Northwest Federal Credit Union Review: Checking, Savings, CD, Money Market and IRA Accounts

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Updated on Tuesday, September 1, 2020

Northwest Federal Credit Union checking account options

Elite Checking account

Earns interest but not nearly enough to justify the $5,000 balance requirement and potential fees.
APYMinimum Balance Amount
0.07%
None, must deposit at least $1,000 each month to qualify
0.02%
None
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: $10
  • ATM fees: Free transactions at CO-OP ATM™, Alliance One®, CU24®/CUHERE ATM and Northwest Federal Credit Union ATMs. $1 at out-of-network ATMs.
  • ATM fee refunds: $10
  • Overdraft fees: $27

The Northwest Federal Credit Union Elite Checking account does not have a minimum opening deposit requirement. However, you need to keep a minimum balance of at least $5,000, or else this account charges a $10 monthly fee.

This account earns interest, but the rate you earn depends on how much you deposit during the month. If you deposit at least $1,000 during the month, you earn a higher rate.

The Elite Checking account comes with unlimited free checks, online banking and a debit card. You can make unlimited free transactions from Northwest Federal Credit Union and its partner ATMs. If you make out-of-network transactions, this account refunds up to $10 in fees per month.

Before you can sign up for the Elite Checking account, you need to join Northwest Federal Credit Union. You can fill out the application online, at one of its bank branches or by mailing in the completed forms. You will need to provide your personal information, Social Security number and a driver’s license.

You will also need to list why you are eligible for membership. You could be eligible because you work for an agency, company or organization on Northwest Federal Credit Union’s list, or you are related to a current credit union member or you are a member of an approved charitable organization. If you aren’t part of any of these groups, you can sign up for one of the charities and make your first donation as you apply for Northwest Federal Credit Union.

You can also apply for the Elite Checking account at the same time as setting up your membership. The application lets you pick which accounts you want to open along with your new membership.

SEE DETAILS Secured

on Northwest Federal Credit Union’s secure website

NCUA Insured

Kasasa Cash® Checking account

Includes an excellent interest rate, no monthly fees and unlimited ATM fee refunds. A terrific all-around checking account.
APYMinimum Balance Amount
1.00%
$0.01 (monthly qualifications met)
1.00%
$15,000 (monthly qualifications met)
*A lower APY will be applied if you don’t meet the qualifications for the rates above.
  • Minimum opening deposit: $100
  • Monthly account maintenance fee: None
  • ATM fees: Free transactions at CO-OP ATM™, Alliance One®, CU24®/CUHERE ATM and Northwest Federal Credit Union ATMs. $1 at out-of-network ATMs.
  • ATM fee refunds: Unlimited (monthly qualifications must be met, otherwise none)
  • Overdraft fees: $27

You can open the Northwest Federal Credit Union Kasasa Cash® Checking account with an initial deposit of at least $100. After that, this account does not have a minimum balance requirement or charge a monthly fee.

The Kasasa Cash® Checking account earns interest. There is no balance requirement to earn interest but you must meet certain qualifications each month to earn the best rates. You must be enrolled in eStatements, make at least 12 debit purchases and log in at least once into Online Banking.

If you do not meet the monthly qualifications, you earn a much lower rate. Also, the top rate only applies to deposits up to $15,000. If you have more than $15,000, any deposits over this amount earn a lower rate, even if you meet the monthly qualifications.

This account offers unlimited ATM fee refunds provided you meet the monthly qualifications. If you don’t meet the qualifications, then there will be no ATM refunds for the month.

Before you can sign up for the Kasasa Cash® Checking account, you need to join Northwest Federal Credit Union. You can fill out the application online, at one of their bank branches or by mailing in the completed forms. You will need to provide your personal information, Social Security number and a driver’s license.

You will also need to list why you are eligible for membership. If you aren’t part of any of the eligible groups, you can sign up for one of the charities and make your first donation as you apply for Northwest Federal Credit Union.

You can also apply for the Kasasa Cash® Checking account at the same time as setting up your membership. The application lets you pick which accounts you want to open along with your new membership. You will need to include your initial deposit along with the application.

