Review of Northwest Bank’s Deposit Rates


Formerly called Northwest Savings Bank, Northwest Bank offers a range of personal banking products and services including loans and insurance. Headquartered in Warren, Pa., Northwest Bank has 175 locations throughout New York, Pennsylvania and Ohio.
Northwest Bank was on Forbes’ list of the Most Trustworthy Companies in 2016. JD Power touted Northwest for the “Highest Customer Satisfaction with Retail Banking in the Mid-Atlantic Region” in the same year.
Customer service and trustworthiness don’t necessarily translate to the best rate for customers, however. Compared with the rates at other banks, like Ally, Goldman Sachs, and Synchrony Bank, Northwest Bank’s deposit account rates are significantly lower for similar products.
When learning about the various accounts available at Northwest Bank, keep in mind that their rates vary depending on where you live. The rates listed below are based on the area closest to the bank’s headquarters. To get list of rates based on your region, please head over to the rates section of the bank’s official website and enter your ZIP code.



In this review we’ll cover:
Northwest Bank CD Rates
Northwest Bank Savings Account Rates
Northwest Bank Checking Account Rates
Northwest Bank IRA Account Rates




Northwest Bank CD Rates
The CDs at Northwest are locked in based on the term you choose, and interest earned can be compounded or paid out via check or direct deposit into a Northwest Bank account.





Term APY Minimum Deposit Amount




12-17 Months 0.30% $500


18-23 Months 0.35% $500


24-29 Months 0.45% $500


30-35 Months 0.55% $500


36-47 Months 0.60% $500


48-59 Months 0.75% $500


60-71 Months 0.90% $500


72-120 Months 1.00% $500




Rates current as of 11/06/2017

Northwest Bank’s CD accounts offer higher rates for longer terms. When a CD matures, you have a seven-day grace period where you can opt to roll over the account or take it out in cash.
There are early withdrawal penalties which vary depending on the term:

Account terms up to 181 days: one month of interest
Account terms 182 days to 364 days: three months of interest
Account terms 24 to 47 months: six months of interest
Account terms 48 months or longer: 12 months of interest

To withdraw money, you can do so easily using online or mobile banking or by calling your local branch. Early withdrawals will require you to call Northwest Bank; as long as you acknowledge and understand the penalties involved, you can access your cash.
How Northwest Bank’s CDs compare
Compared with competitors, Northwest Bank falls short in terms of APY. With its highest APY at 1.00%, it lags other banks offering almost double that. There are much better CD rates elsewhere and ones with shorter terms. However, the minimum deposit requirement at Northwest Bank is significantly lower than what you’ll find at many competitors, making this account more accessible to those who do not have large amounts to invest.
How to get a Northwest Bank CD
To open an account, you can call Northwest’s toll-free number at 1-877-672-5678, apply online or do so at your local branch.


Northwest Bank Savings Account Rates
Northwest Bank offers two different savings account options. The Statement Savings account is best for those who do not intend to keep a large balance in their accounts and don’t want to pay a monthly fee. The Insured Money Fund is best for those who seek more interest, want access to a Visa debit card and intend to keep larger sums banked.
Statement Savings
You can get access to free online and mobile banking and over 55,000 ATMs, but at the cost of a low APY.





APY Minimum amount to open Minimum balance requirement




0.05% $50 $100




As of 11/06/2017

Interest earned on Northwest Bank’s Statement Savings account compounds and deposits monthly. In order to earn interest, you need to keep an average balance of at least $100.
With your account, you get access to eStatements and a free ATM card. If you already have a checking account with Northwest, you can link your account to your Visa debit card.
You can make deposits or withdrawals using your ATM card, online, via a mobile app or at a branch. However, you can only make unlimited withdrawals in person, by mail or at an ATM. Online withdrawals are limited to six withdrawals a month.
Insured Money Fund
Northwest Bank’s Insured Money Fund provides access to a Visa debit card and unlimited ATM and in-person transactions.





Minimum balance requirement APY Minimum amount to open




Up to $2,499.99 0.05% $50


$2,500.00-$9,999.99 0.10% $50


$10,000.00-$74,999.99 0.15% $50


$75,000-$4,999,999.99 0.25% $50


$5,000,000.00 and over 0.25% $50




As of 11/06/2017

Compared with Statement Savings, you need to keep a higher balance but you get a higher APY that’s compounded monthly. As long as you keep an average daily balance of $2,500, you will not be charged a service fee. Any lower than that and you’ll have to pay $10 every month.
This account gives you a free Northwest Visa debit card. You can also write checks, deposit money at a qualifying ATM, and have access to monthly statements and direct deposit. You can access your money online, in person or through Bankline, a 24/7 automated telephone banking service. You also get unlimited ATM or in-person transactions.
How Northwest Bank’s Statement Savings a Insured Money Fund compare
The minimum opening balance is on par with some similar offerings from other competitors. However, the rates are much lower compared with what’s out there. You can easily find a savings account with 1.30% APY these days , some with no minimum requirements to open an account.
However, Northwest Bank offers more access to your money compared with others that only allow ACH transfers and check-writing capabilities. Many comparable banks also do not offer in-person customer service or debit cards. You can also make unlimited withdrawals at ATMs, compared with six per month with some of the other banks out there.
Other Northwest Bank Savings Accounts
Club Accounts
Club Accounts are designed to help you reach short-term savings goals, but you can do the same with money market accounts from competitors.





Account name APY Minimum amount to open Term




Holiday Club 0.05% $1.00 Nov.-Oct.


Vacation Club 0.05% $1.00 May-Apr.





