Oregon Community Credit Union (OCCU) – 5.25% APY On Balances Up To $500 Ignite Savings Account

Offer at a glance

• Interest Rate: 5.13%
• Minimum Balance: $0 ($5 membership balance)
• Maximum Balance: 
  • $500 (at a 5.13% rate)
  • $2,500 (at a 2.96% rate) [$500 to $2,500 tier]
• Availability:
  • Live or work in one of 28 counties in Oregon,
  • or by joining the University of Oregon (UO) Alumni Society at a cost of $55
    • (The UO Alumni society is open to friends of the University who have not attended the school)
• Direct deposit required: No
• Additional requirements: None
• Hard/soft pull: Hard (Experian)
  • A Hard Pull was generated to become a member and open an Ignite Savings Account
• ChexSystems: Unknown
• Credit card funding: $5,000
  • Credit Card must be in the name of the account owner
  • DPs of Citi DC and Capital One Spark posting as a purchase
• Monthly fees: None
• Household Limit: None
  • One account per primary membership
• Insured: NCUA

The Offer

Direct link to offer

Oregon Community Credit Union’s Ignite Savings Account offers:

• an interest rate of 5.13% (5.25% APY) on balances up to $500
• and an interest rate of 2.96% on the balance tier between $500 and $2,500

The Fine Print

• Only one account per primary membership
• Rates are variable and may change after the account is opened

Avoiding Fees

• The account has no monthly fee and no minimum balance requirement

Signup Process Notes

When I signed up out of the service area and with no family member already a member of the credit union, I needed to provide the following documents:

• Proof of UO Alumni Association Membership
  • submitted an online confirmation email
• Social Security Card
• Driver’s License front & back
• Proof of Address
  • submitted a utility bill

Our Verdict

The hard pull, the low balance limit, and the extra hoops/cost to join OCCU (if you live outside of their service area) might make this deal a pass.  {I moved forward with membership only after joining the UO Alumni society for the OCCU Ducks Credit Card deal (now expired) [though it actually may not have been needed for card approval]}.

But the account does have its merits: an above market interest rate (for as long as the rate is offered), a decent cap (stretchable for a family of OCCU members, where each member can have an ignite savings account [over 18 can apply online, under 18 can still apply remotely through a manual process]), and generous credit card funding.  Overall, I’ve found high interest savings accounts without monthly requirements (despite low balance limits) to be well worth the setup effort.

For a well maintained list of other savings options see the Best High Yield Savings Accounts page.

All the Best!

(HT: DesertRat)