Northwest Bank

Overview / Commentary
705 Grand Ave
Spencer, IA 51301

Northwest Bank is headquartered in SPENCER and is the 6th largest bank in the state of Iowa. It is also the 453rd largest bank in the nation. It was established in 1988 and as of December of 2023, it had grown to 329 employees at 19 locations. Northwest Bank has a B 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

Posted by: |

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 - YTD0.6%
Return on Equity - YTD8.17%
Annual Interest Income$108.9MM
Assets and Liabilities
AssetsQ4 2023vs Q4 2022$2.61B$2.47B
LoansQ4 2023vs Q4 2022$1.96B$1.82B
DepositsQ4 2023vs Q4 2022$2.01B$2.04B
Equity CapitalQ4 2023vs Q4 2022$197.1MM$173MM
Loan Loss AllowanceQ4 2023vs Q4 2022$25MM$24.4MM
Unbacked Noncurrent LoansQ4 2023vs Q4 2022$24.1MM$4MM
Real Estate OwnedQ4 2023vs Q4 2022$175K$150K
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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

1.40%--First time Homebuyer - w/ Auto deposit checking
1.26%*-$20kCompass Savings Account
OTHER TIERS: 0.50% $20k+
0.90%--First time Homebuyer Saving Account

Northwest Bank Checking Account Rates

3.30%*-$25kCompass Rewards Account
OTHER TIERS: 0.05% $25k+


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