Oregon Community Credit Union (OCCU) – 5.25% APY On Balances Up To $500 Ignite Savings Account

Offer at a glance

  • Interest Rate: 5.13%
  • Minimum Balance: $0 ($5 membership balance)
  • Maximum Balance:
    • $500 (at a 5.13% rate)
    • $2,500 (at a 2.96% rate) [$500 to $2,500 tier]
  • Availability:
  • Direct deposit required: No
  • Additional requirements: None
  • Hard/soft pull: Hard (Experian)
    • A Hard Pull was generated to become a member and open an Ignite Savings Account
  • ChexSystems: Unknown
  • Credit card funding: $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: None
  • Household Limit: None
    • One account per primary membership
  • Insured: NCUA

The Offer

Direct link to 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)
    Don L
  • On April 16, 2020, 14:00

View Comments (31)

  • As addl datapoint to below, just opened new account for P2 and funded with CIBP. Ignite account was opened/approved one day after applying. Funding on CIBP counted as purchase. This continues to be a great account for funding and keeping open for interest (though hard pull sucks).

  • NOT chex-sensitive (please update the post). But they need the copy of Social Security Card to open the account (it is a requirement). If you are not comfortable uploading a copy of the SS card, do not apply. They also need the proof of UOAA Membership (and DL as usual).

  • I noticed today that my application for ignite savings actually opened a primary savings account with much lower interest rate, so if you are wanting the 5% on 500, you might want to double-check your account. I opened a new account which asked me to fund from an existing account (no CC this time) and transferred the money into an Ignite Savings account.

  • Anyone know if it's a hardpull if you're already a member. I joined in december for the other deal

  • Citi Double Cash Card went through with no problem. However US Bank BusLeverage Card rejected

  • @don-l Don– how long did it take for them to approve your application for the savings account? I applied on Saturday but still no approval and cc hasn’t been charged with the funding amount.

  • I joined them for their awesome credit card deal from early in the year. So I called them up about this promo and here's what I found. If anyone has contrary info, I'd be very keen to learn it:
    1) It's a separate savings account from your membership savings account. This is a plus if you want to fund it with a credit card because you can fund both.
    2) If you already have an account, though, they *say* will not let you fund it over the phone or via the web. You must go into an office. (Weird, in these Covid-19 times)
    3) That said, I checked their website and it appears to take a card for funding, so maybe it would get rejected later down the line or maybe the rep was incorrect

    Does anyone know the answer to this?: I seem to recall that some credit cards have explicit language in their sign-up bonuses that disallow "cash-like" purchases. (Gift Cards are the obvious target.) But maybe funding a credit union is also disallowed?? Does anyone know?

    • @guest_958539 @bluecat ... regarding point #2, did you end up signing up online and try funding? Hoping you can provide a datapoint.

    • It works from my experience. I used Paypal Mastercard for 2%, and it coded as a purchase and went through without a problem.

  • So with a $55 entrance fee, it'll take 759 days to start profiting if you only invest $500 and 236 days if you only invest $2500. Compared to an Elements account with 2.1% interest, it'll take 625 days for this account to profit more if you invest $2500. That's a long time for these rates to stay the same. I'll pass

    • I hear you, as presented it's probably a marginal deal.

      The credit card funding can make you positive from a dollar perspective at the start, but still a lot of up from costs in terms of time (plus the hard pull).

      I sort of collect these marginal deals, small limit high interest savings accounts. Been fortunate that most have run for a while, but that could quickly change.

      • Don-- how long did it take for them to approve your application for the savings account? I applied on Saturday but still no approval and cc hasn't been charged with the funding amount.

        • I can't recall exactly, tried to piece it together from emails, think a few days, received an email asking to upload documents to their online web portal. They might just be getting hit hard like the other banks currently.

          • @don-l Thank you! As a data point for others, it took 4 business days for them to approve my ignite savings account application. Pretty great opportunity here for credit card funding of a savings account.

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