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7 Best Personal Banks in Oregon Ranked for 2024

7 Best Personal Banks in Oregon Ranked for 2024

Finding a bank that meets all your needs is challenging when you have so many options and need help knowing where to start. That’s why this article is perfect for you. This article lists the best personal banks in Oregon that you can choose from for your personal banking needs.

>> Apply for an Axos Account Today! >>

7 Best Personal Banks in Oregon

  • Axos – Best Personal Oregon Banks Overall
  • Chime – Best User-Friendly Interface
  • SoFi – Best for Saving Accounts
  • Bank of America – Best for Opening a Checking Account
  • Upgrade – Best for Personal Loans
  • U.S. Bank – Best Customer Service
  • Discover – Best CD Rates

Axos – Best Personal Oregon Banks Overall

Axos stands out as the best banking option in Oregon because of its robust online banking platform. Axos is an online-only bank, but it only means that residents of Oregon can manage their accounts from anywhere without having to go to a physical bank branch, which is a huge plus as Oregon is well-known for its rural towns where access to traditional banks can be limited.

However, you can easily access ATMs nationwide with Axos if you need cash. It offers high-yielding savings accounts, fee-free checking options, and low-cost mortgage and personal loan offerings, making it an attractive choice for those looking to maximize their savings and minimize banking costs. Axos offers 24/7 customer care and an amazing seamless mobile banking experience.

Pros

  • Fee-Free Checking account
  • Unlimited domestic ATM fee Reimbursements
  • Competitive interest rates
  • Offers various kinds of loans

Cons

  • No physical branches
  • Depositing cash can be challenging
  • technology -dependent

>> Axos – Top Personal Bank Oregon >>

Chime – Best User-Friendly Interface

Chime is another great online bank in Oregon that has a very user-friendly and simple interface for everyone to use easily. This bank offers essential features such as automatic savings, where users can transfer a percentage of their paychecks into a savings account, helping you gradually build that financial reserve and tracking real-time transactions by sending the users instant notifications.

Chime offers an intuitive mobile app that simplifies daily financial management. With Chime as your bank, you’ll not have to worry about paying traditional banking fees such as monthly service charges, overdraft fees, and even ATM fees, provided users stick to the network of over 60,000 fee-free ATMs. If that hasn’t impressed you yet, then you would love to know that Chime’s direct deposit feature lets users get paid up to two days earlier, a great perk for those who want to access their paychecks early.

Pros

  • Easy-to-use mobile app
  • No overdraft fee
  • No minimum requirement
  • Can easily direct deposit
  • Instant transaction alerts

Cons

  • Technology dependent
  • Cash deposits are only possible through third-party retailers
  • Limited services

>> Apply for a Chime Bank Account Today! >>

SoFi – Best for Saving Accounts

If your focus is on maximizing your savings, then SoFi is an excellent choice for you. SoFi’s savings account has interest rates that exceed the average, which boosts your savings and allows you to grow your money faster. One of the most attractive features of SoFi is that there’s no minimum balance requirement and no account fees. You get free access to their partnered networked ATMs.

This mix of features is perfect for Oregon residents trying to build long-term savings with no hidden charges. SoFi also integrates other services, such as investing and financial planning tools, giving savers a well-rounded platform to manage all aspects of their financial life in one place.

Pros

  • High-yielding savings account
  • No minimum requirement
  • Free financial planning services
  • Offers personal loans

Cons

  • Completely online bank
  • Cash deposits not supported

>> Apply for a SoFi Bank Account Today! >>

Bank of America – Best for Opening a Checking Account

Although Bank of America is a nationwide bank, it’s trendy in Oregon. This bank offers a wide range of products for both individuals and businesses. Since it’s a large bank, you can easily access it from anywhere. Even if you aren’t near a branch, you can still use the bank’s mobile app to handle your accounts. The app also has a feature that allows you to send money to others easily.

 

Bank of America offers more than basic products and services for all audiences. Besides checking and savings accounts, it offers CDs, IRAs, and student accounts. This bank offers great opportunities for high school and college students, as they can open a fee-free account and start saving hassle-free.

Pros

  • Various checking account options to choose from
  • Reliable mobile app
  • Offers extensive overdraft protection options
  • Extensive ATM network

Cons

  • No fee-free accounts
  • Customer service isn’t satisfactory
  • Interest rates on savings accounts are lower compared to online-only banks

>> Apply for a Bank of America Account Today! >>

Upgrade – Best for Personal Loans

Oregonians in need of personal loans can turn to Upgrade, which excels in offering flexible, low-cost loan options. Upgrade provides quick loan approval, allowing customers to get the funds they need in as little as one business day. Loan amounts are customizable, and there are no prepayment penalties, making it a top choice for borrowers looking to pay off debt, cover medical expenses, or finance major purchases.

 

 Upgrade’s fixed interest rates are competitive, and the platform offers tools to help customers track their loan progress and manage their finances. This ease of use and flexibility of loan terms make Upgrade a standout choice for personal loans in Oregon.