SEE DETAILS Secured

on Northwest Federal Credit Union’s secure website

NCUA Insured

Choice Checking account

A no-frills checking account. There is no monthly fee or minimum balance requirement. The downside? It doesn’t earn interest or rewards.
  • Minimum opening deposit: $0
  • Monthly account maintenance fee: None
  • ATM fees: Free transactions at CO-OP ATM™, Alliance One®, CU24®/CUHERE ATM and Northwest Federal Credit Union ATMs. $1 at out-of-network ATMs.
  • ATM fee refunds: None
  • Overdraft fees: $27

The Northwest Federal Credit Union Choice Checking account offers the basics. It comes with a debit card, online banking and a first free order of checks. You can make unlimited free transactions from Northwest Federal Credit Union and its partner ATMs. Northwest Federal Credit Union charges $1 for out-of-network transactions and does not refund fees from the ATM owners on this account.

There is no minimum deposit required to open a Choice Checking account and the account does not charge a monthly free, regardless of your balance. The downside is this account does not earn interest or cashback rewards on the debit card.

Before you can sign up for the Choice Checking account, you need to join Northwest Federal Credit Union. You can fill out the application online, at one of its bank branches or by mailing in the completed forms. You will need to provide your personal information, Social Security number and a driver’s license.

You will also need to list why you are eligible for membership. You could be eligible because you work for an agency, company or organization on Northwest Federal Credit Union’s list, or you are related to a current credit union member or you are a member of an approved charitable organization. If you aren’t part of any of these groups, you can sign up for one of the charities and make your first donation as you apply for Northwest Federal Credit Union.

You can also apply for the Choice Checking account at the same time as setting up your membership. The application lets you pick which accounts you want to open along with your new membership.

SEE DETAILS Secured

on Northwest Federal Credit Union’s secure website

Kasasa Cash Back® Checking account

This account does not earn interest. Instead, it gives you cash back on your debit card purchases.
  • Minimum opening deposit: None
  • Monthly account maintenance fee: None
  • ATM fees: Free transactions at CO-OP ATM™, Alliance One®, CU24®/CUHERE ATM and Northwest Federal Credit Union ATMs. $1 at out-of-network ATMs.
  • ATM fee refunds: Unlimited (monthly qualifications must be met, otherwise none)
  • Overdraft fees: $27

The Northwest Federal Credit Union Kasasa Cash Back® Checking account does not have a minimum opening deposit requirement. After you open, there is also no balance requirement or monthly fee.

This account does not earn interest. Instead, you earn cash back when you make purchases on the debit card. This account earns 2% cash back on up to $300 in debit card purchases per month, so you can earn a maximum of $6 back per month.

To be eligible for the cashback program, you need to make these qualifying transactions each month. You must: be enrolled in eStatements, make at least 12 debit purchases and log in at least once into Online Banking.

If you don’t meet these qualifications, you won’t earn cash back for the month. This account also offers unlimited ATM fee refunds provided you meet the monthly qualifications. If you don’t meet the qualifications, then there will be no ATM refunds for the month.

Before you can sign up for the Kasasa Cash Back® Checking account, you need to join Northwest Federal Credit Union. You can fill out the application online, at one of its bank branches or by mailing in the completed forms. You will need to provide your personal information, Social Security number and a driver’s license.

You will also need to list why you are eligible for membership. If you aren’t part of any of the eligible groups, you can sign up for one of the charities and make your first donation as you apply for Northwest Federal Credit Union.

You can also apply for the Kasasa Cash Back® Checking account at the same time as setting up your membership. The application lets you pick which accounts you want to open along with your new membership.

SEE DETAILS Secured

on Northwest Federal Credit Union’s secure website

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How Northwest Federal Credit Union’s checking accounts compare

Northwest Federal Credit Union offers two checking accounts that are worth serious consideration: Kasasa Cash® and Kasasa Cash Back®. Kasasa Cash® earns one of the best interest rates you will find for a checking account. Kasasa Cash Back® earns a generous 2% cashback rate on all your purchases, which is competitive even with credit cards.

