Northwest FCU 3-year 3.04% Add-On CD

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Kevin M
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Re: Northwest FCU 3-year 3.04% Add-On CD

Post by Kevin M » Thu Sep 13, 2018 2:06 pm

drzzzzz wrote:
Thu Sep 13, 2018 8:25 am
Kevin,
You have been doing a lot of work on this, have you decided on the best way to transfer funds from the retiring CD to vanguard, through a wire, setting up an external account from vanguard at fwcu or some other suggestion?
thanks
We will be doing it two or three different ways for the four of us who bought these CDs.

My wife and I have a bank savings account paying 2.50%, so we will wire the funds directly from NWFCU to the bank savings account. Setting up the wire instructions at NWFCU was easy, and hopefully the actual wire process will go smoothly.

For my mom and my friend, we set up NWFCU as an external account at Vanguard (micro deposits were there in one business day).

For my friend, we probably will buy $50,000 of Treasury money market fund, since that's the minimum, and this gives him the highest taxable-equivalent yield (TEY) for a Vanguard MM fund. The rest might go directly into Short-Term Treasury bond fund, unless he decides to upgrade his old-platform mutual fund account to a brokerage account, in which case we might buy individual Treasuries instead. Once the Treasury MM fund is open, he will move whatever he doesn't anticipate spending in the next year or so into the short-term Treasury fund or individual Treasuries.

For my mom, we probably will transfer most of it to Vanguard Prime MM in her brokerage account, but might also transfer some to her Ally savings account, where the link to NWFCU was established when she funded the CD. Much of it will then be deployed into a ladder of Treasuries and/or CDs out to 2-3 year maturity.

Kevin
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drzzzzz
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Re: Northwest FCU 3-year 3.04% Add-On CD

Post by drzzzzz » Fri Sep 14, 2018 3:45 pm

Kevin,
The other question that I would have is that if you are initiating the pull at Vanguard from your NWFCU account and it is for greater $30,000 do you know if it will still go through - I seem to recall reading NWFCU limits ACH transfers to $30,000 per month and I am wondering if the pull starts at Vanguard, is that limit still in effect?

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Kevin M
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Re: Northwest FCU 3-year 3.04% Add-On CD

Post by Kevin M » Fri Sep 14, 2018 7:09 pm

drzzzzz wrote:
Fri Sep 14, 2018 3:45 pm
Kevin,
The other question that I would have is that if you are initiating the pull at Vanguard from your NWFCU account and it is for greater $30,000 do you know if it will still go through - I seem to recall reading NWFCU limits ACH transfers to $30,000 per month and I am wondering if the pull starts at Vanguard, is that limit still in effect?
Should not be a problem. The lower ACH limits at a credit union or bank only apply to ACH transfers initiated at that CU or bank. I've never had a problem with an ACH transfer that is larger than the bank's or CU's limits as long as it's initiated at another institution.

Kevin
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tfb
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Re: Northwest FCU 3-year 3.04% Add-On CD

Post by tfb » Tue Sep 18, 2018 8:45 pm

I just logged in with Chrome and both my savings account and the CD disappeared. If it happens to you try a different Browser. Firefox worked for me.
Harry Sit, taking a break from the forums.

Iorek
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Re: Northwest FCU 3-year 3.04% Add-On CD

Post by Iorek » Tue Sep 18, 2018 9:38 pm

I'm going to miss this account. What I liked best was the "add-on" feature. I didn't have as much as some in my CD but every random check I got was deposited by app to this account to earn 3% interest.

panhead
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Re: Northwest FCU 3-year 3.04% Add-On CD

Post by panhead » Tue Sep 25, 2018 10:38 am

I got a snail mail letter from NWFCU that my CD was maturing. It had a form on it to choose what happens to the CD after maturity, and the default was that it would be rolled into a new 5 year CD at the prevailing rate. It asked me to fill out the form and mail it back to NWFCU. The form wasn't very clear. It didn't include the address they wanted you to return the form to and did not have a return envelope. It also asked for your savings account number (at NWFCU) where you wanted the proceeds of the maturing cd placed and something called the ID. The ID is the number at the end of your account name for your savings account when you log in. No where did I see that it said this. Mine was 0000.

