Oregon is home to some fairly impressive employers, including Nike, Intel, and Daimler Trucks North America. All those employers bring top talent to the state, and that top talent needs a place to bank.
Whether you’re new to the state or you’ve lived there your entire life, you need a good place to park your hard-earned money. Fortunately, Oregon has a wide range of banks, from brick-and-mortar banks to online banks, and from small, local banks to some of the largest banks in the U.S. This list will help you narrow down the options to find the best bank for you.
17 Best Banks in Oregon
When it comes to banking in the Beaver State, you’re spoiled for choice. Here are the best banks in Oregon, each excelling in different areas—from customer service and online platforms to interest rates and community involvement.
1. US Bank
U.S. Bank was originally founded in Oregon and is one of the largest banks in the U.S. It’s home to branches in 28 states, and over 150 of those branches are in Oregon.
For a limited time, U.S. Bank is welcoming new applicants in 26 U.S. states with a special online offering:
- Earn up to $1,000 when you open a new U.S. Bank Smartly® Checking account and a Standard Savings account and complete qualifying activities. Subject to certain terms and limitations. Offer valid through October 31, 2023. Member FDIC.
- Applicant must reside in AZ, AR, CA, CO, ID, IL, IN, IA, KS, KY, MN, MO, MT, NE, NV, NM, NC, ND, OH, OR, SD, TN, UT, WA, WI, WY to be eligible for Checking account.
With this account, you can enjoy perks like a free Visa debit card with lock/unlock features for security. Plus, no transaction fees at a vast network of ATMs, including those operated by U.S. Bank and over 40,000 operated by MoneyPass. With its wide range of services and current promotional offer, US Bank solidifies its position as one of the best banks in Oregon.
2. SoFi
SoFi is one of the top online banks for Oregon residents, especially for those looking for strong Checking & Savings accounts. With SoFi, you can get an impressive 4.50% annual percentage yield (APY) on your savings. Not only that, but you can also earn 0.50% APY on checking accounts, and there are no monthly fees.
One thing that makes SoFi unique is that you can get your paycheck up to two days earlier than usual with their early direct deposit feature. Additionally, if you use a SoFi debit card, you’ll enjoy up to 15% cash back when you shop at certain stores.
When it comes to keeping your money safe, SoFi has you covered. The bank offers FDIC insurance that protects your funds up to $2 million. Plus, if you happen to overdraw your account, SoFi will cover you for up to $50 without charging any fees, as long as you have qualifying direct deposits.
As a welcome gift, new SoFi customers can get a bonus ranging from $50 to $250, depending on how much you set up for direct deposit. You also have the convenience of using over 55,000 Allpoint® Network ATMs.
3. KeyBank
KeyBank stands out as a regional bank in Oregon offering a mix of broad coverage and versatile customer service. Operating in 16 states, KeyBank provides customers the convenience of a wide network of ATMs, along with two complimentary transactions per month at non-KeyBank machines.
One of the major draws of KeyBank is its free checking account, which requires no minimum balance and can be opened with just a $10 deposit. This is a great option for those looking for a simple and cost-effective banking solution. KeyBank also doesn’t charge overdraft fees if the amount is under the $20 account limit.
On the customer service front, KeyBank has multiple ways for you to get the help you need. Whether it’s face-to-face support at a branch, a live chat, or phone service, KeyBank offers an accessible and convenient banking experience to suit everyone.
4. GO2bank
If you’re interested in an online bank, GO2bank is a strong contender. Supported by Green Dot, GO2bank offers easy-to-open online checking accounts and special savings “vaults,” all with no minimum balance required. For those looking to grow their savings, you can earn an impressive 4.50% APY on balances up to $5,000.
Managing your money is straightforward with GO2bank, thanks to 90,000 retail locations available for cash deposits. The bank also offers free transfers from other banks and gives you access to over 55,000 ATMs with your free Visa debit card.
One of the perks of banking with GO2bank is the early direct deposit feature. You can get your paycheck up to two days in advance and even access government benefits four days early. Plus, receiving a direct deposit during any month will waive the $5 monthly fee.
In case you run into unexpected expenses, the bank offers up to $200 in overdraft coverage. For individuals looking to improve their credit, GO2bank offers a Secured Visa Credit Card.