The only downside is that to qualify for these benefits, you need to make at least 12 purchases per month on the debit card. This can be annoying for someone who rarely buys things on their debit card.

The other two checking accounts at Northwest Federal Credit Union are less attractive. Elite Checking requires a massive $5,000 minimum balance to avoid the monthly fee and yet pays less interest than Kasasa Cash®. Even though Choice Checking is completely free, it doesn’t offer any benefits.

You would be making a good choice by opening either of the Kasasa Checking accounts. But if you want to see how they stack up against the competition, check out these other excellent checking accounts.

Northwest Federal Credit Union savings account options

Savings account

Barely pays any interest for a savings account, but at least there is no monthly fee and it only takes $1 to open.
APYMinimum Balance Amount
0.05%
$1
  • Minimum opening deposit: $1
  • Monthly account maintenance fee: None
  • ATM fees: Free transactions at CO-OP ATM™, Alliance One®, CU24®/CUHERE ATM and Northwest Federal Credit Union ATMs. $1 at out-of-network ATMs.
  • ATM fee refunds: None
  • Overdraft fees: $27

You can open the Northwest Federal Credit Union Savings account for a deposit of just $1. After that, this account does not have a monthly balance requirement or charge a monthly fee.

This account earns the same interest rate on all balances over $1, but the rate is low for a saving account. You can make unlimited free transactions from Northwest Federal Credit Union and its partner ATMs. Northwest Federal Credit Union charges $1 for each out-of-network transaction and does not refund fees from the ATM owners on this account.

Since this is a savings account, it limits certain transactions and withdrawals each month. While you can make unlimited ATM and in-branch withdrawals, you are only allowed to make six of the following each month: checks, bank transfers, debit card purchases and bill payments. If you try to make more than six, Northwest Federal Credit Union will block the transaction.

Before you can sign up for the Savings account, you need to join Northwest Federal Credit Union. You can fill out the application online, at one of its bank branches or by mailing in the completed forms. You will need to provide your personal information, Social Security number and a driver’s license.

You will also need to list why you are eligible for membership. You could be eligible because you work for an agency, company or organization on Northwest Federal Credit Union’s list, you are related to a current credit union member or you are a member of an approved charitable organization. If you aren’t part of any of these groups, you can sign up for one of the charities and make your first donation as you apply for Northwest Federal Credit Union.

You can also apply for the Savings account at the same time as setting up your membership. The application lets you pick which accounts you want to open along with your new membership. You will need to include your initial deposit along with the application.

SEE DETAILS Secured

on Northwest Federal Credit Union’s secure website

NCUA Insured

Northwest Federal Credit Union Kasasa Saver® account

Earns a much better rate than the regular savings accounts at Northwest Federal Credit Union. You need to combine this account with a Kasasa checking account.
APYMinimum Balance Amount
0.50%
$0.01 (qualifying transactions met)
0.50%
$25,000+ (qualifying transactions met)
*A lower APY will be applied if you don’t meet the qualifications for the rates above.
  • Minimum opening deposit: None
  • Monthly account maintenance fee: None
  • ATM fees: Free transactions at CO-OP ATM™, Alliance One®, CU24®/CUHERE ATM and Northwest Federal Credit Union ATMs. $1 at out-of-network ATMs.
  • ATM fee refunds: None
  • Overdraft fees: $27

Before you can open the Northwest Federal Credit Union Kasasa Saver® account, you need to open one of the Kasasa checking accounts first. Once you’ve done that, you can apply for the Kasasa Saver® account and there is no minimum opening deposit.

This account does not charge a monthly fee. It also pays interest on all balances. To earn the better rates, you need to meet several qualifying transactions from your Kasasa checking account each month: you must be enrolled in eStatements, you make at least 12 debit purchases and you must log in at least once into Online Banking.

If you do not meet the Kasasa checking monthly requirements, the Saver® account earns a much lower interest rate. Also, the top rate only applies to deposits up to $25,000. If you have more than $25,000, any deposits over this amount earn a lower rate, even if you meet the monthly qualifications on the checking account.

