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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

Started in 1904, Northwestern Bank has assets totaling $428 million and deposits totaling $381 million, ranking it as a medium-size bank. Northwestern Bank, whose headquarters are in Chippewa Falls, Wisconsin, 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 in-person service, in addition to its online and mobile apps. On the whole, Northwestern Bank is a good bank that deserves your consideration, with a rating of 4.1 out of 5 stars from the SmartAsset experts. Northwestern Bank provides customers with a mixture of product offerings, including savings accounts, checking accounts, money market accounts, CDs, IRAs, mortgage products and credit cards. Northwestern Bank has a fair savings rate; you can find higher rates with other banks. If you're interested in stress-free personal checking, Northwestern Bank's most basic checking does not carry a monthly fee. Institutions that offer free checking as well as a high savings APY are the best option for gaining the highest income from your deposits alongside easy access to your funds.

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 in comparison to other U.S. banks. Its one-year CD earns at a rate of 1.76%, while its highest-yielding money market account has an APY of 0.40%. Given its below average 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

On average, Northwestern Bank charges its customers extremely low fees as compared against the national average. Its checking account has no monthly fee, ranking it excellent for anyone looking for a hassle-free account. Northwestern Bank doesn't reimburse out-of-network ATM fees, which means you'll have to search for a Northwestern Bank ATM or accept the ATM charge.

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 branches in Wisconsin. With mobile and web apps, Northwestern Bank makes account access convenient, even on the go. You can access Northwestern Bank's mobile app to manage your finances by looking at current statements, transferring funds as well as accessing support representatives. Northwestern Bank gets a superb consumer satisfaction rating 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 currently a medium-size bank with $428 million in assets as well as $381 million in deposits. It has an excellent Texas Ratio of 1.47%, indicating a low possibility 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: 1.76% APY
  • 24 Month: 2.43% APY
  • 36 Month: 1.76% APY
$1000 for all terms
Money Market Account 0.4% APY $25000

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 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. Northwestern Bank's CD rates are fair in comparison to other U.S. banks.

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Find a Northwestern Bank Near Me

Northwestern Bank has seven physical branches across the U.S.

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