Best Checking Accounts in Oregon for 2024
The Beaver State is home to dozens of strong banks, both local and online. Choosing the right checking account from among these options can be daunting. Here’s what you need to know about choosing a local or online checking account in Oregon.
Compare Oregon and Online Checking Accounts
Every bank offers advantages and disadvantages. Consider these points when choosing the right one for you:
- Do you prefer in-person or online banking?
- Do you prefer to use a mobile app to move your money?
- How often do you use an ATM card?
- How often do you withdraw money?
- Do you ever need to deposit cash?
- Are you willing to pay bank fees, and if so, how much?
- Do you rely on strong customer service?
- Do you prefer to earn interest on your checking account balance?
Compare Local and Online Checking Accounts in Oregon
Best Checking Accounts in Oregon
Those who bank in Oregon will find numerous options for their money. Oregon is home to many large national banks, but the local banks stand out as well. Here are our top three picks for checking accounts in Oregon.
Umpqua Bank
As the largest bank headquartered in the Northwest, customers of Umpqua Bank enjoy over 300 locations across several states, including Oregon.
The bank offers four checking accounts to suit a variety of needs. The Embark Checking is the most bare-bones of all offerings, including $10 in foreign ATM rebates each month, as well as easy transfers to a connected savings account.
Access Checking upgrades to a platinum debit card and further savings. Foundation Checking is great for those who are building their finances, and it is made easy with no overdraft fees or balance requirements. The Attain Checking is for those who want to earn interest on their money.
Banner Bank
For 130 years, Banner Bank‘s mantra has been to “do the right thing.” With locations in Oregon and three other states, customers can enjoy the option of four different checking accounts.
A simple digital account is great for those who want an easy-to-use option with no bells or whistles. Connected Checking allows for waiving a monthly fee, ATM reimbursements, and discounts on other banking products.
Reward Checking doesn’t offer the opportunity to waive the $6 fee, but it offers many additional perks for the fees. Finally, those who choose Best Checking will enjoy interest on their money, no ATM fees, and numerous discounts.
HomeStreet Bank
HomeStreet Bank has 56 branches in Washington and Oregon, from which residents can choose from four checking accounts.
There is a dedicated student checking for those under the age of 25. Bank On checking starts with a $25 deposit and a $5 service charge. Free checking requires a $100 minimum balance to start, but afterward, there is no minimum daily balance and no fees.
Those who want to earn interest can take advantage of the interest checking, which starts with a $2,500 minimum and allows plenty of ways to waive the $10 service fee.
Which Banks Have the Lowest Checking Account Fees?
Many standard checking accounts have no fees, but if you use a traditional, big-name bank, you might be paying too much.
Check out some of our top checking account picks to save on checking account fees and enjoy the convenience of online banking.
Pros and Cons of Local Banks
Local banks can be very convenient, but there are downsides, such as being unable to bank around the clock.
Here are the pros and cons of the local banks in Oregon.
Pros
- Expect numerous branches and ATMs that make withdrawals and deposits easy.
- Local banks often have a strong community presence and give back to their communities.
- Local banks offer in-person banking as well as strong phone support.
- You’ll find a full suite of services, from car loans to mortgages, in addition to checking accounts.
Cons
- Local banks might offer lower interest rates than their online competitors.
- You might find a scarce online presence, as many local banks rely on their branches for customer service.
- Branches are open only during normal business hours, which can make it challenging for those with a 9-to-5 schedule.
Online Checking for Oregon Residents
Online banks can also be a good choice for your checking account needs, especially if you are already comfortable using phone apps.
Below are some of the best online checking accounts for Oregon residents to give you an idea of how they can help with your financial goals.
Alliant Credit Union
The Alliant Credit Union High-Rate checking account offers a competitive blend of features designed for customers seeking convenience and cost-efficiency. It stands out for its competitive interest rate, which is higher than many traditional banks’ checking accounts. However, this rate is only earned when members opt into e-statements and make at least one electronic deposit per month.
With no monthly maintenance fees or minimum balance requirements, it’s accessible and cost-effective for users who meet the criteria.
The account provides access to over 80,000 surcharge-free ATMs, but it does not reimburse fees for out-of-network ATMs, which may limit fee-free cash access for some.
