Savings accounts are a great way to keep your money safe and earn interest on your savings. But with so many options available in Oregon, it can be challenging to choose the right savings account. This comprehensive guide will help you find the best savings accounts in Oregon for 2023.
Online savings accounts have become popular in recent years because they offer high-interest rates and low fees. Here are some of the best savings accounts in Oregon offered by online banks.
Synchrony Bank
Synchrony Bank is an online bank based in Draper, Utah. They offer high-yield savings accounts, high-yield money market accounts, and certificate of deposit accounts for savers. Their high-yield savings account pays a competitive rate, and you can access your money at the ATM. There is no minimum balance requirement for savings, money market or CD accounts, and balances are FDIC-insured.
Pros:
- Competitive interest rate
- ATM access
- No minimum balance requirement
Cons:
- No checking account offered
- No branches
Ally
Ally offers online savings accounts as well as other banking products, including checking accounts, money market accounts, and a variety of CD products. One unique advantage is the option to set up buckets within your Ally savings account to fund individual financial goals.
You can also get a savings boost by rounding up transactions from a linked checking account and the “Surprise Savings” feature. There are no monthly maintenance fees or minimum balance requirements, and balances are FDIC-insured.
Pros:
- Generous APY
- No minimum balance requirements or maintenance fees
- Savings buckets let customers micro-manage their money
Cons:
- Excess transaction fee
- No ATM access
SFGI Direct
SFGI Direct is a division of Summit Community Bank and is based in Moorefield, West Virginia. The SFGI Direct Savings Account features an impressive annual percentage yield (APY) with no monthly service charges. You only need a balance of $1 to earn interest, and you can manage your account online 24/7. Funds are FDIC-insured, up to the maximum deposit insurance limits.
Pros:
- Easy online account opening
- Highly competitive interest rate
- No account maintenance fee
Cons:
- No ATM access
- No option to open a checking account
UFB Direct
UFB Direct offers two ways to save for Oregon residents: money market accounts and high-yield savings. Both accounts allow you to earn an exceptional rate, and with the savings account, you pay no monthly maintenance fees. There is a fee for the money market account, which you can avoid by meeting a minimum balance requirement. Money market savings accounts also come with check-writing privileges. Your deposits with UFB Direct are FDIC-insured.
Pros:
- Interest rate well above the national average
- No monthly fee for savings
- ATM card included
Cons:
- No checking accounts
- No ATM fee reimbursement
Capital One 360
Capital One 360 is a well-known name in online banking. Oregon residents can open savings accounts, checking accounts, CD accounts, credit cards, and loans with Capital One online. The Performance Savings account features one of the country’s top rates, with no fees and no minimum balance requirements. If you need to manage your money in person, you can do so at a Capital One cafe or branch. Like other major banks, Capital One is FDIC-insured.
Pros:
- Solid interest rate
- No account maintenance fees
- No minimum deposit or balance
Cons:
- Limited branch, cafe locations
- No ATM card for savers
Also read: 5 Best Savings Accounts Of 2023
Conclusion
Whether you prefer an online bank or a local credit union, there are plenty of options for finding the best savings account in Oregon. Consider factors such as interest rates, fees, and in-person services when making your decision. With the right savings account, you can keep your money safe and earn interest to help reach your financial goals in 2023 and beyond.