Who cares about interest rates when you can get the prize from the get-go? Northwest Savings Bank is offering rewards for both new recruits and current members who successfully manage to refer their checking accounts to new members. This just might be the best checking account in the market today, and the bank is determined to make new members feel this way.

Simply by opening an account with them (you have to identify a current member, though, who referred you), you already earn $100 which will be automatically transferred to your account. The money in the bank deal works for both the new recruit and the recruiter because the current member is rewarded $50 for each new referral he brings into the bank.

Current members are also included in the draw for 25 iPod Nanos when they successfully refer people to the bank. If you’re not comfortable with letting chance decide your fate, you can put the reigns in your hands by inviting at least five friends to get a checking account with the bank. This entitles you to a $10 gift card for iTunes which you can use to purchase music or accessories for your digital media player.

The current members are not the only ones getting the goodies. New members also enjoy several banking perks, including free, unlimited access to up to 37,000 ATMs nationwide, free online banking transactions and bill payment services, free rewards card, and a free enrollment to the bank’s mobile banking service.

The bank has been around for quite a while. It was established in 1896, and currently has 168 branches located in Maryland, New York, Ohio, Florida and Pennsylvania. The bank’s safety and soundness ratings are pretty impressive. It received 5 out of 5 stars from BauerFinancial.com, and a rare 4 out of 5 stars from Bankrate.com. The Northwest Savings Bank is a member of the FDIC, and is federally insured under FDIC Certificate #28178.