Northwest Savings Bank is offering a $100 bonus for opening a new Switch Checking Account. Details of this promotion are listed in the bank's promotions page as of 7/29/2010. Some important details include:
- $100 minimum opening deposit
- To qualify, customers must initiate a monthly direct deposit of $100 or more
- Switch Rewards, Switch Free, or Switch Interest Checking Account qualify
- $100 credit will be posted to the account within 7 days of the first verified Direct Deposit
- $100 credit is subject to a 1099 reporting
A reader in a previous Northwest Savings post mentioned that his $100 opening deposit triggered the bonus. So a real direct deposit may not be required. As usual your miles may vary.
Here's a summary of the checking accounts. The GO! Rewards Checking is a free checking account. It's not a high-yield reward checking account. The rewards are based on the amount you spend with the debit card. Another perk with this account is that you earn 10,000 points when you open the account. Note, online bill pay is free only if you pay at least one bill per month.
The bank also has a good refer-a-friend deal in which you can earn $50 for each friend who opens a qualifying account. Plus, you can get a $10 Apple iTunes gift card just for inviting 5 or more friends, and there's the chance to win an iPod nano.
Only for Those in Certain Areas of FL, MD, NY, OH & PA
There's an online application link at the promotion page. However, on the first page of the application it states:
All residents of the United States that are within the Northwest market area are welcome to apply for an account.
Branches are located in parts of Florida, Maryland, New York, Ohio and Pennsylvania.
Decent CD Rates
The bank also has some decent CD rates. They're not good enough for a separate post, but I wanted to mention them for those who may live near one of their branches. You have to enter your zip code to see the rate table so rates may vary by location. For South Florida, the best rates include a 3.00% APY 6-year CD, a 2.80% APY 5-year CD, a 2.10% APY 3-year CD and a 1.50% APY 18-month CD. These were listed at the bank's South Florida rate sheet as of 7/29/2010.
The bank's ratings for safety and soundness are strong. At DepositAccounts.com we give the bank an overall health score of 5 out of 5 (see our financial overview for Northwest Savings Bank). The bank has been a FDIC member since 1939 (FDIC Certificate # 28178).
Other Bank Bonuses
To find other bonus deals, please refer to my bank bonus page which has all of my recent bank bonus posts.