Deal has expired and is no longer being offered, view more bank account bonuses by clicking here
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, OH only (must live within 50 miles of branch) (MD no longer available)
- 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
- 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.
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
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
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.
- What counts as a direct deposit (ACH transfers currently count)
- It’s a soft pull to open this account
- You can fund up to $1,000 with a credit card (including American Express cards)
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:
- A Beginners Guide To Bank Account Bonuses
- PSA: Don’t Call The Bank
- Introduction To ChexSystems
- Banks & Credit Unions That Are ChexSystems Inquiry Sensitive
- What Banks & Credit Unions Do/Don’t Pull ChexSystems?
- How To Use Our Direct Deposit Page For Bank Bonuses Page
- Common Bank Bonus Misconceptions + Why You Should Give Them A Go
- How Many Bank Accounts Can I Safely Open Within A Year For Bank Bonus Purposes?
- Affiliate Links & Bank Bonuses – We Won’t Be Using Them
- Complete List Of Ways To Close Bank Accounts At Each Bank