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Northwest Bank Review

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We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure We maintain strict editorial integrity in our writing and assessments. This post contains links from our advertisers, and we may receive compensation when you click these links. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone. | Advertiser Disclosure
Northwest Bank Savings
0.10% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Northwest Bank started in 1988 and its headquarters are located in Spencer, Iowa. It owns $2 billion in assets along with deposits totaling $1 billion, which makes it a large bank. Northwest Bank lacks premium access to support representatives, with no options for live chat or all-day service. 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. At a SmartAsset rating of 4.3 stars out of 5, Northwest Bank should be solidly in contention for your choice of bank. Northwest Bank has a complete suite of banking products, including savings accounts, checking accounts, money market accounts, CDs, IRAs, brokerage accounts, mortgage products and credit cards. Northwest Bank has a fair savings rate; other popular banks have higher rates. If you're interested in stress-free personal checking, Northwest Bank's standard checking account does not have a monthly fee. Locating an institution with no-fee checking and a high interest rate savings account is the best bet for gaining the highest income on your deposits while maintaining easy access to your money.

How We Rated It

SmartAsset's Overall Rating

4.3/5
National Average: 4.1

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

Rates

3.7
SmartAsset Average: 3.5

Northwest Bank has a savings rate of 0.10%, which is poor in comparison to the average U.S. bank. Its one-year and five-year term lengths CDs earn at a rate of 1.50% and 1.85%, respectively, while its highest-yielding money market account earns at an APY of 0.35%. Given Northwest Bank's poor savings rate, you should consider looking elsewhere to open savings accounts.

How Northwest Bank's Savings Rates Compare

Northwest Bank Savings 0.10 National Average 0.26 Compare Offers
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Fees

4.8
SmartAsset Average: 4.4

Northwest Bank charges its customers extremely low fees as compared against the national average. With no monthly fee, Northwest Bank is ideal for those who want a simple checking account. Additionally, at $32.00, its overdraft fee is markedly lower than the national average overdraft fee. Northwest Bank does not refund out-of-network ATM charges, meaning you will be required to search for a Northwest Bank ATM or eat the ATM charge.

Monthly Fee $0 National Average: $3.21
Non-network ATM Fee N/A National Average: $1.20
Overdraft Fee $32.00 National Average: $35.00
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Service Quality

3.6
SmartAsset Average: 3.7

Northwest Bank is a brick-and-mortar bank, with 20 total bank locations in Iowa and Nebraska. With mobile and web apps, Northwest Bank makes account access convenient, even on the go. Northwest Bank gets poor marks from customers for its mobile banking services. Out of 160 ratings across both Apple and Android platforms, the Northwest Bank mobile app has an overall rating of 3.3 out of 5 (compared to the national average of 3.8). Northwest Bank's mobile app allows you to control your finances by checking monthly statements, transferring money as well as reaching customer service. Northwest Bank receives an outstanding consumer satisfaction rating based on relatively few consumer complaints registered with the Consumer Financial Protection Bureau (CFPB), a government-sponsored consumer protection agency.

Overall Mobile Rating 3.3/5
Consumer Satisfaction Rating 5.0/5
Online Banking Portal No
Live Chat No
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Financial Health

4.9
SmartAsset Average: 4.8

Northwest Bank is a large bank and manages $2 billion in assets and deposits totaling $1 billion. It has an excellent Texas Ratio of 2.04%, suggesting that Northwest Bank is in terrific financial condition 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

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 0.1% APY $10
Checking Account 0.2% APY $1
Certificates of Deposit
  • 12 Month: 1.50% APY
  • 24 Month: 1.70% APY
  • 36 Month: 1.75% APY
  • 48 Month: 1.80% APY
  • 60 Month: 1.85% APY
$1000 for all terms
Money Market Accounts 0.35% APY 0.35% APY $10000 $15000

Northwest Bank offers several deposit products like 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 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 national average.

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Find a Northwest Bank Near Me

Northwest Bank has 20 physical branches across the U.S.

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