Oregon Deposit Account Rates and Deals

Columbia Credit Union is offering a $250 bonus for opening and activating a new Columbia checking account. The offer is listed at the credit union's promotions page as of 8/27/2010. The small print states:

$250 Checking Open new personal Columbia checking and complete all required activity by the last day of the Review Period (three statement cycles including month checking was opened). One checking award per member. Not available to members or signers on any Columbia checking held anytime in the past 12 mos. or currently open. Award is considered interest and will be reported on IRS form 1099-INT.

They don't state the required activity. However, they do state what is required for an active checking account. An active checking account is required to receive their other bonuses for a loan or mortgage. Here is what the small print states regarding an active checking:

Active checking is 1) enroll in free e-statements; 2) make at least two (2) deposits of at least $100 each; 3) make at least six (6) debit card purchases; 4) enroll in free Personal Online Banking and Bill Pay and pay at least two bills; 5) checking is not overdrawn.

Credit for this find goes to FW member juggler451 who posted it at this FW thread. A reader on that thread confirmed that the credit union requires new members to visit a branch in person. Also, he reported being told there's no hard credit inquiry for the checking, and the offer is scheduled to last until 10/31/2010.

Membership is open to anyone who lives or works in Washington State or in Jantzen Beach or Hayden Island, Oregon. Please refer to the credit union's Membership Page for the full details. Membership requires a $5 fee and a minimum balance of $5 in the savings account.

Branches are located in the Washington cities of Vancouver, Battle Ground, Ridgefield and Washougal.

Columbia Credit Union has an overall health score of 3 out of 5 and a Texas Ratio of 41.74% at DepositAccounts.com (see our financial overview of Columbia Credit Union). These ratings are based on June 2010 data. The credit union is federally insured by the NCU (Charter # 68186).

Umpqua Bank is offering two special CDs and a money market deal as part of a summer sale. There are actually two sales. The one with the best rates is scheduled to end August 6, 2010. Here's the link to this sale. The two CDs include a 1.85% APY 13-month CD and a 2.60% APY 36-month CD. Minimum deposit is $5K. These same CDs are also available in an IRA with smaller minimum deposit requirements. The early withdrawal penalty is 180 days of interest on the amount withdrawn. A checking account is required.

Money Market Promo

The money market account has a rate of 1.60% APY on balances up to $10K, and the rate is guaranteed to 12/31/10. Balances under $10K earn 0.70%. After the promo period the rate will revert to the standard rate. The standard rate is a tiered rate that's indexed to the 90-day T-Bill rate. However, the minimum rate is 0.50% and the maximum is 8.50%. Minimum deposit to avoid a $10/month fee is $1,000. A checking account is required.

The Other Sale

There's also another sale that's scheduled to last until August 31, 2010. It has the same CDs and money market account as above, but the rates are 10 basis points lower. Also, the CDs have a minimum deposit requirement of $10K. Here's the link to this sale. One plus is that this promo page allows you to open the accounts online.

High-Yield Reward Checking Account

Both sales also have other offers, but I don't see any that are notable for savers. One is a reward checking account, HIP Checking, that pays 2.00% APY on balances up to $25K. It has the typical reward checking requirements, and it has no monthly fees or minimum balance requirements. The rate is low for a reward checking account, but it would be a good account to meet the checking requirement for the CD or money market promo.

Online Application But Only for WA, OR & CA

For the sale with the lower rates that continues through August, there's an online application, however, on the second page of the application, you must select a zip code in Washington State, Oregon or California. Not all zip codes in these states are included. For those who can't find their zip code listed, it has the following note:

If your zip code is not listed above, it's probably because you're outside of our service footprint, and we cannot open an account for you.

Comparison to Last Year

Umpqua Bank had a similar promotion last year at this time, but the rates were higher: 2.50% for the 13-month CD and 2.00% for the money market promo. It's another example of how rates have declined over the last year.

Bank Overview

Umpqua Bank Branches are located mostly in Northern California and in Oregon with a few branches in Washington State.

Umpqua Bank's ratings for safety and soundness are fair: 3 stars (performing) at Bankrate.com, 3½ stars (good) at BauerFinancial and an overall health score of 4 out of 5 at DepositAccounts.com (see our Umpqua Bank Reviews page). These ratings are based on 3/31/10 financial data. The bank has been a FDIC member since 1953 (FDIC Certificate # 17266).

Thanks to the reader who emailed me news of this sale.

