It is obvious people have different options when it comes to banking and people in Portland are not exempted. One of what this article is aimed to do is to highlight some of the best banks in Portland this year.
The article will also highlight the various banks’ account types and minimum deposits.
So do really take your time to read through. Meanwhile, glance through the table of contents for an overview of what to expect in the article.
Table of contents
Best Banks in Portland
There are several banks in Portland but after we conducted our research, we found only but a few best amongst them. So we decided to help put them together here for you.
Take your time to read through.
Ally Bank
Ally Bank is one of the best banks in Portland. This bank offers High annual percentage yield (APY), Great customer service, no fees or minimums to those comfortable banking online and mobile.
The Ally Bank Online Savings Account boasts a 0.60% APY, which places it among the best rates on the market. To put things into perspective, a $10,000 deposit would grow by over $242 if it remains in this account for four years.
There are no monthly fees to retain ownership of accounts, which can only help account balance grow.
Interestingly too, there’s no minimum deposit either, you can comfortably open an account no matter your savings.
Ally Bank has online chat and email help available 24/7. Customers can also download the Apple and Android mobile app. Through this platform, customers can take advantage of mobile check deposits. It also has an ATM locator, 24/7 digital account statements, and free money transfers via Zelle.
Check Out These Best Banks in Michigan in 2023 | Rates, Account Types, Min. Deposit
U.S. Bank
The US Bank is one of the best banks in Portland. It has 110 branches in Portland and thousands across other states.
U.S bank has a wide variety of accounts to choose from, allowing you to keep all your money with the bank if you want. No monthly fee. Low opening deposit, Paper statement fee.
The account runs savings accounts and interest-earning checking account which are at the lowest possible rate.
Umpqua Bank
This is the largest bank based in the state of Oregon. It has 40 branches in the Portland area. It gives online and mobile access to your accounts.
Umpqua Bank has various kinds of accounts, both personal and business. On the personal side, you can open savings accounts; money market accounts (MMAs), and checking accounts.
You might meet some high minimum deposit requirements depending on which accounts you want, although the most basic accounts require only $25.
You’ll also want to be careful of monthly fees, which you can often forgo by meeting certain balance or transaction limits.
CIT Bank Savings Builder Account
CitiBank is for those with a large savings balance or who can contribute frequently. The bank has different types of accounts.
The Savings Builder account from CIT addresses this by offering a 0.45% APY to customers who deposit $100 a month or maintain a $25,000 balance.
Furthermore, the account calls for just a $100 initial investment, which puts it well within the reach of even those new to saving. The only disadvantage to this account is that your rate declines to 0.29% if the aforementioned requirements aren’t met.
There’s plenty to gain by becoming a Savings Builder account holder, but CIT has a bunch of other options. Its wide range of savings products includes Premier High-Yield Savings account, 6-month to 5-year term CDs, 2-year to 5-year jumbo CDs, Moneymaking market, No-Penalty/11-Month CD, 1-year to 4-year “RampUp” CD.
WaFd Bank Statement Savings Account
WAFD is the bank with the highest rates in Portland. Out of the top 15 banks in the Portland area, WAFD Bank offers a savings account with the highest APY.
You can progressively increase your balances of $100 and over at 0.10% APY. Any balances below that won’t get you any interest.
To open this account, you’ll only need $25.
It is important to note that you’ll need a $200 balance to avoid a $4 monthly fee. Minors under age 18 can avoid the fee outright and only need $10 to start earning interest.
Banner Bank operates more than 175 branches throughout California, Idaho, Oregon, and Washington. It also gives online access to your accounts through the bank’s online and mobile offerings.
In terms of rates, you shouldn’t expect much savings out of Banner Bank. No Banner account offers high rates. Only a couple earned higher than 1.00%. Your best bet for big savings with this bank is to have higher balances.
HomeStreet Bank
HomeStreet Bank is one of the best banks in Portland. It runs a high-yield checking account. If you’re looking to increase your money, this interest-earning account can do that for you.
HomeStreet Bank’s Premium Select Checking account earns at some best checking account rates available to Portland residents. Account balances from $2,500 to $9,999 will earn at a 0.05% APY while any balances of $10,00 and over will earn at a 0.10% APY.
Unfortunately, you won’t earn any interest if you don’t meet the $2,500 balance. This minimum balance can also help you avoid the $10 monthly maintenance fee.
Bottom Line
Conclusively, here below is a table to help you find some of the key details you’d need to know about the best banks in Portland. Carefully read through here.
| Bank | Account Types | Interest Rate | Min Deposit |
|---|---|---|---|
| #1 Ally Bank | Checking | 0.3% | $25 |
| #2 US Bank | Checking and Savings accounts | 0.01% | $0 |
| #3 Umpqua Bank | Savings, Checking, Virtual Wallet accounts | 0.01% | $25 |
| #4 Banner Bank | Checking account | 0.03% | $1 |
| #5 Homestreet Bank | Checking Account | $100 | |
| #6 WAFD Bank | Savings, Checking accounts, CDs | 1% | N/A |
| #7 CIT Bank | Savings & CDs | 0.45% | $100 |