Since this is a savings account, it limits certain transactions and withdrawals each month. While you can make unlimited ATM and in-branch withdrawals, you are only allowed to make six transactions. If you try to make more than six, Northwest Federal Credit Union will block the transaction.

Before you can sign up for the Kasasa Saver® account, you need to join Northwest Federal Credit Union. You can fill out the application online, at one of its bank branches or by mailing in the completed forms. You will need to provide your personal information, Social Security number and a driver’s license.

You will also need to list why you are eligible for membership. If you aren’t part of any of the eligible groups, you can sign up for one of the charities and make your first donation as you apply for Northwest Federal Credit Union.

You can also apply for the Kasasa Saver® account at the same time as setting up your membership. The application lets you pick which accounts you want to open along with your new membership.

SEE DETAILS Secured

on Northwest Federal Credit Union’s secure website

NCUA Insured

Savings Club account

An account designed to help you save for different goals throughout the year, such as holiday shopping and taxes. It charges a $5 penalty if you take money out before your goal.
APYMinimum Balance Amount
0.05%
$1
  • Minimum opening deposit: $1
  • Monthly account maintenance fee: None
  • ATM fees: Free transactions at CO-OP ATM™, Alliance One®, CU24®/CUHERE ATM and Northwest Federal Credit Union ATMs. $1 at out-of-network ATMs.
  • ATM fee refunds: None
  • Overdraft fees: $27

The Northwest Federal Credit Union Savings Club account is nearly identical to the regular Savings account. It also requires a minimum opening deposit of $1, doesn’t charge an annual fee and has the same interest rate.

The main difference with this account is you pick a savings target date someday in the future. When you reach the target date, the money you saved will automatically be transferred to another account of your choosing so that you can spend it.

If you take money out before your target date, this account charges a $5 penalty, on top of any ATM fees you may owe. The idea is the penalty should motivate you not to cheat.

Since this is a savings account, it limits certain transactions and withdrawals each month. While you can make unlimited ATM and in-branch withdrawals, you are only allowed to make six transactions. If you try to make more than six, Northwest Federal Credit Union will block the transaction.

Before you can sign up for the Savings Club account, you need to join Northwest Federal Credit Union. You can fill out the application online, at one of its bank branches or by mailing in the completed forms. You will need to provide your personal information, Social Security number and a driver’s license.

You will also need to list why you are eligible for membership. If you aren’t part of any of the eligible groups, you can sign up for one of the charities and make your first donation as you apply for Northwest Federal Credit Union.

You can also apply for the Savings Club account at the same time as setting up your membership. The application lets you pick which accounts you want to open along with your new membership. You will need to include your initial deposit along with the application.

SEE DETAILS Secured

on Northwest Federal Credit Union’s secure website

NCUA Insured

Youth Club account

A terrific savings account for children younger than 18.
APYMinimum Balance Amount
2.27%
$1.00
0.25%
$1,500+
  • Minimum opening deposit: $1
  • Monthly account maintenance fee: None
  • ATM fees: Free transactions at CO-OP ATM™, Alliance One®, CU24®/CUHERE ATM and Northwest Federal Credit Union ATMs. $1 at out-of-network ATMs.
  • ATM fee refunds: None
  • Overdraft fees: $27

Northwest Federal Credit Union offers a Youth Club savings account for your children younger than 18. This account only requires a $1 opening deposit. After that, there is no monthly fee or minimum balance requirement. Once your child has saved at least $500 in this account, they receive a $25 bonus.

The Youth Club account pays a terrific interest rate on balances up to $1,500. Once your child has more than $1,500, the rate falls significantly.

Since this is a savings account, it limits certain transactions and withdrawals each month. While you can make unlimited ATM and in-branch withdrawals, you are only allowed to make six. If you try to make more than six, Northwest Federal Credit Union will block the transaction.

Before you can sign your child up for the Savings account, you need to join Northwest Federal Credit Union. You can fill out the application online, at one of its bank branches or by mailing in the completed forms. You will need to provide your personal information, Social Security number and a form of government ID, as well as the child’s.

