Earn Interest and Get Your Tax Benefits with our First Time Homebuyer Savings Account!
The American Dream of homeownership just became a bigger reality at Northwest Bank. Start saving and deduct your interest earned from your Iowa taxes.
EARN A GREAT RATE
Start Saving Today!
- Parents, grandparents, or future new homeowners can open a Northwest Bank First Time HomeBuyer Savings Account! The account applies to first-time homebuyers and those re-entering the housing market, if they have not owned a home within three years.
- Account holders can receive a deduction from their own Iowa income state taxes up to $2,137 individually or $4,274 for married taxpayers filing a joint return. And, your interest earned may be tax-deductible. Click here for current annual deduction limits.
- The account must be opened for a minimum of 90 days and a maximum of 10 years with the funds used towards the purchase of a first home.**
- Individuals can deposit money at any time into the interest-bearing savings account with no maximum balance amount!
- The beneficiary of the funds must be purchasing their first home within the state of Iowa. The funds can also be transferred to a different beneficiary.
Are you Interested? Send us a quick message and we'll reach back out to you with more information!