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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.
16 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.
Subject to certain terms and limitations. Offer valid through June 27, 2024. Member FDIC.
Offer may not be available if you live outside of the U.S. Bank footprint or are not an existing client of U.S. Bank or State Farm.
The account includes a free debit card that can be locked or unlocked if ever misplaced or stolen. There are no ATM transaction fees at U.S. Bank ATMs and no surcharge fees at over 40,000 MoneyPass® Network ATMs.
The checking account requires a $25 opening deposit and a $6.95 monthly fee. This fee can be waived for those 24 and under, 65 and over, or military members (must self-disclose).
Additionally, the fee can be waived with monthly deposits of $1,000+, an average balance of $1,500+, or holding an eligible U.S. Bank credit card. Qualifying for any Smart Rewards® tier (Primary, Plus, Premium, or Pinnacle) also waives the fee.
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 4.60% 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.
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 $300, depending on how much you set up for direct deposit. You also have the convenience of using over 55,000 Allpoint® Network ATMs.
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 assortment of banking 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.
Upgrade stands out as a preferred online bank in Oregon, appealing to those seeking innovative financial solutions.
The Upgrade Rewards Checking Plus account eliminates traditional banking barriers like minimum deposit requirements and monthly fees, overdraft fees, and transfer fees.
Oregon customers benefit from early direct deposit, gaining access to their paychecks up to two days earlier. The account also offers up to 2% cash back on everyday debit card purchases.
In addition, you can earn a substantial 5.21% APY on balances greater than $1,000 with the Upgrade Premier Savings account. Backed by Cross River Bank, Upgrade ensures that every account is covered with FDIC insurance up to $250,000.
First Tech Federal Credit Union is an excellent option for Oregon residents seeking a rewarding and unrestricted banking experience. Known for its high-yield interest rates, First Tech offers various financial perks through its checking and savings accounts.
Members are not required to maintain a minimum balance, and there are no monthly maintenance fees. Additionally, setting up a qualifying direct deposit of at least $1,000 per month for three months can earn members a $300 bonus.
A standout feature of First Tech is its competitive interest rates, offering up to 5.00% APY on certain account balances, significantly higher than many other banks.
First Tech also ensures accessibility for Oregonians with over 30,000 CO-OP network ATMs available nationwide for free withdrawals.
Enhanced financial security and flexibility are further provided through features like real-time fraud monitoring and complimentary overdraft transfers.
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.
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 banking 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.
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 products includes savings and money market accounts, CDs, IRAs, credit cards, mortgage loans, home equity lines of credit (HELOCs), and personal loans.
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 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.
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.
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, which provide 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.
Serving residents and workers in Oregon and Washington, OnPoint Community Credit Union offers an array of products designed to meet various 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 a 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.
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.
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.
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 various 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 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.
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 wide range 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, 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 banks 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
Oregon offers a wide range of banking options, from national powerhouses to local 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!
Stephanie Faris is a professional finance writer with more than a decade of experience. Her work has been featured on a variety of top finance sites, including Money Under 30, GoBankingRates, Retirable, Sapling, and Benzinga.
