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

GOBankingRates Score

4.5
Quick Take: OnPoint Community Credit Union offers a full lineup of banking products and services to members in Oregon and Southwest Washington. It has an extensive surcharge-free ATM network and solid ratings on the mobile apps for customers outside its service area.
  • Fees
    4.0
  • Mobile App
    4.5
  • Breadth of Products
    5.0
  • Account Minimums
    4.5
How did we calculate this?

Pros

  • Broad ATM access via MoneyPass and CO-OP ATMs
  • Good mobile app ratings
  • Attractive APYs on CDs with Bundle Rewards

Cons

  • Limited service area
  • High overdraft fees

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. The credit union offers a broad range of products — from checking, savings and money market accounts to certificates of deposit, loans, individual retirement accounts and financial 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 three checking 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 free eStatements. 

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 of savings accounts are 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: the FlexSmart Money Market. You can access the FlexSmart Money 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 of certificates 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. 

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 $30 overdraft fee can be avoided with 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’s mobile app gets good reviews from users., with average ratings of 4.6 out of 5 stars on both Google Play and the App Store. Features on the app include bill 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 both credit unions and banks in its service area. Here’s how it stacks up. 

Bank Best For
OnPoint Community Credit Union High savings APY on first $500; depth of account lineup
Advantis Credit Union High checking APY
Oregon Community Credit Union High savings APY
Selco Community Credit Union Lower transaction fees

OnPoint Community Credit Union vs. Advantis Credit Union 

Oregon-based Advantis Credit Union offers 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 Union is another financial institution that offers a top-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. Selco Community Credit Union 

Selco Community Credit Union, also based in Oregon, has lower transaction fees than OnPoint Community Credit Union. For example, Selco charges just $25 for an NSF fee, lower than the $30 charged by OnPoint. OnPoint takes the prize when it comes to account depth, as Selco offers 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 extensive surcharge-free ATM network and mobile app capability for customers outside its service area. But you can get higher APYs at various online institutions, so people who live outside OnPoint’s immediate service area might want to look elsewhere. 

OnPoint Community Credit Union FAQ

Now that you're familiar with the products and services OnPoint offers, here are answers to some of its most frequently asked questions.
  • Does OnPoint Community Credit Union have Zelle?
  • Does OnPoint Community Credit Union have free checking?
    • You don't have to pay monthly service fees with either OnPoint Checking or the Access Account. 
  • What is the daily cash withdrawal limit from ATMs?
  • Does OnPoint Community Credit Union offer free money for signing up for an account?
    • OnPoint Community Credit Union currently offers a $50 referral bonus for customers who get others to sign up for a personal or business account with direct deposit. Both the referring customer and the new customer receive $50 each. From time to time, OnPoint offers other promotions, such as the late 2020 offer of $300 for new checking accounts.

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. 

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About the Author

Vance Cariaga is a London-based writer, editor and journalist who previously held staff positions at Investor’s Business Daily, The Charlotte Business Journal and The Charlotte Observer. His work also appeared in Charlotte Magazine, Street & Smith’s Sports Business Journal and Business North Carolina magazine. He holds a B.A. in English from Appalachian State University and studied journalism at the University of South Carolina. His reporting earned awards from the North Carolina Press Association, the Green Eyeshade Awards and AlterNet. In addition to journalism, he has worked in banking, accounting and restaurant management. A native of North Carolina who also writes fiction, Vance’s short story, “Saint Christopher,” placed second in the 2019 Writer’s Digest Short Short Story Competition. Two of his short stories appear in With One Eye on the Cows, an anthology published by Ad Hoc Fiction in 2019. His debut novel, Voodoo Hideaway, was published in 2021 by Atmosphere Press.
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