Northwest Federal Credit Union gives its member several options in their certificate of deposit offerings with the highest cd rates including a mid tier money in the bank deal that requires an initial funding of $25,000 with current cd rates ranging from 2.29% APY to 3.64% APY. They offer their best cd rates in several tiers but these are among the most attractive:

APY APY APY
$2.5K MIN $25K MIN $100K MIN
2 years 2.24% 2.29% 2.39%
3 years 2.89% 2.92% 3.02%
4 years 2.97% 3.02% 3.13%
5 years 3.59% 3.64% 3.74%

These cd rates are effective as of September 22 and may change any time. Heritage Club and Premier Checking holders may be eligible for higher interest rates up to 25 basis points higher.

The credit union also offers a very attractive add on certificate of deposit for a 2-year rate at 2.29% APY.

CD Details

Account holders may incur early withdrawal penalties of as much as 100% of the dividends for CDs with terms over six months. IRA certificate holders which are 59 ½ months old may ask the bank to waive their penalties.

There are several ways to fund your account. You can do it by ACH transfer when applying online, send money via wire to your share savings account and instruct the credit union to open a CD for you over the phone, or you can also course your deposits through the shared branches.

The bank gives CD account holders 10 days of grace period to decide what to do with their account. You can give special instructions to the credit union whether you want the proceeds to be deposited to your liquid account, be rolled over to a new CD, or be sent to you as check. You can also request them how often you want the dividends to be posted to your account.

Membership

There are select employee groups that can help you be eligible for membership to Northwest FCU. They are also accepting members of the American Consumer Council. Joining the ACC does not require payment of any membership fees. You can opt to join the ACC when you try to sign-up for Northwest online.

Membership to the credit union requires a share savings deposit of at least $5. Aside from signing up online, you can also use the online facility to open your accounts.

The credit union has several branches in Virginia. They are specifically located in Vienna, Herndon, Chantilly, and Manassas. The shared branches can also be utilized to make deposits, take out funds, and to do other transactions with Northwest.

Northwest FCU is a member of the NCUA with charter number 5500. This credit union is quite big with declared assets of about $1.7 billion and a member base of 99, 300.