Tried a small credit union for my savings account after 10 years with a big bank

I opened a savings account at a local credit union in Portland last month just to see if the rates were really better. Turns out they were offering 4.5% APY compared to the 0.01% I was getting at Chase. Now I'm wondering why I waited so long to switch for something so simple. Has anyone else had good luck moving their emergency fund to a smaller institution?

2 comments

2 Comments

jamie_clark16d ago

Portland's got some solid credit unions with those 4.5% rates.

wren21716d ago

Oregonians CU was offering 4.5% on their high-yield checking last month when I checked, but you gotta jump through hoops with 12 debit transactions a month to get it. @jamie_clark, do you know if any of those Portland credit unions waive the monthly fee for folks who don't meet the spending requirements? I'm trying to avoid accounts that penalize you for not using them enough, since I mostly just set and forget my savings. Also, I heard some of them cap the balance you can earn that rate on, which would kill it for larger amounts.