Bank of the West has another $100 checking account bonus. This new bonus is scheduled to last until 8/20/2010, and like the last one it allows either direct deposit of at least $250 or 10 online bill payments. The details are listed in the bank's promotion page. Below is the promotion's small print. I've highlighted the important details:

Open any new personal checking account, and either establish one monthly recurring direct deposit of at least $250 to your new account or make 10 bill payments at Bank of the West Online Banking and receive a $100 bonus. Direct deposit must be payroll, social security, pension or other government benefit. The first recurring direct deposit must be posted to your account within 60 calendar days of account open date. The 10 bill payments must occur within 60 calendar days of account open date. Bonus will be credited to your account within 60 days after satisfaction of conditions. Offer valid for new personal checking accounts opened from 7/6/10–8/20/10 with $100 or more from a financial institution other than Bank of the West. Offer subject to change without prior notice and may be terminated or extended based on response. Offer does not apply to second or multiple checking accounts. Limit of one $100 bonus per personal household per calendar year. Offer not valid in CA, CO, UT, NV or WY. To the extent required by law, Bank of the West will report the value of the offer to the IRS on Form 1099. Any applicable taxes are the responsibility of the account holder. All accounts are subject to the Bank’s standard terms and conditions and fee schedule.

When I checked with Bank of the West in March, I was told that the online account application is limited to states which have Bank of the West branches. Also, as you can see in the small print above, the offer is not valid in CA, CO, UT, NV or WY. That leaves the following states which should be eligible for this promotion: AZ, ID, IA, KS, MN, MO, NE, NM, ND, OK, OR, SD, WA and WI.

Regarding a hard credit pull, I was told earlier this year that they don't do a hard credit inquiry in the application (only a soft pull). So you shouldn't have to worry about a ding to your credit score.

Several reader commented in my previous post that Bank of the West closed their accounts for no apparent reason. It appears that when Bank of the West started to restrict availability to their market areas, out-of-area customers who had opened the account before the change were being targeted for account closure. Some readers also reported not receiving the bonus. Most readers who were in the market area have reported success with the promotion. One reader commented:

Just got bonus posted and ACH from online bank to yourself for over the necessary amount DOES count as a DD and only needed to be done 1 time.

Bank of the West is one of the large regional banks. It has $61.18 billion in assets and $41.38 billion in deposits. The bank has been a FDIC member since 1934 (FDIC Certificate # 3514).

Other Bank Bonuses

To find other bonus deals, please refer to my bank bonus page which has all of my recent bank bonus posts.

Union Bank is offering two competitive CD specials: 2.00% APY 24-month CD and 2.50% APY 36-month CD. Minimum deposit is $10,000, and the maximum is $999,999. A linked checking account is required, and the checking account must remain open for the entire CD term. Otherwise, the rate will fall to a low non-promo rate. The offer is listed in the Union Bank promo page as of 6/20/2010.

This CD promo has been around for a couple of weeks. Reader mschoenf mentioned it in a June 6th forum post. I saw it advertised in today's (6/20) The Press-Enterprise, so hopefully, it'll continue for a while.

It appears that any personal checking account will qualify for the CD promotion. Union Bank offers a free checking account with a $100 minimum initial deposit. There's no monthly fee and no minimum balance required. One nice perk is that the first order of checks is free.

Union Bank also has a $200 checking account bonus, but it's only for a business checking account, and it has several requirements. The promotion is scheduled to end on June 30, 2010.

Branches Now in WA and OR in Addition to CA

Union Bank has recently acquired Frontier Bank and Tamalpais Bank when those banks were closed by regulators. Both the old Frontier Bank website and the old Tamalpais Bank website are listing this same CD promotion as of 6/20/10.

Frontier branches are located throughout Washington State and Oregon including the cities of Seattle, Sequim, Poulsbo, Tacoma, Everett, Lacey, Bellingham, Salem, Portland and Tigard.

Tamalpais branches are located in Marin County, California in the cities of Corte Madera, Mill Valley, San Anselmo, Tiburon, Greenbrae and San Rafael.

Union Bank branches are located throughout California. Some of the major cities include Oakland, San Francisco, San Jose, Concord, Fresno, Stockton, Bakersfield, Los Angeles, Madera, Salinas, Irvine, Roseville, Riverside, Sacramento, San Bernardino and San Diego.

