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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

Earn up to 1.00% APY when you set-up automatic monthly deposits from your Northwest 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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    *Annual Percentage Yield.  $1 minimum opening balance. APYs effective as of 3/19/2020 and subject to change without notice. Fees may reduce earnings. Not valid with any other special offers. **10% penalty fees apply to the owner if funds aren’t used for a first time home purchase.

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