Northwest Bank

Overview / Commentary
101 West 5th Street
Spencer, IA 51301

Northwest Bank is headquartered in Spencer and is the 6th largest bank in the state of Iowa. It is also the 496th largest bank in the nation. It was established in 1988 and as of March of 2021, it had grown to 333 employees at 20 locations. Northwest Bank has an A health rating.

Reviews (2)

Northwest bank review

Overall I really like Northwest bank. They have a friendly staff and I never spend much time inside the bank doing any transaction. The only account that I use is a checking account. I prefer a checking account because it is easier with withdraw my money. I use a debit card and have my money whenever I want it. Their online banking is the best feature they have though. It is very secure, and it has many features. You can check all of your account just like at the actual bank, and also see all of your transaction history which I really like. The other day I no longer wanted to receive bank statements in the mail, so I went online and requested them to be canceled. It is very efficient and useful.

If You Looking To Build Credibility Don’T Use This Bank

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After 8 years I am closing my business, checking and saving account, I was able to build equity for over a millón dollars in real state, however I wasn’t elegible for a car loan, I was not good enough to access to an small credit or refinanced my student loans with this Bank. I will be looking for a better bank right now.


Health Grade Components

FDIC Certificate #32647
Year Established1988
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD1.62%
Return on Equity - YTD18.88%
Annual Interest Income$17.2MM
Assets and Liabilities
AssetsQ1 2021vs Q1 2020$2.13B$1.74B
LoansQ1 2021vs Q1 2020$1.54B$1.41B
DepositsQ1 2021vs Q1 2020$1.82B$1.45B
Equity CapitalQ1 2021vs Q1 2020$178.9MM$167.4MM
Loan Loss AllowanceQ1 2021vs Q1 2020$20.8MM$17.8MM
Unbacked Noncurrent LoansQ1 2021vs Q1 2020$9.3MM$4.5MM
Real Estate OwnedQ1 2021vs Q1 2020$609.00K$1.6MM
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* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.

Northwest Bank Savings Account Rates

0.25%*-$20kCompass Savings Account
OTHER TIERS: 0.05% $20k - $50k | 0.13% $50k+

Northwest Bank Checking Account Rates

2.12%*-$25kCompass Rewards Account
OTHER TIERS: 1.11% $25k+


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