Additional perks include mobile check deposit and convenient online banking tools. While the account’s higher yield and low fees make it attractive, potential customers should consider its specific usage requirements to fully benefit from its features.
NBKC Bank
The NBKC Everything Account combines elements of both checking and savings, offering a competitive APY on balances up to $50,000. With no monthly fees, minimum balance requirements, or overdraft fees, the account is structured to be accessible and budget friendly.
Customers can enjoy free access to 37,000+ MoneyPass ATMs nationwide, along with up to $12 per month in reimbursements for out-of-network ATM fees, making cash access more flexible.
While the account’s hybrid nature allows for high-yield interest, it doesn’t offer extensive branch access, which might be a drawback for customers preferring in-person banking.
Additionally, NBKC lacks some of the advanced features of larger banks, such as a wide range of loan and investment products.
LendingClub
The LendingClub Rewards Checking account is notable for its interest-earning potential and cash-back rewards, making it an attractive option for those looking to maximize benefits from daily banking. It pays interest plus 1% cash back on qualified debit card purchases. With no monthly maintenance fees and free access to 20,000+ ATMs, it provides good value, though out-of-network ATM fees aren’t reimbursed.
Other perks include early direct deposit and budgeting tools, but LendingClub lacks physical branches, which may be a limitation for those who prefer in-person service. While the account is feature-rich, maintaining a balance is required to maximize interest and cashback. Overall, LendingClub’s checking account is ideal for digital-savvy users who prioritize rewards and don’t mind handling all banking tasks online.
Pros and Cons of Online Checking Accounts
Checking accounts through online banks have advantages and disadvantages. Here’s what you might find:
Pros
- Online banks tend to offer excellent interest rates.
- Perks for new sign-ups are common, such as cash bonuses for keeping an account in good standing.
- Mobile apps are strong, as is the online presence.
- In lieu of branches, customer service via phone, text, chat, and email is rather robust.
Cons
- Branches are usually not available unless in large metro areas.
- Many online banks offer only a few options and not a full suite of services.
- Some banks use automated systems for customer service, which can make it tough to get in touch with a real person.
What to Look for When Choosing a Checking Account in Oregon
Before you choose a checking account in Oregon, consider these points:
Monthly Fees
Most banks will charge a monthly fee, but there are also many ways to waive the fees. Some of these are easy, such as sending a direct deposit to your account every month. Look at the fees that the bank requires and decide if they fit into your budget plans. If not, can you do what is necessary to waive the fee?
Other Fees
Even banks that don’t require a monthly fee will likely have other fees, which could affect you depending on how you bank. For instance, there might be a fee for a stop check order, a cashier’s check, or a wire transfer. If you use these services on a regular basis, those fees could add up quickly.
ATM and Branch Access
If you prefer to use an ATM for most of your banking, you are in luck: both local and online banks offer robust ATM access.
In most cases, you will be able to find ATMs across the nation for fee-free use. However, getting to a branch is often the purview of local banks, as online banks will often have no branches. If they do, they will be in metro areas.
Interest Rates and Bonuses
Many online banks will have interest rates that are higher than you will find at local banks. That’s because online banks have lower overhead and can pass the savings on to you. If there is a monthly fee for these accounts, ask yourself if the interest earned is more than the fee. You can also look for checking accounts that offer cash bonuses if you meet certain requirements.
Mobile Banking Apps
Most banks will have an online or mobile presence. This is much more common among those banks that have no branches. Look at the app to decide if it fits your needs. Is it intuitive and allows you to move your money around however you please?
What to Know About Oregon Checking Accounts
Here are a few interesting facts about checking accounts and banks in Oregon:
- News laws going into effect in January 2025 will create new guidelines for garnishment of wages from bank accounts, including an exemption of the first $2,500 in the account. This helps ensure that those who are under garnishment can still be ensured enough of their income to pay their basic bills.
- Checking accounts for those under the age of 18 in Oregon requires a legal guardian or parent’s signature.
- According to Pew Charitable Trusts, 96% of checking accounts in Oregon assess a monthly fee (though that fee can usually be waived). Even a free checking account might have other fees that range from $0.25 to $125 per transaction. Always look at the fine print to make sure what you’re really paying for your checking account access.