5. Umpqua Bank
In 2023, Columbia Bank and Umpqua Bank officially merged, creating a powerhouse in the Northwest banking landscape. With its headquarters in Oregon and more than 100 branches in the state, the combined entity is now an even stronger option. Umpqua Bank also has a presence in several other states, such as Idaho, California, Nevada, Arizona, Utah, and Colorado.
Umpqua Bank offers multiple options for checking accounts, including one that’s free if you choose electronic over paper statements. While some accounts require high minimum deposits, most can be opened with just $25.
In addition to its variety of checking and savings accounts, Umpqua Bank also offers an extensive range of financial products to meet various needs. These include money market accounts, retirement accounts, and investment services.
For borrowing, the bank offers personal loans, auto loans, and even specialized boat and RV loans. Whether you’re buying or refinancing a home, Umpqua Bank has mortgage loans and home equity lines of credit (HELOCs) available. Despite being smaller than national brands, Umpqua provides plenty of options for both individuals and businesses, making it one of the best banks in Oregon.
6. Current
Current is a U.S.-based fintech that offers simplified online banking solutions, particularly for people with poor or no credit history. Unlike traditional banks, Current doesn’t use ChexSystems or pull credit reports for account approval.
Using the Current debit card can help improve your credit score without borrowing money or undergoing a credit check. The online bank provides a free overdraft buffer of up to $100 and offers access to 40,000 fee-free ATMs. Another notable feature is the early direct deposit, allowing you to receive your paycheck up to two days sooner than usual.
When it comes to saving, Current offers a high-yield savings account featuring a 4.00% APY on balances up to $6,000. Backed by reputable partner banks and FDIC-insured, Current offers a secure and reliable way to manage your finances.
7. Evergreen Federal Bank
If you’re a resident of Southern Oregon and prefer a local bank, Evergreen Federal Bank might be the right fit for you. With a minimum balance of $500, you can enjoy a free checking account without any monthly fees. To get started, you’ll only need a $100 minimum deposit to open an account. Added perks include free checks, free overdraft transfers, and even free access to a notary public.
Beyond checking accounts, Evergreen offers a range of other financial products including savings accounts, CDs, and home loans.
Evergreen Federal Bank is also known for its excellent customer service and offers various banking services geared towards businesses. One of the modern features it provides is advanced debit card controls within its mobile app, giving you better control over your finances.
8. HomeStreet Bank
Originating in Seattle, HomeStreet Bank now has branches in multiple states, including Washington, Oregon, California, and Hawaii. With just a $100 initial deposit, you can enjoy a free checking account with no monthly maintenance fee. Additionally, the bank offers free ATM withdrawals at MoneyPass locations nationwide, which can be very helpful when you’re away from home.
HomeStreet Bank also provides competitive interest rates with up to 4.65% APY on CDs. If you’re interested in opening a savings account, a minimum deposit of $200 is required.
The bank’s extensive line of financial products includes savings and money market accounts, CDs, IRAs, credit cards, mortgage loans, home equity lines of credit (HELOCs), and personal loans.
9. WaFd Bank
WaFd Bank is a regional bank with branches in Oregon, Washington, Idaho, Utah, Arizona, Nevada, New Mexico, and Texas. One of its highlights is a checking account that has no monthly fees and no minimum balance requirements. If you’re traveling or located outside these states, you can still make fee-free withdrawals at the MoneyPass ATM network across the country.
When it comes to savings, the bank doesn’t disappoint either. Competitive CD rates are on offer for those looking to grow their savings over a fixed term. WaFd Bank also boasts various home loan options tailored to meet diverse needs.
Further expanding its list of financial products, the bank provides specialized savings accounts designed for teens and students, in addition to IRAs, education savings accounts, mortgage loans, and credit cards. With its comprehensive offerings, WaFd Bank easily earns its place among the best banks in Oregon.
10. Chase Bank
As a national bank with branches in key Oregon cities like Oregon City, Portland, Salem, and Eugene, Chase Bank offers the advantage of widespread access to 4,700 branches nationwide. This is especially beneficial for those who travel frequently. The bank also offers a strong mobile banking app, enhancing the ease of managing your finances remotely.
