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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 1988 and has its headquarters in Spencer, Iowa. Northwest Bank owns $2 billion in assets and deposits totaling $1 billion, ranking it as a large bank. Northwest Bank lacks premium access to support representatives, with no live chat or all-day service options available. It is a conventional brick-and-mortar bank with access to service representatives at a physical location, in addition to its online and mobile apps. SmartAsset has rated the bank 4.3 out of 5 stars, suggesting Northwest Bank is a solid contender in your bank search. Northwest Bank provides customers with a full suite of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs, brokerage accounts, mortgage products and credit cards. It has a fair savings rate compared to the average savings account. If you're interested in stress-free personal checking, Northwest Bank's standard checking does not have a monthly maintenance fee. Banks that offer free checking, in addition to a high interest rate savings account are your best option for accruing the most income on your deposits while maintaining convenient 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

With a savings rate of 0.05%, Northwest Bank ranks poorly in comparison to other U.S. banks. Northwest Bank's 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 0.25%. Given Northwest Bank's poor savings rate, you should consider taking a look at other banks for savings accounts.

How Northwest Bank's Savings Rates Compare

Northwest Bank Savings 0.05 National Average 0.26 Compare Offers
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Fees

4.8
SmartAsset Average: 4.4

Northwest Bank charges customers extremely low fees compared to the national average. With no monthly fee, Northwest Bank's checking account is perfect for people who need a hassle-free banking experience. Additionally, at $32.00, Northwest Bank's overdraft fee is noticeably lower than the national average. Northwest Bank doesn't reimburse out-of-network ATM charges, meaning you'll have to search for a Northwest Bank ATM or pay the fee.

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 mobile banking easy, even on the go. Northwest Bank's online and mobile banking platforms receive mediocre feedback from users. The Northwest Bank mobile app rates a 3.3 out of 5 (with 160 reviews on Apple and Android) compared to the national average of 3.8. You can utilize Northwest Bank's app to manage your funds by reviewing account balances, transferring funds and accessing customer service. Northwest Bank receives a superb consumer satisfaction score based on relatively few consumer complaints brought to the Consumer Financial Protection Bureau (CFPB), a government-backed 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 ranks as a large bank with $2 billion in assets and deposits totaling $1 billion. Its Texas Ratio is 2.04%, signifying a negligible likelihood 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.

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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 $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 Account 0.25% APY $10000

Northwest Bank has several deposit products including savings accounts, checking accounts, money market accounts and CDs that provide you with 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 in comparison to other U.S. banks.

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Find a Northwest Bank Near Me

Northwest Bank has 20 physical locations in the U.S.

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