Offer at a glance
- Interest Rate:Â 5.13%
- Minimum Balance: $0 ($5 membership balance)
- Maximum Balance:Â
- $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:Â No
- Additional requirements:Â None
- Hard/soft pull:Â Hard (Experian)
- A Hard Pull was generated to become a member and open an Ignite Savings Account
- ChexSystems: Unknown
- Credit card funding:Â $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:Â None
- Household Limit: None
- One account per primary membership
- Insured:Â NCUA
The 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)