The bank’s broad range of financial products includes not only checking and savings accounts but also specialized debit cards for kids, home loans, home equity lines of credit (HELOCs), and auto loans.
Chase Bank has a few standout features, such as multiple reward credit cards and a $100 bonus for new checking accounts. However, it’s worth noting that the bank offers low interest rates on savings accounts and CDs.
11. Riverview Community Bank
If you’re looking for a community bank with nationwide cash access, Riverview Community Bank is another lender to consider. Although it is a local bank, you’ll find branches in Oregon and Washington.
The bank offers free checking accounts with no minimum balance requirement. To open any checking account, a $100 initial deposit is needed. Account holders get another layer of convenience with no transaction fees at MoneyPass ATMs.
If you’re interested in personal or home loans, Riverview provides competitive rates that make it an attractive option. The bank also features various several savings accounts, including a traditional savings account and one specifically designed for minors. CDs and money market accounts are also part of their diverse product lineup, as are credit cards.
12. Summit Bank
If you’re an Oregon business owner, Summit Bank might be exactly what you’re looking for. This local Oregon bank has branches in Eugene, Bend, and Portland.
When it comes to financial products, Summit Bank offers an extensive range. From basic checking and savings accounts to online bill payment options, the bank covers the essentials. On the lending side, you can find mortgages, HELOCs, and personal loans. If you’re in need of a vehicle, the bank also provides loans for autos, boats, and RVs.
What sets Summit Bank apart are its locally underwritten loans, ensuring quick and tailored financial solutions. The bank also customizes fees and account features according to each customer’s specific needs. Another perk is the bank’s concierge service, which provides one-on-one customer support for a personalized banking experience.
13. OnPoint Community Credit Union
Serving residents and workers in Oregon and Washington, OnPoint Community Credit Union offers an array of financial products designed to meet a variety of needs. Their competitive rates on home and auto loans make them a top choice for those in the market for borrowing options.
Membership at OnPoint comes with its own perks, including fee-free access to over 60,000 ATMs and the option for a cash-back credit card. This makes day-to-day financial management simple and rewarding.
For business owners, OnPoint offers an extensive range of services to meet your commercial needs. From checking and savings accounts to credit cards and CDs, they have you covered. They even offer specialized accounts like IRA savings and health savings accounts.
14. Banner Bank
Banner Bank is a well-established regional bank with over a century of history. Despite its extensive network of over 175 branches across Washington, Oregon, Idaho, and California, including 50 branches in Oregon, Banner Bank still manages to offer the feel of a small, hometown institution.
The bank provides an extensive range of financial services for both personal and business needs. New customers can even qualify for a bonus of up to $500 when opening an account and meeting specific deposit and balance requirements.
One standout feature is the lack of ATM fees. Plus, the barrier to entry is low—you only need a $50 deposit to open a bank account. Banner Bank’s diverse product offerings include everything from checking and savings accounts to CDs, IRAs, and various loan options such as home, equity, personal, student, and auto loans.
15. Wells Fargo
Wells Fargo is a national bank with a strong presence in Oregon, boasting 100 branches throughout the state. It also offers extensive ATM access, with over 12,000 locations across the U.S.
Their Everyday Checking account is budget-friendly, featuring a $10 monthly fee that can be waived by meeting certain requirements such as a $500 minimum daily balance or $500 in monthly direct deposits. New customers can take advantage of a $300 bonus for opening a new checking account.
The financial products provided by Wells Fargo range from checking and savings accounts, including accounts for kids, to a wide variety of loans and credit cards.
16. Bank of America
One of the most popular national banks in Oregon is Bank of America, which has approximately 3,900 retail financial centers nationwide. But what really stands out with this bank is its award-winning mobile banking app, which provides a full suite of mobile services, including a built-in virtual financial assistant and fraud protection management.
The bank offers a variety of perks, including a large branch and ATM network. Free checking options are available but come with conditions such as setting up direct deposit or maintaining a high minimum balance.
The financial products offered by Bank of America are diverse and cater to various needs. These include checking and savings accounts, CDs, IRAs, student bank accounts, mortgage loans, auto loans, and wealth management services.
