Dedicated to Deposits: Deals, Data, and Discussion

$200 Checking Account Bonus at Northwest Savings Bank in NY, PA, OH & MD

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Northwest Savings Bank

It has been awhile since I last reported on a checking account bonus at Northwest Savings Bank. I’m glad to see the bank is again offering a bonus, and it’s a nice bonus for a free checking account. You can earn up to $200 on the checking account promotion. It requires direct deposit to receive the first $100. For the second $100, you’ll have to keep the account open for a year. Details of this offer are listed in the bank's promotions page as of 3/24/2014. The most important part of the small print is below:

Within 6 months of Account opening, two ACH Direct Deposits ("Deposit(s)") of $200 or more made by an employer or other outside source must be deposited into Account. Internal transfers between accounts or deposits made at a branch or ATM do not qualify as Deposit(s). First bonus of $100 will be posted to Account within 14 calendar days of the second Deposit. Eligibility to receive the first $100 bonus will expire 6 months from date Account is opened. Second bonus of $100 will be paid to Account within 14 calendar days after one year anniversary of Account being opened provided: (i) customer qualifies for first bonus; and, (ii) two Deposits were received within two months prior to one year anniversary of date Account was opened.

The bank has two MyNorthwest Checking Accounts. The non-interest one is free with no monthly service charges or minimum balance requirements. Online bill pay and mobile banking are free. The bank is part of the Freedom Alliance and Allpoint ATM networks so customers can use those ATMs without a fee.

Limited to Certain Areas of 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.

Northwest Savings Bank branches are located in parts of Maryland, New York, Ohio and Pennsylvania. Some of the major cities with branches in the Northeast states include Baltimore, Buffalo, Rochester, Erie and Pittsburgh.

Northwest Savings Bank Overview

It’s a sizable bank with $7.90 billion in assets and 166 offices in Pennsylvania, Maryland, New York and Ohio. It has an overall health grade at DepositAccounts.com of a B+ with a Texas Ratio of 11.08% (above average). Please refer to our financial overview of Northwest Savings Bank for more details. The bank has been a FDIC member since 1939 (FDIC Certificate # 28178).

Other Bank Bonuses

You can view my latest bank bonus blog posts in this bank bonus page. I and DepositAccounts.com readers often post on bonuses in the bank deals forum.

  Tags: New York, Northwest Savings Bank, Pennsylvania, Maryland, Ohio, checking account

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Comments
4 comments.
Comment #1 by QED posted on
QED
This looks like a "can't fail" deal.  I'm not seeing any negatives at all with their MyNorthwest Checking account.  This deal is much hotter than the First Niagara deal IMO, even though the dollar amount is fifty bucks less, because the terms are so much easier and more reasonable.  Also, Northwest Savings Bank looks like a good bank while First Niagara Bank has a few warts.

I've not done the FNB deal yet.  I think I'll opt for this one instead.

4
Comment #2 by NYCDoug posted on
NYCDoug
" . . . two ACH Direct Deposits ("Deposit(s)") of $200 or more made by an employer or other outside source must be deposited into Account"

Does the "other outside source" include an externally initiated ACH transfers from another bank?

2
Comment #3 by QED posted on
QED
Absolutely!  (JMHO, of course)

I plan to go with Alliant on this one.  My other ACH originator is a bank within NY State.  Better, IMO, to use a mid west point of origination in this situation.

Regardless, though, the double $200 ACH requirement simply could not be more a piece of cake. 

3
Comment #4 by Anonymous posted on
Anonymous
They are a great bank, too bad now I live outside their market area  :(

3
Comment #7 by QED posted on
QED
I'm afraid, for purposes of on-line application, many persons living within their marketing region also live outside their marketing region!!  There's a problem with their application process.  I live fairly close to several of their branches, WELL within the fifty mile limitation they impose.  Still, when I tried to apply on-line I was told I was not within their marketing area.  They are are working on this problem.  They need to work much harder!!!

3
Comment #5 by J Bauer (anonymous) posted on
J Bauer
Could someone please tell me how to get an account with an ACH "originator"? I take it this allows you to generate direct deposits by oneself. Thank you very much.

2
Comment #6 by QED posted on
QED
Easy peasy.  Four words:

Join Alliant Credit Union

It also happens to be the best credit union in the USA for many other things as well.  But for ACH transfers, it absolutely has no rival!

3
Comment #8 by J Bauer (anonymous) posted on
J Bauer
Ok, thanks. So to join Alliant, I just need to join (via a $10 donation) to Foster Care to Success? And to simulate a direct deposit, I just make an ACH transfer from my Alliant account? Anything else to it? Thanks again.

1
Comment #9 by QED posted on
QED
First of all, there is no "simulation" at all.  It is a real, genuine, direct deposit when Alliant originates it for you, as valid as any other.  And it is a service Alliant provides free to members.

Alliant ACH capability is primarily known for its speed (next day delivery if request is made before 12 noon CT!) and for the unlimited number of payees you are permitted by Alliant to attach to your account.

Joining?  Dunno.  I joined years ago by contributing to my local PTA.  Sounds like a worthwhile charity, though.  Regardless, any Alliant rep can guide you through the joining process.

Alliant has my hub account.  I would literally be at a loss to run my financial affairs without Alliant.  IMO, it's the finest credit union in the USA.

5
Comment #10 by J Bauer (anonymous) posted on
J Bauer
Thank you so much. I have now joined Alliant. Just to clarify, every bank you've used as accepted an ACH transfer from Alliant has a direct deposit that qualifies for a sign-up bonus? Have any banks declined to recognize an Alliant ACH transfer as a qualifying direct deposit? Thank you again!

2
Comment #11 by QED posted on
QED
Ahhh, now that's another question entirely!!  It comes up often here in Ken's forum.  Some banks offering "special dealz" require the ACH come in for example from Social Security, pension, or salary sources.  In such circumstances an ACH from Alliant might not suffice to meet the "special deal" requirements of the receiving institution.  But that would not be the fault of Alliant.  It would be because the ACH did not meet the coding requirements of the special deal.

It's often a topic of discussion as to whether the institution offering the deal is actually checking coding and source of funds arriving via ACH.  I expect this varies from institution to institution.  Some are more rigorous and thorough checkers than others, IMO.

Fortunately, with this Northwest Bank deal, there will be no such concerns.  I have checked with Northwest.  ANY outside ACH will suffice to meet Northwest's deal terms.  Thus, they are not insisting it be from salary, pension, or Social Security.  Alliant will work just fine for this deal.

2
Comment #12 by J Bauer (anonymous) posted on
J Bauer
Got it, v helpful.

2