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Best Banks In Oregon

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by Derek Silva Updated

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.

Bank APY Minimum Deposit Highlights
U.S. Bank U.S. Bank logo Read More 0.01% $25
  • Best National Bank
  • Nearly 200 branches in the state
Umpqua Bank Umpqua Bank logo Read More 0% $25
  • Best Free Checking Account
Umpqua Bank Umpqua Bank logo Read More 0.01% $25
  • Best Regional Bank
  • More than 100 branches
Washington Federal Bank Washington Federal Bank logo Read More 0.10% $25
  • Best Savings Accounts
Banner Bank Banner Bank logo Read More 0.05% $25
  • Best Customer Service
Bank of America Bank of America logo Read More 0.03% $100
  • Best Student Account
  • Variety of banking products

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.

Best National Bank: U.S. Bank

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 Free Checking Account: Umpqua Bank

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 Regional Bank: Umpqua 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 Accounts: Washington Federal Bank

Washington Federal

Out of all the banks that we considered in Oregon, Washington Federal Bank’s Statement Savings account has the highest APY. 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 $200.

To help minors build their savings from a young age, Washington Federal Bank only requires them to have $10 to open an account and to earn interest.

Beyond this one account, Washington Federal offers a few savings and checking accounts. You can also choose from multiple credit cards. Need a mortgage or loan? Washington Federal can help you with that too.

Best Customer Service: Banner Bank

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

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.

Tips for Finding the Best Bank Accounts

  • Before you open any accounts, you should consider your financial goals. The best bank accounts will be the ones that most help you to meet those goals. If you aren’t sure which accounts or banks can do that, consider talking with a financial advisor. An advisor is an expert who can give you guidance based on your specific financial situation.
  • It’s great to bank at a branch near you, but you can probably find higher rates online. Regardless of where you live, here are some of the best high-interest savings accounts.
Save more with these rates that beat the National Average
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Best Places to Save

SmartAsset’s interactive map highlights the places in the country where people have the opportunity to save money. Zoom between states and the national map to see the best places to save.

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Rank County Median Household Income Cost of Living Purchasing Power Estimated Tax Rate

Methodology Where you live can have a big impact on how easy it is to save money based on several regional factors. Our study aims to find the most suitable places for people to save based on median household income, average living expenses and income tax burden.

First, we calculated the average cost of living in each county for a household with two adults (one working). We then created a purchasing power index for each county. This reflects the counties with the highest ratio of household income to cost of living.

To better compare income tax burdens across counties, we applied relevant deductions and exemptions before calculating federal, state and local income taxes for a family making $50,000 annual income in each location. Next, we created an effective tax rate index for each county, which reflects the counties with the lowest ratio of income taxes to the assumed $50,000 annual income.

Finally, we calculated the weighted average of the indices to yield an overall best places to save score. We used a three-fourths weighting for purchasing power and a one-fourth weighting for tax rates. We indexed the final number so higher values reflect places that are better to save.

Sources: US Census Bureau 2016 5-Year American Community Survey, MIT Living Wage Study