Northwest Bank Review

Overview

Northwest Bank was founded in 1896 and its headquarters are located in Warren, Pennsylvania. It manages assets of $14.46 billion along with deposits totaling $12.45 billion, ranking it as a very large bank. Northwest Bank has above-average access to customer service with a live chat feature, which is helpful for those that work during typical customer service hours. It is a traditional brick-and-mortar bank with in-person service, in addition to its online and mobile offerings. At a SmartAsset rating of 3.8 stars out of 5, Northwest Bank should be near the middle of the pack in your search for a bank. Northwest Bank has a complete choice of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. It has a fair savings rate compared to the average savings account. The bank's standard checking account carries a monthly fee of $15.00, making it a rather expensive bank for checking. Using an institution with no-fee checking and a high savings APY is your best option for gaining the highest income from your deposits while maintaining convenient access to your money.

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

Northwest Bank features a savings rate of 0.01%, which is fair compared to the national average. Its CDs feature a rate of 3.50%for the one-year and five-year term length, while its highest-yielding money market account earns at an APY of 0.25%. Given its poor savings rate, you should think about taking a look at other banks for savings accounts.

How Northwest Bank's Savings Rates Compare

On average, Northwest Bank charges its customers average fees compared to the average U.S. bank. At $15.00 per month, Northwest Bank's checking account is less than the best product for people who need a hassle-free checking account. For those who routinely visit the ATM, Northwest Bank is perfect because it charges no out-of-network ATM fees. Additionally, at $37.00, it has a lower overdraft fee compared to the average overdraft fee charged by U.S. banks. Northwest Bank does not reimburse out-of-network ATM fees, meaning you'll have to locate a Northwest Bank ATM or accept the ATM charge.

Northwest Bank has both an online and physical presence, with 140 total bank locations. It also offers access to mobile and web apps for simple access and banking 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, giving customers an easy access point throughout the day. Northwest Bank receives moderately high marks from customers for its mobile banking services. The Northwest Bank mobile app scored a 4.4 out of 5 (out of 3,660 customer reviews on Apple and Android) compared to the national average of 3.8. You can utilize Northwest Bank's app to control your funds by reviewing current statements, transferring funds and reaching support representatives. Northwest Bank receives an exceptional consumer satisfaction rating based on comparatively few consumer complaints filed with the Consumer Financial Protection Bureau (CFPB), a government-backed consumer protection agency.

Northwest Bank is currently a very large bank with $14.46 billion in assets as well as $12.45 billion in deposits. Its Texas Ratio is 4.29%, suggesting a small opportunity 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

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.

Products Offered

Northwest Bank offers several deposit products including savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Northwest Bank does not have the best savings rate, which means you should consider other options 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.

Find a Northwest Bank Near Me

Northwest Bank has 140 physical branches in the U.S.