Pros

  • Flexible loan amounts and terms
  • Offers budgeting tools
  • Loans are usually approved easily
  • Competitive interest rates compared to other loan providers

Cons

  • Personal Loans only
  • Origination fees may apply depending on the loan type and amount

>> Apply for an Upgrade Bank Account Today! >>

U.S. Bank – Best Customer Service

U.S. Bank is a well-known and established bank with many branches in Oregon and one of the most extensive ATM networks in the country. While it may not provide the highest interest rates, the convenience of easy access to your money, whether through ATMs or physical locations—makes it a solid choice for those prioritizing accessibility.

 

In addition, U.S. Bank provides 24/7 customer service and offers several ways to waive monthly service fees. Its user-friendly mobile banking platform allows customers to manage their accounts and conduct transactions.

Pros

  • Large number of ATMs
  • Personalized customer service
  • Various banking products and services
  • Digital banking tools

Cons

  • Low interest rates on savings accounts compared to others
  • The fee structure can be complex for new customers to navigate

>> Apply for a U.S. Bank Account Today! >>

Discover – Best CD Rates

Discover is highly regarded for offering some of the best CD rates available to Oregon residents. With a wide range of term lengths and attractive interest rates, Discover CDs help customers grow their money securely. The bank provides CD terms from three months to 10 years, allowing users to tailor their investments to their financial goals. 

 

There are no monthly fees, and Discover’s digital platform makes it easy for customers to open and manage CDs online, eliminating the need for physical branch visits. Discover’s competitive CD rates and flexible terms make it a top option for Oregon residents seeking a reliable way to earn returns on their savings.

Pros

  • Highest CD rates
  • No maintenance fee
  • Wide range of CD terms

Cons

  • Not for those who prefer in-person banking
  • Limited banking products

>> Apply for a Discover Bank Account Today! >>

Best Personal Banks in Oregon – Buyer’s Guide

Understanding Different Types of Banks

  • Local Banks: These smaller banks operate within a single community or have a few branches. While they may not extend beyond Oregon, they often provide personalized service and a local feel.
  • National Banks: With branches nationwide, national banks offer widespread access and larger ATM networks, making them a good choice for frequent travelers.
  • Regional Banks: Serving a few surrounding states, regional banks combine the advantages of local service with the broader access of national banks, offering a balance of both.
  • Online Banks: Exclusively online, these banks have lower fees and offer higher APYs due to reduced overhead. They’re ideal if you prefer managing your accounts digitally.
  • Credit Unions: Owned by their members, credit unions typically offer lower fees, better APYs, and more flexible lending options. They operate on a not-for-profit model, often leading to better customer service and member benefits.
  • Savings and Loans Associations: These institutions focus primarily on helping customers become homeowners. Though less common today, they serve a niche need for those seeking mortgages or real estate loans.

How to Determine the Best Bank in Oregon

Choosing the best bank in Oregon requires examining the features, fees, and access you’ll need to manage your finances effectively.

  • Fees: Always review the bank’s fee structure. Many banks charge monthly service fees but often provide ways to waive them, such as maintaining a minimum monthly balance. If fee waivers aren’t available, opt for a bank whose requirements align with your financial habits.
  • ATM and Branch Access: Consider how frequently you’ll need to visit a branch or ATM. Many banks have extensive ATM networks, but using out-of-network ATMs can cause extra fees.
  • Interest Rates: If you want to deposit large sums of money, consider banks offering high annual percentage yields (APYs). Online banks typically offer the best rates, but many Oregon banks also have competitive interest rates for those who prefer in-person banking.
  • Hidden Fees: Check for any additional fees, such as those for paper statements, overdrafts, or teller services. Reviewing the bank’s fee disclosures can help avoid unexpected costs.
  • Online/Mobile Banking: Most banks provide online and mobile banking services, but it’s important to test these platforms to ensure they’re user-friendly and meet your needs.

>> Start Banking With Axos >>

Frequently asked questions

Oregon has 39 local and national banks. As a result, the residents of this beautiful state have options between national, big-name, and local community banks, all with robust product offerings.

Umpqua Bank is the most popular (and largest) bank in Oregon. Its community bank feel, with large bank outreach, makes it one of the most popular banks in the state.

>> Open an Axos Account Now! >>

Bottom Line

Choosing a bank is the first step in managing your finances, but choosing the right bank is equally important. To start your search, figure out what type of bank presence you need. Do you need a traditional national bank or prefer a more personalized service?

If you’re living in Oregon, the bank mentioned in this article meets your banking needs; just compare the fees, APYs, and minimum deposit requirements. Then, think about your goals with the products and see how they fit your financial needs.

>> Axos – Top Personal Bank Oregon >> 

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Written by

Aeron Rupar

Aeron Rupar

Reviewd By

Judith

Judith

Judith Harvey is a seasoned finance editor with over two decades of experience in the financial journalism industry. Her analytical skills and keen insight into market trends quickly made her a sought-after expert in financial reporting.