Finding the Best Banks in Oregon
It’s challenging to choose the best bank for you, because there are so many banks and they all offer a versatile range of accounts accounts. To help you decide which banks in Oregon offer what you need, SmartAsset created this list of the best banks in the state. Continue reading to see the most accessible banks and to see which banks have the best accounts.
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How We Determine the Best Banks in Oregon
SmartAsset’s banking experts found the 15 most popular banks in Oregon, based on the number of branches in the state. From those banks we selected the best national and regional banks, as well as the best savings and checking accounts. To make our choices, we considered minimum balance requirements, annual percentage yields (APYs), fee structures and overall accessibility.
Ally Bank: The Top Savings Account
Are you satisfied with your savings account’s interest rate? If not, the Ally Online Savings Account is a great way to go. Regardless of your balance, your APY will stand at 0.50%, which is around 10x the national average, according to Ally’s website. There’s no minimum to become an account holder, making it accessible for just about anyone. You also won’t pay any monthly fees to hold onto this account.
Combining the ability to earn interest with traditional checking perks is typically a luxury, but the Ally Interest Checking Account offers just that. When you become an account holder, you’ll receive a free debit card, along with a variable interest rate structure. To be specific, accounts with a minimum daily balance under $15,000 receive a 0.10% APY, and accounts that surpass that amount secure a 0.25% APY. Fee-free withdrawals are available around the world at more than 55,000 Allpoint ATMs, though can also take advantage of up $10 per statement cycle in out-of-network ATM fee reimbursements.
Apple and Android users alike can download the mobile banking app of Ally. This platform is integral to Ally’s banking services, as it’s a branchless financial institution. By using the app, you’ll be able to deposit checks remotely, view your account statements and transaction histories, find fee-free ATMs and send money to friends and family.
Best National Bank With Branches in Oregon: U.S. Bank
If you’re looking for simple banking, U.S. Bank offers a range of checking and savings accounts. However, the bank also has much more than that. There are credit cards, loans, mortgages and services to help you with investing. The plethora of accounts and services makes it easy to keep all of your finances with one bank.
Because U.S. Bank is a large, national brand, you can also find it if you travel outside of Oregon. There are about 3,000 U.S. Bank branches and ATMs spread across the country. That could also make the bank a suitable option for businesses and people who travel frequently for work.
The tradeoff to working with such a big bank is that the APYs are low. Even for certificates of deposit (CDs), which people typically use as a tool for getting high APYs, the rates aren’t competitive. (Consider some of these top CDs instead.)
Runner-up: Wells Fargo
Best Regional Bank: Umpqua Bank
For customers who want to work with a more local bank, Umpqua Bank may be perfect. It’s the largest bank based in Oregon and has more than 100 branches in the state. If you leave the state for vacation or for work, you can also find branches or ATMs in Washington, Idaho, California and Nevada. At the same time, Umpqua Bank is significantly smaller than a national brand like U.S. Bank.
Being a smaller brand isn’t all bad, though. Umpqua Bank offers a variety of accounts for both individuals and businesses. Some accounts do require relatively high minimum deposits, but you can open most basic accounts with just $25. Jake sure that you look out for monthly fees, which you can usually waive by meeting certain balance or transaction limits.
If you’re looking to save for major life goals, Umpqua Bank can also help you with retirement accounts, loans and college savings plans.
Best Savings Account Rate: CIT Bank Savings Builder Account
Strong interest rates are far less abundant than they used to be, but CIT is taking a stab at fixing this issue. By maintaining an account balance of $25,000 or depositing $100 on a monthly basis, CIT will boost your Savings Builder APY to 0.40%. Those that fall outside of these qualifications will instead receive a 0.28% APY. All you need is $100 to open an account.
CIT is a savings-centric bank, meaning the vast majority of its products are built to help customers save money. This is evidenced by the following selection of accounts:
- Premier High-Yield Savings account
- Money market account
- 6-month to 5-year term CDs
- 2-year to 5-year jumbo CDs
- 1-year to 4-year “RampUp” CDs
- No-Penalty/11-Month CD
Regardless of whether you have an Apple or Android device, you’ll be able to download CIT Bank’s mobile app. Mobile check deposit, inter-account money transfers and digital account statements are just a few of the features you’ll receive. Customers are apparently happy with CIT’s mobile offering, as it has a 3.85-star rating out of 5 between the two competing app stores.
Runner-up for Best Savings Account Rate: WaFd Bank
Out of all the banks that we considered in Oregon, WaFd Bank's Statement Savings account has one of the highest APYs. You only need $25 to open an account and you earn an APY of 0.10% as long as you keep your account balance at $100 or more. (Unfortunately, balances below that won’t earn interest.) You can also waive the account’s monthly fee if you keep a balance of at least $100.
To help minors build their savings from a young age, WaFd Bank only requires them to have $10 to open an account and to earn interest.
Beyond this one account, WaFd Bank offers a few savings and checking accounts. You can also choose from multiple credit cards. Need a mortgage or loan? WaFd Bank can help you with that too.
Best Free Checking Account: Umpqua Bank
As mentioned earlier, Umpqua Bank has a big presence in the Northwest. If you’re looking for a free checking account that offers a good experience with little to no fees, you should consider the Umpqua Bank Embark Checking account. The monthly fee, which is only $3 to begin with, is waived as long as you elect to receive electronic statements. You will need to pay an extra fee if you want paper statements. (Customers who are 62 or older do not have to pay the paper statements fee.)
The Umpqua Bank Embark Checking account includes $10 in ATM rebates each month as long as your average account balance is at least $2,500. It may also be a good idea to pair this account with an Umpqua Bank Grow Savings account. There is no monthly fee for the savings account if you make monthly transfers into it from the checking account.
Best Customer Service: Banner Bank
Banner Bank has close to 50 branches in Oregon. It also has more than 175 branches throughout Oregon, Washington, California and Idaho. But even as the bank increases its reach, it has done well to maintain a high level of customer service.
According to J.D. Power’s U.S. Retail Banking Satisfaction Study, Banner Bank provides the best customer experience of all the banks in the Northwest, by a long shot. This study takes multiple factors into account, like a bank's ability to handle customer issues, the frequency of its branches, its fee schedules and its product offerings.
In terms of its products and services, Banner Bank doesn’t always have the highest rates. While rates are higher than large, national brands like U.S. Bank, you can still find higher rates elsewhere. You can also find accounts elsewhere with lower minimum deposits or monthly fees that are easier to waive.
Runner-up: Chase Bank
Best Student Account: Bank of America
One of the biggest financial challenges for college students is just figuring out how to start saving. You don’t want an account with high minimums or with monthly fees that will eat away at your deposits. Bank of America solves this with Bank of America® Student Banking.
This student account waives the monthly fees for both high school and college students. The lack of a fee means that you can focus on building a solid foundation of savings. Because Bank of America is a national brand, you can also find branches and ATMs around the country. If you aren’t near a branch, you can still use the bank’s mobile app to handle your accounts. There is also a feature in the app that allows you to send money to others easily.
The other advantage of working with Bank of America is the variety of accounts, products and services. There are credit cards, auto loans, home loans and access to financial advisors, who can help you with investing. It isn’t crazy to say that you could open an account with Bank of America in high school and then use the bank for rest of your life.
Additional SmartAsset Bank Reviews in Oregon
Didn't find the best bank for you? Consider the following banks in your area.