Anyway, if you get this and you want to mail it in, you can find the address on their web page by going to 'contacts' link at the top of the page, scroll down and look for 'mailing address.' They want it sent to general correspondence. You should see the following address:

Northwest Federal Credit Union
P.O. Box 1229
Herndon, VA 20172-1229

Sending a secure message should be just as good, and likely better as there will be proof you sent it. Not that I expect a problem with this.

MariaT
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Re: Northwest FCU 3-year 3.04% Add-On CD

Post by MariaT » Tue Sep 25, 2018 11:53 am

I did get this letter last week and instead of mailing the form back I called the bank and asked if I could request the change over the phone in lieu of mailing. They, of course, accommodated the request.

One other data point that I learned for specially for those trying to establish a link third party account. If you have a savings account already set up with NWFCU you have to use the "electronic" account number and not the "account number" of your savings account when setting up with another institution. I did this and added the bank to my Vanguard account. I was told the "account number" was only for internal use only.

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Re: Northwest FCU 3-year 3.04% Add-On CD

Post by Iorek » Fri Sep 28, 2018 9:57 am

Not sure it warranted a new thread, but I noticed NWFCU has a 7 month CD at 2.5% if you deposit $100k.

Will also be interesting to see what 6 month treasuries go for after the Fed announcement.

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Ever Ready
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Re: Northwest FCU 3-year 3.04% Add-On CD

Post by Ever Ready » Fri Sep 28, 2018 10:56 am

Also got the letter from NWFCU and made the change via phone.

The letter also says they update their CD rates weekly, announcing them every Tuesday.

I haven't decided where I'll move the money, but I'm considering Vanguard's Ultra Short Term Bond Admiral,
since I may need to access the cash, thus don't want to lock it into a 5 year CD with EWP.

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Kevin M
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Re: Northwest FCU 3-year 3.04% Add-On CD

Post by Kevin M » Mon Oct 01, 2018 7:28 pm

Kevin M wrote:
Thu Sep 13, 2018 2:06 pm
My wife and I have a bank savings account paying 2.50%, so we will wire the funds directly from NWFCU to the bank savings account. Setting up the wire instructions at NWFCU was easy, and hopefully the actual wire process will go smoothly.
Just wanted to report that the wire process went smoothly. Our CDs matured today, so we each logged onto our NWFCU account this morning at about 9am pacific time, verified that the cash was in our primary savings account, and initiated the wire online. We each got a call from a NWFCU rep at about noon to verify our identities and details about the wires. The cash is in our savings accounts already.

As we are both over age 62, there was no wire fee at NWFCU. With a quick call to our local bank, they reversed the $10 incoming wire fee for both of us.

Kevin
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JDDS
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Re: Northwest FCU 3-year 3.04% Add-On CD

Post by JDDS » Mon Oct 01, 2018 11:48 pm

Since the current rates are not too good, I sent a secure message asking to deposit into my share account. Fingers crossed they announce something good tomorrow on Tuesday, but if not I'll figure out how to ACH it out. I think adding NWFCU to my Vanguard account to make a pull from Vanguard will be best to get it in one go. I had originally thought I could do $10k chunk pushes back to my bank (up to six per statement I know), but then I saw the post about the $30k ACH cap per month outgoing at NWFCU.

I will keep my share account active in hopes of another great deal!

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Kevin M
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Re: Northwest FCU 3-year 3.04% Add-On CD

Post by Kevin M » Tue Oct 02, 2018 6:28 pm

JDDS wrote:
Mon Oct 01, 2018 11:48 pm
I think adding NWFCU to my Vanguard account to make a pull from Vanguard will be best to get it in one go.
If you want the money to end up at Vanguard, at least for awhile, this is an easy way to go.

Kevin
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