Union Bank's ratings for safety and soundness are a little mixed: 4 stars (excellent) at BauerFinancial, 2 stars (below peer group) at Bankrate.com and an overall health score of 4 out of 5 at DepositAccounts.com (see our Union Bank rates and reviews page). These ratings are based on 3/31/10 data except for Bankrate which is based on 12/31/09 data. Union Bank has been a FDIC member since 1979 (FDIC Certificate # 22826).

Higher CD Rates in California

For those in the Los Angeles area, Habib American Bank is currently offering several very competitive CDs including a 2.50% APY 24-month CD and a 3.00% APY 36-month CD. Please refer to my bank review post for more details.

Best Nationwide CD Rates

To search for the best nationwide CD rates and the best CD rates in your state, please refer to the CD rates section of DepositAccounts.com.

Update: This KeyBank promotion has ended. For those who live in parts of New York, another bank is offering a free iPod touch in a promotion that's scheduled to last through 9/30/2010. KeyBank has regularly offered an Apple iPod promo each year, so hopefully, we'll see another one next year.

KeyBank has a new checking account promotion in which you can earn a free iPod touch. This is similar to the Garmin promo they offered last year. Here's a summary of the requirements of this new promo:

• Open a Key Express Free Checking Account by 6/30/10, and
• Make one KeyBank Rewards debit card transaction, and
• A combination of two direct deposits and/or automated payments each of $100 or more by 10/01/10

One important thing to note is that you must have or request a KeyBank Rewards debit card and enroll in the KeyBank Rewards points program. There is a $20 annual fee for the KeyBank Rewards Program that will be waived for the first year. Below are some additional important points from the small print:

Qualifying debit card transactions include signature, PayPass, and PIN-based purchases only. Direct deposit transactions are limited to: payroll, Social Security, pension, and government benefits. Automated payments exclude Key Bill Pay, debit card automated payments, PayPal transactions, and account-to-account balance transfers. Limit one iPod touch per qualifying account. Limit one iPod touch per individual. The value of the iPod touch will be reported on Form 1099-INT. You will receive your iPod touch within 90 days of meeting requirements. Offer available to individuals without an existing checking account at KeyBank as of 4/30/10. Employees of KeyBank, its affiliates, and subsidiaries are not eligible for this offer. If you close your account within 180 days of account opening, you will be charged a $25 account early closure fee.

Credit for this find goes to FW member Neidman who posted it on this FW thread.

One thing not mentioned at the promo page is the version of the iPod Touch. The 8GB version is currently selling at Newegg.com for $189. KeyBank would likely give it a higher value on the 1099-INT.

Like previous KeyBank promos, it appears to be only available in areas where they have branches. Key has branches in the following states: Alaska, Colorado, Connecticut, Idaho, Indiana, Kentucky, Maine, Michigan, New York, Ohio, Oregon, Utah, Vermont, and Washington.

Some FW members have reported problems with the online application. It looks like you'll have better luck by applying by phone.

KeyBank has been FDIC member since 1956

Other Bank Bonuses

To find other bonus deals at other banks, please refer to my bank bonus page which has all of my recent bank bonus posts.

Bank of the West has extended its $100 checking account bonus. According to the bank's promotions page, the new checking account must be opened by 4/16/2010. You can receive a $100 when you open a checking account with funds new to Bank of the West and set up direct deposit of at least $250 OR pay 10 bills online. I reviewed the small print in this January post.

Update: It appears Bank of the West has changed the availability of the promotion since January. According to the CSR, online account opening is limited to states which have Bank of the West branches. These states include AZ, CA, CO, ID, IA, KS, MN, MO, NE, NV, NM, ND, OK, OR, SD, UT, WA, WI and WY.

When I contacted the bank in January, I was told this bonus was available to people in any state, and you didn't need to come into a branch. Readers seemed to confirm this in the comments in January. Here's one of the comments:

We did this offer in late 2009 as well. We did NOT visit a local branch. We filled out the application online. We used direct deposit to fulfill the requirement. $100 bonus was paid eventually.

If you have participated in similar promotions in the past, please leave a comment about your experience.

Also from my January call, I was told they don't do a hard credit inquiry in the application (only a soft pull). So you shouldn't have to worry about a ding to your credit score. It should be noted that I've often received wrong info on this issue from CSRs so please leave a comment if you have personal experience on this issue.