You will also need to list why you are eligible for membership. If you aren’t part of any of the eligible groups, you can sign up for one of the charities and make your first donation as you apply for Northwest Federal Credit Union.

Once you are a member, you can set up a Youth Savings account for your child. You and your child will need to fill out the youth membership application form where you list both your personal information. You can do this at a bank branch or by completing the form at home and mailing or emailing it in. You will need to provide the initial deposit along with the application.

SEE DETAILS Secured

on Northwest Federal Credit Union’s secure website

NCUA Insured

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How Northwest Federal Credit Union’s savings accounts compare

In our opinion, the best savings account at Northwest Federal Credit Union is its Youth Savings account. It offers one of the best interest rates you will find on deposits up to $1,500, doesn’t charge a monthly fee and will give your child a $25 bonus once they save $500.

The savings accounts for adults are not as good. While the Kasasa Saver® account pays an OK rate, you need to be actively using a Kasasa checking account to earn it. The other savings accounts pay very little.

If you want a savings account for yourself without adding a checking account, you may be better off using these top savings account options instead of Northwest Federal Credit Union.

Northwest Federal Credit Union CD rates

CD rates

Not the worst CD rates on the market, but still a long way from the best.
TermAPY ($1,000-$99,999)APY
($100,000-$249,999)
APY
($250,000 and up)
3 months0.07%
0.12%
0.12%
6 months0.14%
0.18%
0.18%
1 year0.57%
0.62%
0.67%
2 years0.62%
0.67%
0.72%
3 years0.64%
0.69%
0.74%
4 years0.66%
0.71%
0.76%
5 years0.69%
0.74%
0.79%
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: For a term of six months or less, the penalty will be all dividends on the amount withdrawn since the date of issuance or renewal. For a term greater than six months and less than two years, the penalty will be 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 a term two years and greater, 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.

Northwest Federal Credit Union offers CDs with terms from three months up to five years. They require a minimum deposit of $1,000 to open and earn the APY. They also have two additional categories with higher rates if you deposit at least $100,000, and the highest rates when you deposit at least $250,000.

These CDs charge an early withdrawal penalty if you take out any of your principal before the maturity date. The penalty is as follows:

  • For a term of six months or less, the penalty will be all dividends on the amount withdrawn since the date of issuance or renewal.
  • For a term greater than six months and less than two years, the penalty will be 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 a term two years and greater, 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.

Before you can sign up for a CD, you need to join Northwest Federal Credit Union. You can fill out the application online, at one of its bank branches or by mailing in the completed forms. You will need to provide your personal information, Social Security number and a driver’s license.

You will also need to list why you are eligible for membership. You could be eligible because you work for an agency, company or organization on Northwest Federal Credit Union’s list, because you are related to a current credit union member or because you are a member of an approved charitable organization. If you aren’t part of any of these groups, you can sign up for one of the charities and make your first donation as you apply for Northwest Federal Credit Union.

You can also apply for the CD at the same time as setting up your membership. The application lets you pick which CDs you want to open along with your new membership. You will need to provide your initial deposit along with the application.

SEE DETAILS Secured

on Northwest Federal Credit Union’s secure website

NCUA Insured

Dream On certificate

Only available for a 30-month term. This CD offers a much higher rate than anything else available at Northwest Federal Credit Union.
TermAPY
30 months2.75%
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: For a term two years or greater, 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.

The Dream On certificate is a 30-month CD with a much higher interest rate than the regular Northwest Federal Credit Union CDs. This account earns nearly as much as the regular five-year CD despite requiring only half the time commitment.

You can open this account for a deposit of at least $1,000. The most you can put in a Dream On certificate is $5 million. At the end of the CD term, this account automatically turns into a normal three-year CD with a lower rate unless you tell Northwest Federal Credit Union to do otherwise.

This CD charges an early withdrawal penalty if you take money out before the maturity date. 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.

