OnPoint Community Credit Union Review: Oregon’s Largest Credit Union Offers Excellent Product Breadth (2024)

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About OnPoint Community Credit Union

OnPoint Community Credit Union was founded in 1932 in Portland, Ore., as the Portland Teachers Credit Union. Ninety years and a name change later, OnPoint is now the largest member-owned financial institution in Oregon, with about $8.8 billion in total assets and more than 461,000 members in Oregon and Southwest Washington.Thecredit unionoffers a broad range of products — from checking, savings and money market accounts to certificates of deposit, loans, individual retirement accounts andfinancial planning.

OnPoint Community Credit Union members have access to 55 branch locations and more than 60,000 surcharge-free ATMs.

OnPoint Community Credit Union made GOBankingRates’ list of Top 100 Banks for 2022.

Checking Accounts

OnPoint Community Credit Union offers threechecking accounts: Access Account, OnPoint Checking and Interest Checking. The OnPoint Checking account is the credit union’s basic checking account, while the Access Account is for those who might have difficulty obtaining a traditional checking account. Interest Checking is the only one that pays interest.

The Access and OnPoint accounts both have $50 minimum opening deposits, but they have no minimum balance requirement. Interest Checking has no minimum to open an account, but you need to keep a $500 minimum balance to avoid the $7 monthly service fee. Access and OnPoint Checking have no monthly fees. All accounts come with freeeStatements.

Interest Checking pays an annual percentage yield of 0.05% on all balances as of Dec. 30, 2021, which is decent for a checking account. It’s also the credit union’s only checking account that doesn’t assess out-of-network ATM fees. A $2 out-of-network ATM fee applies to the Access Account and OnPoint Checking.

Savings Accounts

Three types ofsavings accountsare available at OnPoint Community Credit Union: Regular Savings, Bundle Rewards and OnPoint Savers. Regular Savings is the credit union membership account, while OnPoint Savers is a youth account and Bundle Rewards provides additional features and benefits.

The minimum opening deposit is $5 for Regular Savings, $0 for Bundle Rewards and $25 for OnPoint Savers. You can make direct deposits with Regular Savings and OnPoint Savers, but not with Bundle Rewards. OnPoint does not list any monthly fees for any savings account.

The APY for Regular Savings is 0.05%. OnPoint Savers pays a very high 5.00% APY on balances of $5 to $500 and a 0.05% APY on balances above $500. Bundle Rewards pays an APY of 0.10% on all balances.

Money Market Account

A single money market account is available: theFlexSmartMoney Market. You can access theFlexSmartMoney Market account any time through the Visa debit card, optional checks or transfers to your checking account. There is no minimum deposit to open an account, and it pays an APY of 0.05% on all balances. No monthly fees are listed.

CD Accounts

OnPoint Community Credit Union offers two types ofcertificates of deposit: regular and Annual Withdrawal. Each has different account minimums and features, but both carry the same National Credit Union Association protection for up to $250,000.

Regular CDs have a $1,000 minimum opening deposit unless you are under 18, and then it’s $100. Terms are from three months to four years, and early withdrawal penalties apply. The standard APY for regular CDs is 0.05% for terms of three months to two years, 0.10% for terms of three to four years. However, you can get an APY of up to 0.35% by signing up for Bundle Rewards.

The Annual Withdrawal CD lets you withdraw up to 20% of your balance each year with no penalty. The minimum balance for this CD is $5,000 and the term is 60 months. The standard APY is 0.10%, but that rises to 0.35% when you sign up for Bundle Rewards.

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How OnPoint Community Credit Union Earned Its Scores

Fees

The only checking or savings account at OnPoint that lists a monthly service fee is Interest Checking, and its $7 fee can be waived by maintaining a $500 minimum balance. The $30overdraft fee can be avoidedwith the credit union’s Overdraft Transfer service, which waives the fee for the first occurrence and costs just $3 thereafter. OnPoint also charges a $30 NSF fee.

Mobile App

OnPoint’smobile appgets good reviews fromusers.,withaverage ratings of 4.6 out of 5 stars on bothGoogle Playand theApp Store. Features on the app includebill pay, bill management, money transfers within the U.S. and cleared check images.

Breadth of Products

OnPoint Community Credit Union offers most of the accounts that bank customers expect, including a full range of deposit accounts and CDs, as well as IRAs; home, vehicle and personal loans; credit cards; and a broad lineup of business accounts.

Account Minimums

Minimum balance and opening requirements are not too stringent. There is a $0 opening requirement for Interest Checking. The minimum to open an Access Account and OnPoint Checking is $50, but after that there is no minimum balance requirement. The money market account has no minimum. The minimum for regular CDs is only $1,000, which is lower than you’ll find at many other financial institutions.

Editor’s Favorite

The teaser APY of 5.0% offered by the OnPoint Savings account is truly extraordinary, even if it only applies to the first $500 invested. The overdraft transfer service, which drops the NSF fee down to just $3, is also a great perk.

OnPoint Community Credit Union vs. Competitors

OnPoint Community Credit Union competes with bothcredit unions and banksin its service area. Here’s how it stacks up.

OnPoint Community Credit Union vs. Advantis Credit Union

Oregon-basedAdvantis Credit Unionoffers a Fusion Checking account that pays an excellent 0.75% APY on balances up to $25,000 and a still-respectable 0.10% APY on balances above that. OnPoint can’t top that, but it does offer a savings rate of 5.00% on the first $500 deposited in its OnPoint Savings account, which is well above the 1.00% APY that Advantis offers on the first $500 in its Start Savings Account for younger customers.

OnPoint Community Credit Union vs. Oregon Community Credit Union

Oregon Community Credit Unionis another financial institution that offers atop-tier checking account rate, paying a 1.00% APY on balances of up to $20,000 in its Remarkable Checking account.OnPoint Community Credit Union has a deeper account lineup than Oregon Community Credit Union, offering three savings and three checking accounts vs. one and two, respectively, at OCCU.

OnPoint Community Credit Union vs.SelcoCommunity Credit Union

Selco Community Credit Union, also based in Oregon, has lower transaction fees than OnPoint Community Credit Union. For example,Selcocharges just $25 for an NSF fee, lower than the $30 charged by OnPoint. OnPoint takes the prize when it comes to account depth, asSelcooffers only a single savings account and a single primary checking account.

Final Take

OnPoint Community Credit Union offers excellent product breadth to customers in Oregon and Southwest Washington, with all of the basic account types covered. It also has an extensivesurcharge-free ATMnetwork and mobile app capability for customers outside its service area. But you can get higher APYs atvarious online institutions,sopeople who live outside OnPoint’s immediate service area might want to look elsewhere.

John Csiszar contributed to the reporting for this article.

Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Dec. 30, 2021.

This content is not provided by OnPoint Community Credit Union. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by OnPoint Community Credit Union.