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Earn Interest and Get Your Tax Benefits with our First Time Homebuyer Savings Account!

First Time Homebuyer Savings Account! Save for the purchase of a first home and receive tax benefits

Ready to Get Started!

The American Dream of homeownership just became a bigger reality at Northwest Bank. Start saving and deduct your interest earned from your Iowa taxes.


Plus ear 0.20% APY* on your balance or 0.70% APY*

when you set-up automatic, monthly deposits from your Northwest Bank Checking Account! 

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. 

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Are you Interested? Send us a quick message and we'll reach back out to you with more information!

All fields marked with * are required.

    *Annual Percentage Yield.  $1 minimum opening balance. APYs effective as of 11/5/2021 and subject to change without notice. Fees may reduce earnings. Not valid with any other special offers. **10% tax penalty may apply to the owner if funds aren't used for a first time home purchase.

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    Use Zelle® to send money from your account to theirs. It’s a fast, safe and easy way to send money.

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