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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.

EARN A GREAT RATE

Plus ear 0.35% APY* on your balance or 0.85% 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. 
  • 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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    *Annual Percentage Yield. $1 minimum opening balance. APYs effective as of 9/26/2022 & 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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