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||$500k||Northwest Federal Credit Union||30 Month Celebration Certificate|
|2.02%||$1k||$500k||Northwest Federal Credit Union||30 Month Celebration IRA Certificate (Traditional, Roth, CESA, SEP)|
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equal to or greater than two (2) years the penalty will be equal to the lesser of 366 days of dividends on the amount withdrawn or all dividends on the amount withdrawn since the date of issuance or renewal.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.
|Interest Rate||CD Length of Term||Credit Union/Bank|
|2.02% APY||30-Month Celebration Certificate||Northwest Federal Credit Union|
|2.00% APY||36-Month Certificate||Connexus Credit Union|
|1.91% APY||36-Month Online Promo CD||M.Y. Safra Bank|
The above rates are accurate as of 4/19/2017.