Northwest Bank Checking Bonuses: Up to $500 for Targeted Offers, Plus a Referral Program

If you've received a mailer or email from Northwest Bank, you might be looking at a chance to snag up to $500 just for opening a new checking account. Even if you weren't targeted, their referral program lets you earn $200 and your friend gets $50. Let's break down the details so you know exactly what you're getting into.

The Targeted $500 Offer: Who Qualifies and How

Northwest Bank is currently running a promotion for select customers who received a mailer or email with a unique promo code. The bonus you can earn depends on which checking account you open. For the standard Affinity Checking, you'll get $250 after making direct deposits of $500 or more within a single statement cycle during your first three months. If you go for the Affinity Premier Checking, that bonus jumps to $500, but you'll need to deposit $2,000 or more in a single cycle.

One thing to keep in mind: this offer is targeted. If you didn't get the mailer, you can't just walk in and claim it. But don't worry—there's still the referral program, which we'll cover next.

• Open the account by the expiration date on your mailer or email.
• Use the promo code from the mailer when you apply.
• Set up direct deposit of at least $500 (Affinity) or $2,000 (Affinity Premier) within a single statement cycle in the first 3 cycles.
• Bonus posts within 90 days of meeting requirements.

Referral Program: Get $200, Give $50

If you're not targeted, the referral program is a solid alternative. When you refer a friend, they can earn a $200 Visa virtual reward by opening a new checking account and meeting a few requirements within 60 days. They need to make direct deposits totaling $1,000 or more and complete 10 debit card transactions (including POS, mobile wallet, and ATM). You, as the referrer, get $50 per successful referral, up to $500 per year.

It's a win-win, but watch the fine print: the referred friend must open the account within 180 days of registering via your link, and they can't have had a Northwest checking account in the last 12 months.

• Referred friend must register via your unique link.
• They need $1,000 in direct deposits and 10 debit card transactions within 60 days.
• You earn $50 per referral (max $500/year).
• Rewards are digital Visa cards, valid for 3 months.

Avoiding Monthly Fees: What You Need to Know

The basic Affinity Checking has no monthly fee at all—that's a nice perk. But if you want the higher-tier accounts, you'll need to maintain certain balances. The Affinity Plus Checking charges $15 per month unless you keep an average daily balance of $5,000 or have $15,000 in combined deposits and investments. The Affinity Premier Checking has a $25 fee, waived with a $15,000 average daily balance or $50,000 in combined balances.

If you're just after the bonus, the basic Affinity Checking is the simplest route since it's fee-free. But if you already have significant balances at Northwest, the Premier account might be worth it for the higher bonus and extra perks like ATM fee reimbursement.

• Affinity Checking: $0 monthly fee.
• Affinity Plus: $15 fee, waivable with $5k avg balance or $15k relationship.
• Affinity Premier: $25 fee, waivable with $15k avg balance or $50k relationship.
• Relationship balances include checking, savings, CDs, IRAs, and eligible LPL investment accounts.

Bottom Line

• Targeted offers can net you $250 or $500 with direct deposit requirements of $500 or $2,000 respectively.
• Referral program pays $200 to the new customer and $50 to you, but requires 10 debit card transactions.
• Basic Affinity Checking has no monthly fee, making it easy to keep open after the bonus.
• Bonuses are taxable and reported on IRS Form 1099-INT.

Common Questions