Before you can sign up for a Dream On CD, you need to join Northwest Federal Credit Union. You can fill out the application online, at one of its bank branches or by mailing in the completed forms. You will need to provide your personal information, Social Security number and a driver’s license.

You will also need to list why you are eligible for membership. If you aren’t part of any of the eligible groups, you can sign up for one of the charities and make your first donation as you apply for Northwest Federal Credit Union.

You can also apply for the Dream On CD at the same time as setting up your membership. The application lets you pick which CDs you want to open along with your new membership. You will need to provide your initial deposit along with the application.

SEE DETAILS Secured

on Northwest Federal Credit Union’s secure website

NCUA Insured

Add-On certificates

CDs that let you add more money before the maturity date. The interest rates are significantly lower than the normal Northwest Federal Credit Union CDs.
TermAPY
1 year0.47%
2 years0.52%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: For a term greater than six months and less than two years, the penalty will be 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 a term two years or greater, 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.

You can open the Northwest Federal Credit Union Add-On certificates and earn the APY for a deposit of $500, a little lower than the $1,000 requirement on the regular CDs.

The Add-On certificates also let you add more money to your CD before the maturity date. You will earn the same interest rate on your additional deposits. Regular CDs do not allow you to add more money. However, the Add-On CDs also earn a significantly lower rate than the regular CDs.

These CDs charge an early withdrawal penalty if you take out any of your principal before the maturity date. The penalty is as follows:

  • For a term greater than six months and less than two years, the penalty will be 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 a term two years or greater, 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.

Before you can sign up for a Add-On CD, you need to join Northwest Federal Credit Union. You can fill out the application online, at one of its bank branches or by mailing in the completed forms. You will need to provide your personal information, Social Security number and a driver’s license.

You will also need to list why you are eligible for membership. If you aren’t part of any of these eligible groups, you can sign up for one of the charities and make your first donation as you apply for Northwest Federal Credit Union.

You can also apply for the Add-On CD at the same time as setting up your membership. The application lets you pick which CDs you want to open along with your new membership. You will need to provide your initial deposit along with the application.

SEE DETAILS Secured

on Northwest Federal Credit Union’s secure website

NCUA Insured

Youth Add-On certificates

CDs available for account holders younger than 18. They only require a deposit of $100 to open and your child can add more money before the end of the term.
TermAPY
1 year0.40%
  • Minimum opening deposit: $100
  • Minimum balance amount to earn APY: $100
  • Early withdrawal penalty: For a term greater than six months and less than two years, the penalty will be 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.

If you want to open a CD for your child, you could open a Youth Add-On certificate on their behalf. These CDs are available for Youth Club account members, who must be younger than 18.

The Youth Add-On CD only requires an opening deposit of $100. Your child can also add more money to their CD throughout the term and earn the same APY on the new deposits.

These CDs charge an early withdrawal penalty if your child takes out any of the principal before the maturity date. The penalty is as follows:

  • For a term greater than six months and less than two years, the penalty will be 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.

Before you can sign your child up for a Youth Add-On CD, you need to join Northwest Federal Credit Union. You can fill out the application online, at one of its bank branches or by mailing in the completed forms. You will need to provide your personal information, Social Security number and a driver’s license.

You will also need to list why you are eligible for membership. If you aren’t part of any of the eligible groups, you can sign up for one of the charities and make your first donation as you apply for Northwest Federal Credit Union.

Once you are a member, you can set up a Youth Add-On CD for your child. You and your child will need to fill out the youth membership application form where you list both your personal information. You can do this at a bank branch or by completing the form at home and mailing or emailing it in. You will need to provide the initial deposit along with the application.

SEE DETAILS Secured

on Northwest Federal Credit Union’s secure website

NCUA Insured

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How Northwest Federal Credit Union’s CDs compare

Most of Northwest Federal Credit Union’s CDs do not pay enough interest to be truly competitive. The 30-month Dream On certificate is the only exception and could be worth a look if you want something for 30 months. The other fixed CDs pay an OK rate but fall short of the best CDs on the market today.

