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Northwestern Bank Review

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Northwestern Bank Savings
0.15% APY
1. Overview 2. How We Rated It 3. Products Offered 4. Branch Locations

Overview

Founded in 1904, Northwestern Bank has assets totaling $428 million and $381 million in deposits, classifying the institution as a medium-size bank. Northwestern Bank, whose headquarters are in Chippewa Falls, Wisconsin, 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. Coming in at a commendable 4.1 stars out of 5, Northwestern Bank proves it is a respectable bank that should be given a look. Northwestern Bank has a variety of banking products, which include savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. Northwestern Bank has a fair savings rate; other popular banks have higher rates. If you're interested in stress-free personal checking, Northwestern Bank's standard checking account does not have a monthly fee. Locating a checking account with no monthly fee and a savings account with a high APY at the same institution is the best option for returning the most income on your deposits while having easy access to your money.

How We Rated It

SmartAsset's Overall Rating

4.1/5
National Average: 4.1

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

Rates

4.0
SmartAsset Average: 3.5

With a savings rate of 0.15%, Northwestern Bank ranks poorly as compared against the national average. Its one-year CD has a rate of 2.02%, while its highest-yielding money market account earns at a rate of 0.40%. Given Northwestern Bank's poor savings rate, you should consider other options to earn more on your deposits.

How Northwestern Bank's Savings Rates Compare

Northwestern Bank Savings 0.15 National Average 0.26 Compare Offers
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Fees

5.0
SmartAsset Average: 4.4

Northwestern Bank generally has extremely low fees in comparison to the national average. With no monthly fee, Northwestern Bank is perfect for people who want a simple checking account. Northwestern Bank does not refund out-of-network ATM fees, meaning you will have to locate a Northwestern Bank ATM or eat the fee.

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

2.5
SmartAsset Average: 3.7

Northwestern Bank is a brick-and-mortar bank, with seven total bank locations in Wisconsin. It also offers access to mobile and web apps for a straightforward mobile-banking experience. You can access Northwestern Bank's app to control your accounts by checking current statements, transferring funds and reaching support representatives. Northwestern Bank gets a superb consumer satisfaction score due to comparatively few complaints registered with the Consumer Financial Protection Bureau (CFPB), a government agency that protects consumers in the financial sector.

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

5.0
SmartAsset Average: 4.8

Northwestern Bank is a medium-size bank owning $428 million in assets as well as $381 million in deposits. Northwestern Bank's Texas Ratio is 1.47%, indicating a low likelihood of failure. Additionally, Northwestern 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 Northwestern Bank to Other Competitive Offers

Products Offered

Product Current Terms and Rates Minimum Balance for APY
Savings Account 0.15% APY $1
Checking Account 0.2% APY $10000
Certificates of Deposit
  • 12 Month: 2.02% APY
  • 24 Month: 2.43% APY
  • 36 Month: 1.76% APY
$1000 for all terms
Money Market Accounts 0.4% APY 0.4% APY $10000 $15000

Northwestern Bank has several deposit products including savings accounts, checking accounts, money market accounts and CDs to give you many options to manage your money. Northwestern 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. Northwestern Bank's CD rates are fair as compared against the national average.

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Find a Northwestern Bank Near Me

Northwestern Bank has seven physical locations in the U.S.

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