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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 started in 1896 and is headquartered in Warren, Pennsylvania. Northwest Bank handles assets of $9 billion along with $8 billion in deposits, ranking it as a large bank. Northwest Bank has above-average customer service access with a live chat feature, great for getting help during the work week. It is a traditional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile offerings. With an average 3.8 out of 5 stars, Northwest Bank is a decent bank that leaves room for improvement. Northwest Bank provides customers with the basic package of product offerings, which include savings accounts, checking accounts, IRAs, mortgage products and credit cards. It has a fair savings rate; you can find higher rates with other banks. Finding a checking account with no monthly fee as well as a savings account with a high APY at the same institution is your best bet for accruing the most income from your deposits while maintaining easy access to your funds.

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 in comparison to other U.S. banks. Northwest Bank's one-year CD earns at a rate of 0.30% and the five-year CD has a rate of 0.90%, while its highest-yielding money market account earns at a rate of 0.35%. Given its poor savings rate, you should consider choosing another bank to earn more on your deposits.

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 has typically average fees in comparison to the national average. Also, at $35.00, Northwest Bank has a lower overdraft fee compared to that of other U.S. banks. Northwest Bank does not reimburse out-of-network ATM fees, meaning you'll have to find a Northwest Bank ATM or eat the withdrawal 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 branches in New York, Ohio and Pennsylvania. With mobile and web apps, Northwest Bank makes mobile banking straightforward, even on the go. It does not offer all-day customer service with actual service 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. Northwest Bank also offers a live chat feature, something to consider if you work during the customer service hours. Northwest Bank gets poor marks from users for its mobile platform. The Northwest Bank mobile app scored a 2.6 out of 5 (with 950 ratings on iOS and Android) compared to the national average of 3.8. You can use Northwest Bank's mobile app to manage your accounts by reviewing monthly statements, transferring funds and accessing support representatives. Northwest Bank gets an excellent consumer satisfaction score based on relatively few consumer complaints brought 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 ranks as a large bank and owns assets totaling $9 billion as well as deposits totaling $8 billion. Northwest Bank has a strong Texas Ratio of 5.21%, denoting a tiny possibility of failure. 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 $25
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 Account 0.35% APY $5000

Northwest Bank has a basic array of deposit products like savings accounts and checking accounts. Northwest Bank does not have the best savings rate, which means you should think about taking a look 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 compared to the average U.S. bank.

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Find a Northwest Bank Near Me

Northwest Bank has 174 branches in the U.S.

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