With many online savings account rates falling below 2%, you may want to consider high-yield reward checking accounts. There are several that have a history of earning over 3%. One example is the Iowa-based Northwest Bank’s Compass Rewards Account, which has been earning 3.04% APY on qualifying balances up to $25k for a year. The portion of qualifying balances above $25k earns an interest rate of 0.10%, with non-qualifying balances earning 0.01% APY.
- At least 12 debit card purchases.
- Receive eStatements.
- Log into Online or Mobile Banking at least once per statement cycle.
The Compass Rewards Account has no monthly service fee or minimum balance requirement, and can be opened with a minimum $10 deposit. Paper statements are available for a $10 monthly fee. While there is no ATM fee reimbursement, Northwest Bank is a member of the MoneyPass, an ATM network with more than 25,000 ATMs nationwide. There is a limit of one Compass Rewards Account per Social Security number.
Headquartered in Spencer, Iowa, Northwest Bank has a brick-and-mortar presence in Iowa and Nebraska, but offers accounts online to residents of Iowa, Minnesota, Nebraska and South Dakota.
Opening a Compass Rewards Account can be done online, or in person at any of 19 Iowa branches located in Algona, Ankeny (2), Arnolds Park, Belmond, Estherville, Fort Dodge (2), Humboldt, LeMars (2), Milford, Sioux Center, Sioux City (2), Spencer (2), Spirit Lake, and West Des Moines. Northwest Bank also has two Nebraska branches in La Vista and Omaha.
Northwest Bank has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 3.08% (excellent) based on September 30, 2019 data. In the past year, Northwest Bank has increased its total non-brokered deposits by $36.34 million, an above average annual growth rate of 2.85%. Please refer to our financial overview of Northwest Bank (FDIC Certificate # 32647) for more details.
When a financial institution describes itself as “a family-owned bank,” the picture that usually pops into my head is a local bank in a picturesque town with small market area. Northwest Bank may be a family-owned bank, but it’s also the sixth largest bank headquartered in Iowa, with assets in excess of $1.6 billion and nearly 70,000 customer accounts. Established in 1988 as Northwest FSB by two brothers, Neal and Dwight Conover, the Bank acquired two Iowa Savings and Loan Associations in its first year of operation and two Iowa banks in 2006 and 2013. While Northwest Bank has experience tremendous growth in 30+ years, it has maintained its “commitment to remain family owned and focused on serving the communities we currently serve.”
How the Compass Rewards Account Compares
Given the multi-state availability of the Compass Rewards Account, a comparison to nationally available accounts is appropriate. When compared to the High Yield Rewards Checking Accounts tracked by DepositAccounts.com that are available nationwide and have maximum qualifying balances of at least $25k, Northwest Bank’s Compass Rewards Account APY currently ranks third.
The above rates are accurate as of 12/20/2019.
To look for the best Reward Checking Account rates, both nationwide and state specific, please refer to our High Yield Reward Checking Account Rates Table page.