Northwest FCU Ups Rates On 1- And 2-Year Share Certificates

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Deal Summary: 1-year Share Certificate (1.31% APY/$1k, 1.41% APY/$100k+, 1.51% APY/$250k+); 2-year Share Certificate (1.56% APY/$1k, 1.66% APY/$100k+, 1.76% APY/$250k+).

Availability: Easy Membership Requirement

It’s a new month - time for some new rates. Northwest Federal Credit Union (NWFCU) raised the rates on all its Share Certificates yesterday, with increases ranging from 10 to 25 bps. Of the seven Share Certificates offered, the 1-year (1.31% APY/$1k, 1.41% APY/$100k+, 1.51% APY/$250k+) and 2-year (1.56% APY/$1k, 1.66% APY/$100k+, 1.76% APY/$250k+) are the most competitive.

APYMINMAXINSTITUTIONPRODUCTDETAILS
1.76*%$250k-Northwest Federal Credit Union2 Year Share Certificate
OTHER TIERS: 1.56% $1k - $100k | 1.66% $100k - $250k
1.76*%$250k-Northwest Federal Credit Union2 Year IRA Certificate (Traditional, Roth, CESA, SEP)
OTHER TIERS: 1.56% $1k - $100k | 1.66% $100k - $250k
1.51*%$250k-Northwest Federal Credit Union1 Year Share Certificate
OTHER TIERS: 1.31% $1k - $100k | 1.41% $100k - $250k
1.51*%$250k-Northwest Federal Credit Union1 Year IRA Certificate (Traditional, Roth, CESA, SEP)
OTHER TIERS: 1.31% $1k - $100k | 1.41% $100k - $250k
Accounts mentioned in this post. Rates as of October 22, 2017.

To review the other Share Certificate rates, please refer to the CD rates section of our information page for NWFCU. Also, NWFCU continues to offer a special 30-month Celebration Certificate. For more details, please refer to the Celebration Certificate review post.

All of the Share Certificate are also available as IRAs (Traditional, Roth, CESA, SEP), earning the same tiered APYs with the same funding requirements.

NWFCU’s Share Certificates (and IRAs) are eligible for an automatic rate increase through the Heritage Club, which is a perk for members age 62 or older. Joining the Heritage Club is free, with automatic enrollment upon age 62.

For amounts of $50,000 - $99,999, a bonus of 10 bps will be added to the rate in effect at the time of purchase.
For amounts of $100,000 or greater, 25 bps will be added to the rate in effect at the time of purchase.

Let’s do the math. Applying the Heritage Club rate increases would result in the following:

    1-Year Share Certificate

    1.76% APY for deposits of $250k+

    1.66% APY for deposits of $100k+

    1.41% APY for deposits of $50k+

    2-Year Share Certificate

    2.01% APY for deposits of $250k+

    1.91% APY for deposits of $100k+

    1.66% APY for deposits of $50k+

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

For Certificates having a term greater than six (6) months and less than two (2) years, the penalty will be equal to the lesser of 180 days of dividends on the amount withdrawn or all dividends on the amount withdrawn since the date of issuance or renewal.

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.

Availability

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 Share 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 4.53% (excellent) based on March 31, 2017 data. In the past year, NWFCU has increased its total non-brokered deposits by $199.13 million, an excellent annual growth rate of 7.86%. 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 Share Certificates Compare

When compared to the 206 similar length-of-term CDs tracked by DepositAccounts.com that are available nationally, Northwest Federal Credit Union's 1-Year Share Certificate APY currently ranks second, regardless of minimum deposit.

When compared to the 200 similar length-of-term CDs tracked by DepositAccounts.com that are available nationally, Northwest Federal Credit Union's 2-Year Share Certificate APY currently ranks second, regardless of minimum deposit.

The above rates are accurate as of 6/2/2017.

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.

Related Pages: Washington CD rates, 1-year CD rates, nationwide deals

Comments
Bozo
Bozo   |     |   Comment #1
In the Disclosures page, read "Exceptions to Early Withdrawal Penalties" sub-paragraph (c). Yes, friends and neighbors, NWFCU still has that perquisite. IRA CD owners, take note. The issue is whether the PenFed seven year (with the same perquisite for partial withdrawals with no EWP from IRA CDs) is better. On balance, when this option exists, always go for the higher rate. By a slim margin, PenFed still wins. Feel free to disagree.

The list of financial institutions waiving IRA CD EWPs for folks over 59 1/2 is somewhat limited. Off the top of my head, StateFarmBank, PenFed, NWFCU and Patelco.

Should any DA poster know of others, feel free to note them.
Att
Att   |     |   Comment #2
I think the Penged 7 year with a 2.15% interest rate is a low rate for that timeframe. I have 1 IRA and it is in a fund. It was years ago. I can no longer put money in an IRA tax free. My wife and I fund our 401Ks. I guess for those that have RMDs or need IRA funds the have to consider EWPs for that purpose.
Bozo
Bozo   |     |   Comment #3
Att, it's nuanced for those of us in the RMD phase of life. Clearly, one can usually take an RMD without penalty, but a thornier issue is whether the total yearly RMD can be taken from one account, the lamest as it were, or spread across all accounts. I dodged the issue this year, but I suspect I will be on the phone next year figuring it all out. My IRA CD accounts all pay with a few bps of each other, so it's not a huge issue.
Bozo
Bozo   |     |   Comment #4
One has to appreciate the perquisite for PenFed's IRA CDs. Partial withdrawals for retirees with no EWP. While that might sound like a "ho hum" to many, to retirees in the RMD, it's a big deal.
Att
Att   |     |   Comment #5
Since I have no IRA funds in CDs and 401K that is liquid. I have a way to go before wording about RMDs. Not looking forward to it.
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