The Club Accounts are designed to help you reach your short-term savings goals for the busiest times of the year, whether for a vacation or gift giving. These as sub-accounts are designed for a specific purpose similar to a one-year CD. You choose the type of account based on when you want to access your savings, as both accounts offer the same APY and minimum opening deposit.
You fund your account in person, online, via direct deposit or by setting up an automatic transfer. Once the money is in the account, you cannot access it for the duration of the account. At the end of the savings period, you can have a check mailed to you or have it automatically transferred to a Northwest savings or checking account.
Compared with a one-year CD, this account falls short. For one, the rates are significantly lower, with some banks offering at least 1.75% APY for a 12-month CD with a minimum deposit of $500. However, you can access the cash earlier if you’re willing the face the penalties. If you have less than a few hundred dollars for an opening deposit, then the Club Accounts may be a good alternative.
Health Savings Account
Northwest Bank’s Health Savings Account allows you to access pretax funds easily for your medical needs, but at a lower rate compared with some competitors.





Minimum balance requirement APY




$1,000.00-$4,999.999 0.05%


$5,000.00-$14,999.99 0.10%


$15,000.00 and over 0.15%





Opening a Health Savings Account (HSA) , can help you set aside money for out-of-pocket medical expenses. As long as you’re covered under a qualified high-deductible health plan, you can use this account for pre-tax savings to help you cover health care costs.
Northwest Bank’s HSA account requires that you maintain an average daily balance of at least $1,000 if you want to earn interest and avoid a $3 monthly service fee. Like other accounts offered, you get access to online and mobile banking and ATMs. You also get a Northwest HSA debit card which is accepted by Visa merchants worldwide.
Competitors offer similar services with higher rates. However, some of these banks have mandatory monthly service fees of up to $4. With these accounts, you can access your cash the same way, except some offer Mastercard debit cards instead.
How to get a Northwest Bank savings account
You can open an account by phone, online or in person. You’ll need your social security number, personal information and a government issued ID.


Northwest Bank Checking Account Rates
MyNorthwest Interest Checking
This account offers one of the lowest interest rates, but has unlimited ATM transactions and a GO! Rewards account.





APY Minimum balance requirement Minimum amount to open




0.01% $1,500 $50




As of 11/06/2017

MyNorthwest Interest Checking requires a minimum daily balance of $1,000 or else you face a $10 monthly service charge. There is also an overdraft fee of $35 with no grace period. However, you can opt in to a premium service that costs $12 a year. This service links your checking and savings accounts so that any possible drafts from one account will be withdrawn from the other.
Like the savings account, you get access to free ATMs, electronic statements, and online and mobile banking. You also get access to online bill pay and a Northwest Visa debit with Go! Rewards. With this program you earn points with each purchase to redeem for merchandise as well as the ability to use Apple, Android, and Samsung Pay.
How MyNorthwest Interest Checking compares
Compared to other banks’ checking accounts , Northwest’s checking account has a much lower rate. However, it offers free access to ATMs and rises above its competition with its Visa debit card. Not many banks offer GO! Rewards, which could be a huge advantage if you’re interested in earning rewards and plan on using your card often.
How to get a Northwest Bank checking account
To open a checking account, you’ll need your Social Security number, government-issued ID, and account information for existing bank accounts you want to transfer to Northwest Bank.


Northwest Bank IRA Account Rates
IRA CDs
Northwest Bank’s IRA CDs offer one of the lowest minimum deposit amounts, at the expense of a lower APY.





Term APY Minimum deposit amount




12-17 Months 0.35% $25


18-Month Variable 0.30% $500


18-23 Months 0.35% $500


24-29 Months 0.45% $500


30-35 Months 0.55% $500


36-47 Months 0.60% $500


48-59 Months 0.75% $500


60-71 Months 0.90% $500


72-120 Months 1.00% $500




As of 11/06/2017

With the IRA CD, you can deposit money any time and in any increment you wish. Interest is compounded and credited every quarter. However, the interest rate is not fixed, meaning that the interest rate may fluctuate on the last day of each quarter.
When your IRA matures, you have a seven-day grace period in which to make withdrawals or roll it over. Early withdrawals are subject to the same penalties as their regular CD accounts
How Northwest Bank’s IRA CDs compare
The minimum opening deposit is one of the lowest out there, compared with some other IRA CDs that ask for a $1,000 minimum for an 18-month IRA CD. Like Northwest Bank’s other products, their IRA CDs offer a much lower rate, at least half of what its competitors offer.
How to get an IRA CD from Northwest Bank
You will need to apply for an IRA CD at the nearest branch.
IRA Tiered Money Fund
This account offers higher rates than their IRA CD, but still falls short compared with other banks.





Minimum balance requirement APY




Up to $2,499.99 0.10%


$2,500.00-$9,999.99 0.10%


$10,000.00-$74,999.99 0.10%


$75,000.00 and over 0.25%




As of 11/06/2017

Like the IRA CD, you only need a minimum of $25 to open an account and deposit money as often as you want. There is a tiered interest based on balance, and interest is compounded and deposited every month. As well, there are no withdrawal restrictions, unlike the IRA CD where you may be penalized for early withdrawals.
If you’re looking for a similar product else with higher rates, you can consider a savings or checking account that may have tiered APYs.
How to get an IRA Money Fund from Northwest Bank
Visit your local branch to open an IRA Money Fund. You cannot open one online.
Bottom line
Although Northwest Bank offers free ATM access as well as a wide variety of customer service options, its rates are significantly lower than you’ll find with competitors. If you’re looking for a bank that offers more competitive rates with similar services, you may be better off looking elsewhere.


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