Northwoods CU (MN) Hikes Rate On 60-Month CD


Availability: Residents of Carlton, Pine, and St. Louis Counties, Minnesota

Northwoods Credit Union (Northwoods CU) recently increased the rate on its 60-month Certificate (2.422% APY, $100k+).

The 60-month Certificate has been part of the product since October 2014 and last week’s 25 basis point increase is its first rate change

Many of Northwoods CU’s Certificates have tiered rates and the 60-month Certificate’s rate tiers are as follows:

  • 2.056% - $1k+
  • 2.157% - $10k+
  • 2.259% - $25k+
  • 2.371% - $50k+
  • 2.422% - $100k+

As prominently stated on the Rates page, the Early Withdrawal Penalty (EWP) for the 60-month Certificate is "180 days dividends." (On a personal note, I wish more credit unions and banks would adopt the practice of putting the EWP information in a highly visible locaton on their websites. Thank you, Northwoods CU!)


Northwoods Credit Union offers membership to individuals who live, work, worship, attend school, or volunteer in the northern Minnesota counties of Carlton, Pine, and St. Louis.

Employees of 20+ SEGs are also eligible for membership. Complete qualification details are listed on the Membership page.

Joining Northwoods CU and/or opening a CD can be initiated online, or at any of three Minnesota branches, all located in Cloquet. The online "application" collects your personal information, and upon submission,

One of our representatives will contact you within one business day to complete the process.

Credit Union Overview

Northwoods Credit Union (NCUA Certificate # 62847) has an overall health grade of "A" at, with a Texas ratio of 8.99% (excellent) based on March 31, 2016 data. In the past year, Northwoods CU has increased its total deposits by $3.58 million, an excellent annual growth rate of 5.28%. Please refer to our financial overview of Northwoods Credit Union for more details.

80 years ago, the Northwest Paper Employees Credit Union opened for business in a smaller trailer located on the paper mill property. The name was changed to Potlatch Employees Credit Union in 1992 when the mill’s name changed. When the mill was sold to Sappi Fine Paper in 2002, it was time for not only a re-brand (Northwoods Credit Union), but a FOM expansion to include other SEGs. In 2010, the State of Minnesota approved Northwoods CU’s request to expand into other counties, allowing the residents of Carlton, Pine, and St. Louis Counties to become members.

How the CD Compares

When compared to the 154 similar length-of-term CDs tracked by that are available to Duluth metro area residents, Northwoods Credit Union's 60-month Certificate APY currently ranks first, regardless of minimum deposit.

The above rates are accurate as of 6/28/2016.

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


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