17. Oregon Pacific Bank
Oregon Pacific Bank is a compelling choice for residents of Western Oregon interested in community-based financial institutions. The bank operates branches along the West Coast, but if you’re outside its coverage area, you can still access cash through MoneyPass ATMs across the nation.
To open a new checking account, a $100 minimum deposit is needed, as well as maintaining a balance of at least $100 to avoid monthly fees. The bank is notable for its comprehensive business banking options, like a business checking account, and even offers specialized services aimed at nonprofit organizations.
How to Choose the Best Bank in Oregon
When you’re on the hunt for the best bank in Oregon, there are several critical factors to weigh before making your choice. From accessibility and customer service to fees and interest rates, here’s a detailed look at what to consider when selecting a bank that aligns with your financial needs and lifestyle:
- Location and convenience: Location is vital, especially if you prefer in-person banking. Whether you’re interested in the best banks in North Oregon or other parts of the state, it’s important to choose a bank with conveniently located branches and ATMs.
- Account types and features: Examine the variety of bank account options available, like checking, savings, or CDs. Assess the features that accompany these accounts, such as mobile banking and bill pay options.
- Customer service: Good customer service can make or break your banking experience. Look for a bank with strong customer service ratings, helpful staff, and multiple channels for support, including phone, email, and live chat.
- Fees: Some banks offer free checking accounts with no monthly maintenance fees, but make up for it with other fees like ATM charges or minimum balance fees. Be aware of all potential account fees and costs when making your selection.
- Interest rates: If earning interest is important to you, compare the Annual Percentage Yields (APYs) of various accounts. This is particularly essential for savings and CDs.
- Insurance Coverage: It’s crucial to ensure that your chosen bank is insured by the Federal Deposit Insurance Corporation (FDIC) or that a credit union is insured by the National Credit Union Administration (NCUA). This insurance typically protects your deposits up to $250,000, providing an extra layer of security for your funds.
- Online and mobile banking services: In today’s digital age, robust online and mobile banking features are a must. Ensure that the bank you choose offers a secure and user-friendly online banking system.
- Additional services: Consider any additional personal banking services you may require, such as loans, credit cards, or investment options, and see if these are available and competitively priced.
- Community Involvement: Some people prefer banking with institutions that invest in their communities. Check to see if the bank is involved in any local sponsorships or charity work if this is important to you.
Using these criteria, you can better evaluate your options and make an informed decision on the best bank in Oregon for your needs.
Types of Banks in Oregon
When it comes to banking in Oregon, consumers have a variety of options to choose from. Here’s a look at the different categories of banks you’ll encounter in the Beaver State.
National Banks
National banks operate across multiple states and often have international reach. They offer a wide array of services and typically have the resources to provide advanced technology, like robust online banking platforms. In Oregon, you’ll commonly see national banks such as Bank of America, Wells Fargo, and Chase Bank.
Regional Banks
Regional banks serve a particular area of the country, usually consisting of several states. While not as large as national banks, they offer similar services and are often deeply rooted in the communities they serve. U.S. Bank, KeyBank, and Umpqua Bank are examples of regional banks that are prominent in Oregon.
Community Banks
Community banks focus on the local needs of a specific area or community within a state. These institutions prioritize personal relationships and often participate in local economic development. In Oregon, Evergreen Federal Bank and Banner Bank stand as strong examples of community banks.
Online Banks
Online banks operate without traditional brick-and-mortar branches, offering services primarily or entirely via the internet. These banks often offer competitive interest rates on savings accounts and lower fees. SoFi, GO2Bank, and Current are examples of online-only banks accessible to Oregon residents.
Credit Unions
Credit unions are member-owned financial institutions that often offer favorable interest rates and lower fees compared to other banks. They also provide a community focus but require membership, which can sometimes be based on employment, location, or other affiliations. Oregonians might consider joining local credit unions like OnPoint Community Credit Union, Rogue Credit Union, or Oregon Community Credit Union.
Bottom Line
The financial landscape in Oregon offers a wide selection of banking options, from national powerhouses to local community banks and everything in between. Whether you’re an individual looking for a free checking account, a business owner seeking specialized services, or someone who values online banking options, there’s something for everyone.
Choosing among the best banks in Oregon comes down to understanding your unique needs and finding a financial institution that can meet them effectively. Happy banking!
