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Northwest Bank Review

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Northwest Bank Savings
0.05% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Northwest Bank was founded in 1896 with headquarters located in Warren, Pennsylvania. It manages assets of $9 billion and deposits totaling $8 billion, making it a large bank. Northwest Bank has above-average access to customer service with a live chat feature, great for getting help during the work week. It is a traditional brick-and-mortar bank with in-person service, in addition to its online and mobile apps. SmartAsset has rated Northwest Bank 3.8 out of 5 stars, indicating that it is an acceptable bank choice, but may leave you wanting more. Northwest Bank offers the basic package of banking products, including savings accounts, checking accounts, IRAs, mortgage products and credit cards. Northwest Bank has a fair savings rate; other popular banks have higher rates. Using a bank with free checking, in addition to a high savings APY is the best bet for getting the highest income on your deposits while having easy access to your money.

How We Rated It

SmartAsset's Overall Rating

3.8/5
National Average: 4.1

The overall rating is a weighted average of rates, fees, service quality and financial health.Read more

Rates

2.9
SmartAsset Average: 3.5

With a savings rate of 0.05%, Northwest Bank ranks poorly compared to the average U.S. bank. Northwest Bank's one-year CD has a rate of 0.30% and the five-year CD has a rate of 0.90%, while its highest-yielding money market account has an APY of 0.85%. Given its noncompetitive savings rate, you should consider opting for higher earning savings accounts with other banks.

How Northwest Bank's Savings Rates Compare

Northwest Bank Savings 0.05 National Average 0.26 Compare Offers
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Fees

4.0
SmartAsset Average: 4.4

Northwest Bank charges customers average fees in comparison to the average U.S. bank. Also, at $35.00, Northwest Bank's overdraft fee is lower than that of other U.S. banks. Northwest Bank unfortunately doesn't refund out-of-network ATM fees, meaning you will be required to find a Northwest Bank ATM or eat the fee.

Monthly Fee N/A National Average: $3.21
Non-network ATM Fee N/A National Average: $1.20
Overdraft Fee $35.00 National Average: $35.00
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Service Quality

3.5
SmartAsset Average: 3.7

Northwest Bank is a brick-and-mortar bank, with 174 total bank locations in New York, Ohio and Pennsylvania. It also offers access to mobile and web apps for straightforward access and banking on the go. It does not have all-day customer service with representatives. You can get help during its hours, which are Monday through Friday, 8:00 a.m. to 8:00 p.m. ET; Saturday, and 9:00 a.m. to 1:00 p.m. ET. Additionally, Northwest Bank offers a live chat feature, giving customers an easy access point throughout the day. Northwest Bank's online and mobile banking services receive mediocre marks from users. The Northwest Bank mobile app scored a 2.6 out of 5 (with 950 reviews on iOS and Android) compared to the national average of 3.8. You can access Northwest Bank's mobile app to manage your bank accounts by reviewing monthly statements, transferring money and reaching support representatives. Northwest Bank receives a superb consumer satisfaction score based on relatively few consumer complaints reported to the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

Overall Mobile Rating 2.6/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat Yes
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Financial Health

4.8
SmartAsset Average: 4.8

Northwest Bank is currently a large bank and manages $9 billion in assets and deposits totaling $8 billion. It has a strong Texas Ratio of 5.21%, indicating that Northwest Bank is in fine financial shape and unlikely to fail. Additionally, Northwest Bank is FDIC-insured, meaning that your money is insured up to $250,000, even in the event of bank failure.

Texas Ratio Analysis

5.21%
High Risk 75% 50% 20% 10% Low Risk

The Texas Ratio, a measure of a "bad assets" against available capital, can provide an early warning sign of bank failure. A low ratio indicates smaller chance of failure; a higher ratio suggests greater risk.

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Compare Northwest Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.05% APY $100
Checking Account 0.01% APY $1000
Certificates of Deposit
  • 12 Month: 0.30% APY
  • 24 Month: 0.45% APY
  • 36 Month: 0.60% APY
  • 48 Month: 0.75% APY
  • 60 Month: 0.90% APY
$500 for all terms
Money Market Accounts 0.85% APY 0.85% APY $10000 $15000

Northwest Bank offers a basic array of deposit products including savings accounts and checking accounts. Northwest Bank does not have the best savings rate, which means you should think about looking elsewhere for banks that deliver more return for your money. CDs can be a terrific option to achieve higher returns, but there are limitations to accessing your money. Northwest Bank's CD rates are fair in comparison to the national average.

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Find a Northwest Bank Near Me

Northwest Bank has 174 physical locations in the U.S.

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