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Northwest Community Credit Union has 13 branches in Oregon.
Northwest Community Credit Union
The bottom line: You may like Northwest Community Credit Union if you live in Oregon and want to bank with a local financial institution that closely serves its community. It’s a good choice for avoiding monthly service fees. However, you can earn a higher savings rate elsewhere.
Overall credit union rating
Insider rating (out of 5)
Money market account
Pros and cons
Certified as a community development financial institution, so it primarily serves low-income and disadvantaged communities
Variety of checking and savings accounts (including free checking, savings, and money market accounts)
Solid CDs with low minimum opening deposits and good interest rates
Only has branches in Oregon
Online banks may offer higher interest rates on savings accounts
No debit card or paper checks with the money market account
To become a member of Northwest Community Credit Union, you’ll have to open Regular Savings. This savings account might be a decent option if you’d prefer to avoid monthly service fees. However, you’ll only earn 0.05% APY if you maintain $100 or more in your account.
Northwest Checking may be worthwhile if you prioritize a checking account with no monthly service fees and no minimum balance requirements. You’ll also earn 0.25% APY on the first $5,000 of your account if you make at least 10 debit card transactions each month and enroll in online bank statements.
Certificates of Deposit
Generally, brick-and-mortar financial institutions require a $1,000 minimum opening deposit for CDs, but Northwest Community Credit Union lets you open a CD with a Certificates of Deposit initial deposit.
Certificates of Deposit also pay a higher interest rate than the average CD, but you might find even higher CD rates through online banks.
Super Investor’s Money Market Account
The Super Investor’s Money Market Account works best if you maintain at least $100,000 in your account, so you can earn 0.40% APY.
Some money market accounts have debit cards or paper checks for easy access to your money, but this account doesn’t offer either option.
How …read more
Source:: Business Insider