Checking Account with no ATM Fees for One Year

Bank of the West's free checking account qualifies for the bonus. In addition, they have a new checking account called Choice ATM checking which offers one year of free ATM use within the USA. This allows you to withdraw cash from any financial institution's ATM free of charge for one year. Surcharges assessed by other banks will be automatically refunded. One thing to note about this Choice ATM Checking is that you have to worry about a $10 monthly fee unless you meet certain balance or activity requirements. Also, Choice ATM checking is only offered in the following states: CA, CO, MN, NV, OK and OR.

Online Savings Account

Bank of the West continues to offer an online savings account with a competitive yield. It has gone down from 1.50% APY in January to 1.25% APY as of today (3/10/10). Unfortunately, 1.25% APY is a decent savings account rate these days. This rate requires a $10,000 minimum balance. The low tier rate has also gone down by 0.25%. It's now 0.25% APY for balances under $10,000. In August I was told by the CSR that there's a $2/month fee if the balance falls below $300. Another downside is that their ACH bank-to-bank transfer service has a transfer limit of $2,000 per day.

Bank Overview

Branches are located throughout the Western and Midwestern states including Oklahoma, Kansas, Minnesota, Nebraska, Colorado, Arizona, Nevada, Wyoming, Washington, Oregon and California.

Bank of the West is one of the large regional banks with $60 billion in assets and $40.2 billion in deposits. Its ratings for safety and soundness are a little weak: 3 stars (adequate) at BauerFinancial (based on 12/31/09 data) and 1 star (lowest) at Bankrate.com (based on 9/30/09 data). The bank has been a FDIC member since 1934 (FDIC Certificate # 3514).

Other Bank Bonuses

To find other bonus deals, please refer to my bank bonus page which has all of my recent bank bonus posts.

KeyBank is offering a decent checking account promotion. Here's the link to the promotion. The $150 bonus is for opening its free checking account. The $200 bonus requires one of their checking accounts that has monthly fees. Both bonuses require the same activities:

• Open the checking account by April 30, 2010
• Make one KeyBank Rewards debit card transaction (ATMs excluded)
• Make a combination of two direct deposits and/or automated payments each of $100 or more by July 2, 2010

Some important small print:

• You must have or request a KeyBank Rewards debit card and enroll in the KeyBank Rewards points program. ... There is a $20 annual fee for the KeyBank Rewards program that will be waived for the first year.
• Offer not available to individuals who have opened a KeyBank checking account in the last 12 months.
• If you close your account within 180 days of account opening, you will be charged a $25 account early closure fee.

The promotion FAQs has some important points including who's eligible:

The offer is not available in all areas. Individuals and businesses will only be eligible in the following districts: Cleveland, Eastern OH, Idaho, Western NY, Oregon, Seattle Cascades, South Puget Sound, Central NY, Rochester, Maine, Northwest OH, Michigan, and Capital Region NY.

There's also a business checking account promotion that offers up to $275.

When I had contacted KeyBank in previous years, I've been told by their customer service reps that they don't do a hard credit inquiry. They only use ChexSystem in the application approval process.

KeyBank has been a FDIC member since 1956.

Credit for this find goes to FW member DreamKrusher who posted on it in this FW thread.

Other Bank Bonuses

To find other bonus deals, please refer to my bank bonus page which has all of my recent bank bonus posts.

Home Federal Bank is offering a high-yield reward checking account called the Ultimate Checking. It has the following rates and features if certain monthly requirements are met:

• 3.01% APY on balances up to $25,000
• 0.85% APY on portion of balance over $25,000
• 0.05% base rate if requirements are not met
• Refund of domestic ATM fees up to $3 per item (maximum $20 per month)

Monthly requirements include:

• 12 signature based VISA check card purchases
• 1 direct deposit into or one auto debit
• Enroll and receive e-statements (with paper statements canceled)

Other features of the account include:

• $50 minimum opening deposit
• No minimum balance requirement
• No monthly service fees

$100 Sign-Up Bonus until 3/31/2010

At the bottom of the bank's micro-website, there's a link to a $100 promotions page. To qualify for the $100 bonus, you must open a new account by 3/31/2010 at any of the bank's branches. The bonus will automatically be credited to your account within 10 business days. Credit to iBankDesign for this find.

It's rare to see new-account bonuses on reward checking accounts. But the rate is a tad low for reward checking, so for those who care more about the rate, it may not be worth it.

Branches in ID and OR

There's an online application, but the application at the bank's micro-website implies that you have to come in to a branch to complete the application process. Branches are located in several cities in Idaho and Oregon including the cities of Boise, Idaho and Redmond, Oregon.