While the Add-On CDs give you the flexibility to add extra money whenever you want, it comes in exchange for a steep interest rate drop, a trade-off we don’t recommend. We do like the Youth Add-On certificate because it’s not as common to see CDs for people younger than 18.

For adults, we suggest you either use the Dream On certificate or look elsewhere to get a better return.

Northwest Federal Credit Union money market account option

Money Market account

A free money market account with no minimum balance requirement. Unfortunately, the interest rates are not competitive, even compared to other accounts at Northwest Federal Credit Union.
APYMinimum Balance Amount
0.04%
$0.01
0.04%
$2,500
0.18%
$25,000
0.20%
$50,000
0.53%
$100,000
0.56%
$250,000
  • Minimum opening deposit: None
  • Monthly account maintenance fee: None
  • ATM fees: Free transactions at CO-OP ATM™, Alliance One®, CU24®/CUHERE ATM and Northwest Federal Credit Union ATMs. $1 at out-of-network ATMs.
  • ATM fee refunds: None
  • Overdraft fees: $27

The Northwest Federal Credit Union Money Market account does not have a minimum opening balance requirement, so you can open one up for any amount. After that, there is no balance requirement and this account does not charge a monthly fee.

The Money Market account also earns interest on all balances. However, you need to have at least $2,500 in your account before it starts earning more than the basic Savings account. Even for larger deposits, the interest rate on this money market account is just OK.

Since this is a money market account, it limits certain transactions and withdrawals each month. While you can make unlimited ATM and in-branch withdrawals, you are only allowed to make six of the following each month: checks, bank transfers, debit card purchases and bill payments. If you try to make more than six, Northwest Federal Credit Union will block the transaction.

Before you can sign up for the Money Market account, you need to join Northwest Federal Credit Union. You can fill out the application online, at one of its bank branches or by mailing in the completed forms. You will need to provide your personal information, Social Security number and a driver’s license.

You will also need to list why you are eligible for membership. You could be eligible because you work for an agency, company or organization on Northwest Federal Credit Union’s list, you are related to a current credit union member or you are a member of an approved charitable organization. If you aren’t part of any of these groups, you can sign up for one of the charities and make your first donation as you apply for Northwest Federal Credit Union.

You can also apply for the Money Market account at the same time as setting up your membership. The application lets you pick which accounts you want to open along with your new membership.

SEE DETAILS Secured

on Northwest Federal Credit Union’s secure website

NCUA Insured

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How Northwest Federal Credit Union’s money market account compares

There are some solid features about the Northwest Federal Credit Union Money Market account: It doesn’t charge a monthly fee, doesn’t have a minimum balance requirement and you can open one up for any amount.

It’s a shame that the interest rates aren’t better. While you earn more with this account than the pitiful rates found at large national banks, you can earn much more with these top money market accounts.

In fact, this Money Market account pays less than some of Northwest Federal Credit Union’s checking and savings accounts. Because of that, we’d recommend skipping the money market account and focusing either on the higher-earning accounts at the credit union or opening a money market account elsewhere.

Northwest Federal Credit Union IRA account options

IRA certificates

Northwest Federal Credit Union’s regular CDs in an IRA. The top-paying Dream On certificate can’t be used in an IRA though.
TermAPY ($1,000-$99,999)APY
($100,000-$249,999)
APY
($250,000 and up)
3 months0.07%
0.12%
0.12%
6 months0.14%
0.18%
0.18%
1 year0.57%
0.62%
0.67%
2 years0.62%
0.67%
0.72%
3 years0.64%
0.69%
0.74%
4 years0.66%
0.71%
0.76%
5 years0.69%
0.74%
0.79%
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: $1,000
  • Early withdrawal penalty: For a term of six months or less, the penalty will be all dividends on the amount withdrawn since the date of issuance or renewal. For a term greater than six months and less than two years, the penalty will be 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 a term two years or greater, 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 you want to save for retirement, you can open regular Northwest Federal Credit Union CDs as part of an IRA. The rates and terms are the same. One notable exception is you cannot open the 30-month Dream On certificate through an IRA.

