage Club prior to the qualification change have been grandfathered in.
For those who don’t qualify for the Heritage Club rates, the 5-year Appreciation Certificate still offers competitive APYs: 3.05% ($1k+), 3.10% ($100k+), and 3.15% ($250k+).
The Appreciation Certificate is also available as an IRA (Traditional, Roth, CESA, SEP), earning the same APYs dependent on the same funding requirements and bonus rates requirements.
As stated on the Certificate Disclosure page, the Early Withdrawal Penalty (EWP) reads as follows:
We will impose a penalty if you withdraw any of the principal before the maturity date.
For a term equal to or greater than two (2) years the penalty will be the lesser of 366 days of dividends on the amount withdrawn or all dividends on the amount withdrawn since the date of issuance or renewal.
If the dividends have already been paid, the penalty will be deducted from the principal.
There are two EWP exceptions listed in the Disclosure: the standard death or legally incompetent exception and the more rarely seen, “An IRA owner reaches age 59 ½.”
Thanks to the DA readers who emailed me and commented in the Forum about this hot deal at NWFCU.
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: Employees and members of 34 Community Partners also qualify for membership.
Government Employment: Employees of five named 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 an Appreciation Certificate can be done online, by phone (703-709-8900 or toll-free 844-709-8900) or at any of seven Virginia branches located in Chantilly, Gainesville, Herndon (2), Leesburg, Manassas, and Vienna.
Credit Union Overview
Northwest Federal Credit Union has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 7.06% (excellent) based on December 31, 2017 data. In the past year, NWFCU has increased its total non-brokered deposits by $182.54 million, an excellent annual growth rate of 6.84%. 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, with more than 253,500 members and assets in excess of $3.4 billion. 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 $1,097,000 in scholarships to 258 recipients.
How the Appreciation Certificate Compares
When compared to the similar length-of-term CDs tracked by DepositAccounts.com that are available nationally, Northwest Federal Credit Union’s 5-year Appreciation Certificate APY (with Heritage Club bonus rates) currently ranks first, regardless of minimum deposit.
When compared to the similar length-of-term CDs tracked by DepositAccounts.com that are available nationally, Northwest Federal Credit Union’s 5-year Appreciation Certificate APY (without Heritage Club bonus rates) currently surpasses the competition, regardless of minimum deposit.
The above rates are accurate as of 4/20/2018.
To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.