Financial/FDIC Overview

The bank's ratings for safety and soundness are strong: 4 stars (excellent) at BauerFinancial and 4 stars (sound) at Bankrate.com. Both ratings are based on 9/30/09 financial data. The bank has been a FDIC member since 1936 (FDIC Certificate # 28258).

HomeStreet Bank has brought back its $215 checking account promotion that I last reported on in July 2009. The bonuses amounts appear to be the same as before. The largest bonus is for direct deposit, but you can still make $135 without it. Details are listed in the bank's promotion page as of 1/21/2010. I don't see any expiration date, but based on its history, the promo comes and goes. The following activities are required to receive the full $215:

• $80 for direct deposits of payroll, pension, social security or other income to your account
• $60 for using your new Visa Check card ($2 per purchase up to $60)
• $40 for using free Online Bill Pay ($10 per payment up to $40)
• $10 for receiving e-statements
• $25 for giving the bank your old checks and debit card from your old bank ($15 for your check card and $2 per pad of checks up to $10).

Some important small print of the offer includes:

• Minimum opening deposit for the checking account is $100
• The Totally Free Checking qualifies
• All transactions eligible for a bonus payment must be made within the first 3 statement cycles after account opening
• Offer is limited to one account per household
• Accounts closed by the customer within 90 days of opening are subject to a $15 early closure fee

One nice change for 2010 is that they doubled their refer-a-friend promotion. When you refer a friend who opens a checking account, both you and your friend will earn $50 (Update: Looks like only the person who refers the new customer makes the $50) There's no limit on the number of referrals you can make.

When I posted on this promotion last year, a reader mentioned being told by the CSR that there is no hard credit inquiry.

It appears a branch visit is required for this promotion. Branches are located in Washington State, Oregon and Hawaii. The bank is a member FDIC (FDIC Certificate # 32489). Update: HomeStreet Bank has been operating under a FDIC Cease & Desist order since May 2009.

Bank of the West has brought back its $100 checking account bonus. This new bonus is available until 2/19/2010, and like the last one it allows either direct deposit of at least $250 or 10 online bill payments. The promotion details are listed in the bank's promotion page. Some important details mentioned in the small print include:

• Open any new personal checking account
• First recurring direct deposit must be posted to your account within 60 calendar days of your account opening date
• The 10 bill payments must occur within 60 calendar days of your account opening date
• Bonus will be credited to your account within 60 days after satisfaction of conditions
• Offer valid for a new personal checking account opened from with $100 or more from a financial institution other than Bank of the West
• Offer does not apply to second or multiple checking accounts and/or existing checking customers
• Limit of one $100 bonus per household per calendar year
• Value of the offer reported to the IRS on Form 1099

I just called the bank's customer service number (800 488-2265 / option 8), and according to the CSR, you don't need to come into a branch. People in any state can apply online and qualify for the bonus. Note, in a call last year I was told a branch visit would be required for the bonus. If you hear something different, please leave a comment. Also note, I was told they don't do a hard credit inquiry in the application (only a soft pull). So it shouldn't have to worry about a ding to your credit score. It should be noted that I've often received wrong info on this issue from CSRs.

A few readers shared their experience with this bonus last year. If you participated in this promotion last year, please leave a comment about how it went. Hopefully, the bonuses were paid without problems.

Branches are located throughout the Western and Midwestern states including Oklahoma, Kansas, Minnesota, Nebraska, Colorado, Arizona, Nevada, Wyoming, Washington, Oregon and California. The bank has been a FDIC member since 1934 (FDIC Certificate # 3514).

Thanks to the reader who emailed me news of this new promotion.

Online Savings Account

Bank of the West continues to offer an online savings account with the competitive yield of 1.50% APY for balances of $10K and above as of 1/14/2010. This is the same rate when I posted on this account last August. Unfortunately, 1.50% is now competitive for online savings accounts. However, the rate is low for balances under $10K (0.50%). In August I was told by the CSR that there's a $2/month fee if the balance falls below $300. Another downside is that their ACH bank-to-bank transfer service has a transfer limit of $2,000 per day.

Other Bank Bonuses and Online Savings Accounts

To find other bonus deals, please refer to my bank bonus page which has all of my recent bank bonus posts. Refer to my weekly rate summary and the savings account section of DepositAccounts.com for the best nationwide savings account rates.