The IRA CDs charge an early withdrawal penalty if you take out any of your principal before the maturity date. The penalty is as follows:

  • For a term of six months or less, the penalty will be all dividends on the amount withdrawn since the date of issuance or renewal.
  • For a term greater than six months and less than two years, the penalty will be 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 a term two years or greater, 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.

Before you can sign up for an IRA CD, you need to join Northwest Federal Credit Union. You can fill out the application online, at one of their bank branches or by mailing in the completed forms. You will need to provide your personal information, Social Security number and a driver’s license.

You will also need to list why you are eligible for membership. You could be eligible because you work for an agency, company or organization on Northwest Federal Credit Union’s list, because you are related to a current credit union member or because you are a member of an approved charitable organization. If you aren’t part of any of these groups, you can sign up for one of the charities and make your first donation as you apply for Northwest Federal Credit Union.

After you become a member, you can set up an IRA CD. You can either visit a bank in person or you can complete the IRA paperwork at home and mail, fax or email the forms in. The IRA forms ask you to list your personal information, Social Security number and how you plan on funding the IRA CD.

SEE DETAILS Secured

on Northwest Federal Credit Union’s secure website

NCUA Insured

Savings IRA

An IRA that you can open for any amount and earn a fixed interest rate.
APYMinimum Balance Amount
0.26%
$0.01
  • Minimum opening deposit: No minimum
  • Minimum balance requirement: 1 cent
  • Monthly fee: None

Northwest Federal Credit Union also offers a Savings IRA. This account earns the same interest rate on your IRA balance regardless of how much you have. There is no minimum deposit to open this IRA, no monthly fee and it will earn the interest rate as long as you have at least 1 cent in the account.

With the Savings IRA, you have the flexibility to move your money out of the IRA when you want. It’s not an IRA CD where you promise to keep your money in for the entire term or else you will owe a penalty.

Before you can sign up for an IRA Savings account, you need to join Northwest Federal Credit Union. You can fill out the application online, at one of its bank branches or by mailing in the completed forms. You will need to provide your personal information, Social Security number and a driver’s license.

You will also need to list why you are eligible for membership. If you aren’t part of any of these eligible groups, you can sign up for one of the charities and make your first donation as you apply for Northwest Federal Credit Union.

After you become a member, you can set up a Savings IRA. You can either visit a bank in person or you can complete the IRA paperwork at home and mail, fax or email the forms in. The IRA forms ask you to list your personal information, Social Security number and how you plan on funding the Savings IRA.

SEE DETAILS Secured

on Northwest Federal Credit Union’s secure website

NCUA Insured

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How Northwest Federal Credit Union’s IRA CD rates compare

The Northwest Federal Credit Union IRA CD rates are just OK. It’s disappointing that the best CD at Northwest Federal Credit Union, the 30-month Dream On CD, cannot be used as part of an IRA. Only the regular CD rates are available and these are not as impressive.

The IRA Savings account could be worth a look if you want to begin saving for retirement but have very little money for your first deposit, since this IRA does not have a minimum deposit requirement. Most IRAs require at least a few hundred — and often several thousand — dollars to get started.

Once you have enough money saved up, these top IRA CDs are a better option because they pay significantly more than what’s available at Northwest Federal Credit Union.

Overall review of Northwest Federal Credit Union’s banking products

Northwest Federal Credit Union does an overall nice job for its members. Nearly all of its deposit accounts are free and do not have minimum balance requirements. They also pay better interest rates than what you would receive at a large national bank. With that being said, the majority of the Northwest Federal Credit Union accounts are not worth going out of your way to open.

But there are a few exceptions. The Kasasa Cash® Checking account is one of the best checking accounts on the market thanks to its excellent interest rate, no annual fee and unlimited ATM refunds.

For someone who frequently uses their debit card to buy things, the Kasasa Cash Back® Checking account is another great choice, thanks to its 2% cashback rate on debit card transactions. Finally, if you want a CD, the 30-month Dream On certificate is also quite competitive. However, the rest of the deposit accounts pay too little to be top-tier options.

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