Posted by William Charles on December 17, 2016
Bank Account Bonuses

Published on December 17th, 2016 | by William Charles

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[PA, NY, MD, OH only] Receive Up To $200 + $10 When You Open A MyNorthwest Checking Account

Reposting this as we know now it’s a soft pull to open and you can fund up to $1,000 with a credit card. Hat tip to reader Drew for all the information. Reposting again since it’s been more than a year and some readers might have missed this one.

Offer at a glance

  • Maximum bonus amount: $200
  • Availability: PA, NY, MD, OH only (must live within 50 miles of branch)
  • Direct deposit required: Receive two direct deposits per month of at least $200
  • Additional requirements: You get the last $100 on your one year anniversary
  • Hard/soft pull: Soft
  • Credit card funding: Up to $1,000. Can also open a statement savings account and fund another $1,000
  • Monthly fees: None
  • Early account termination fee: Unknown
  • Expiration date: None listed

The Offer

Direct link

  • Receive a bonus of $200 when you receive 2 or more direct deposits of $200 or more from an employer or other outside into your new MyNorthwest checking account.
  • $200 bonus is broken down into two payments:
    • First $100 bonus is credited to your account within 14 days of competing the two direct deposits stated above
    • Second $100 bonus within 14 days of the one year anniversary of the account. You must receive two direct deposits in the two months preceeding the one year anniversay of the account to receive this second bonus. You must’ve also received the first $100 bonus to qualify.

$200 mynorthwest

The Fine Print

  • Must be approved for a MyNorthwest account, to be approved you must live within the service area. This means you must be within 50 miles of a branch. Click here to view if you’re within the service area, they only have locations in the following states: PA, NY, MD, OH.
  • Must be a new customer (considered a new customer if you haven’t held MyNorthwest” checking account within the past six months
  • Limited to bonus of $200 per account
  • Not available when you open a MyNorthwest interest bearing checking account
  • Employees are not eligible for this bonus
  • All bank account bonuses are treated as interest and as such you must pay tax on them
  • Offer may be extended, modified or discontinued at any time without prior notice and may vary by market

fine print

Avoiding Fees

Monthly Fee

There is no monthly fee on their most basic checking account.

Early Account Termination Fee

We cannot find the full fee disclosure for the MyNorthwest checking account. We’ve sent them an e-mail and will update this section once we know for sure if they do or don’t have an early account termination fee. Although it really shouldn’t matter as you need to keep the account open for a full year to get the full $200 bonus.

Extra $10 Bonus

Reader Dan shares a possible way to get an extra $10:

If you choose to receive paper statements for the first month or two then change to e statements they will add a $10 bonus to your account on the first estatement. There is no charge for paper statements so nothing to worry about

Might not even have to wait.

Easiest Way To Receive This Bonus

  • Open account
  • Fund with a rewards earning credit card
  • Set up an ACH transfer from your existing checking account to your new NorthWest checking account of $200+ per month
  • Wait two months
  • Receive first $100 bonus
  • Wait another ten months, set up direct deposit again
  • Receive second $100 bonus
  • Transfer all money out of your Northwest checking account to your main checking account
  • Close NorthWest checking account

You could also stop the ACH transfer for 8 months between receiving the first bonus and 2 months before the account anniversary, but you really won’t make that much in interest off the $200 you’ll need to transfer per month and this way you won’t forget to set it up to get the second bonus.

Our Verdict

For those that live in the participating areas this seems like an easy bank account bonus to receive. The only downside is that you’ll need to keep the account open for a year to receive the full $200 bonus. On the upside there is no monthly fee that needs to be avoided. I’d be taking advantage of this offer if I lived within the service area. If you do take advantage of this offer, let us know in the comments. Because of this I’ve added it to our best bank bonus list.

Useful posts regarding bank bonuses:

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Applied for this today – a couple of notes

Select “No” for overdraft protection to avoid hard pull
CC loads are allowed, max $1k, amex allowed

I opened an account today in Pittsburgh.
Using BA to load but system denied. Change to another AMEX SPG, still denied.
What should I do, go to another branch have a try?

Before I went, I lower my BA card cash advance line to $20 and SPG cash advance is not allowed since I don’t join the program

So does a credit card load count as a one of the direct deposits needed for this?

Also, there is a monthly minimum balance requirement:

“Service charge of only $3.00 per monthly statement period is applicable should your average daily balance for the period fall below $300”

Having to live within 50 miles of a branch kills it for me.

doesn’t seem to have any branch in New York.

Just applied for this offer with a $1000 Arrival+ fund. I’m going to set up DD to do $100 every month for the next 12 months since I’m bound to forget about the 2nd set of DDs — I live right by a branch with an ATM, so getting access to that money shouldn’t be a problem.

Dont you need DD of $200 twice? thats what I read from the terms: “Receive a bonus of $200 when you receive 2 or more direct deposits of $200 or more from an employer or other outside into your new MyNorthwest checking account.”

Yes, that’s what’s stated in the T&C and DoC’s write-up

Got the message of couldn’t verify my application and go visit a branch. so, I did. with the printout of my application. They couldn’t find it!! well so now I can’t fund with CC in the branch. I think they just discard the application if not approved online.

Still going to open as $200 is probably worth the hassle. I guess small banks don’t have much IT capability to handle these situations.

Funded $1k with Chase IHG, which counted as a purchase.

I opened an account today in Pittsburgh.
Using BA to load but system denied. Change to another AMEX SPG, still denied.
What should I do, go to another branch have a try?

Before I went, I lower my BA card cash advance line to $20 and SPG cash advance is not allowed since I don’t join the program. Does your IHG card has more than $1000 cash advance line?

Sometimes when funding a bank account in branch, they force the transaction as a Cash Advance.

You may have better luck applying online.

My IHG has a $400 CA line. Drew is correct, try online.

DP:
Opened Account.
Funded $1,000 with Chase Marriott (purchase)
Setup a transfer from Santander ($250) and a transfer from Huntington ($240).
Second Transfer posted on 4/14
Bonus $100 posted on 4/20.
Put a reminder in my financial spreadsheet to do two more transfers 10 months from now.

This was a nice (easy) bonus here!

Applied online. Used Amex (SPG Biz) to fund $1000. Posted as purchase.

Is there an easy way to get the enrollment code for online banking??

DP:

used scheduled transfers through Discover Checking to hit the second set of requirements

second $100 bonus posted as expected; going to close account soon

nice bonus, thanks DoC!

SouthFayetteFan
SouthFayetteFan

Thanks so much for coming back for the second DP. I’m just now eligible to do this myself in March now.

I’m just barely within 50 miles, but feels like too much work for a taxed $200. The 1k credit card spend is only another $15 in my mind. Bank account bonuses always seem enticing, but between paperwork and possible phone calls, they can eat up time. Maybe if I’m bored today…

There is no branch within 50 miles from NYC.

Right, so I don’t know why they said in NY

They said NY, not NYC.

Sigh, 63 miles to the nearest branch.

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