Your Savings account will earn interest on deposited funds. It’s a great way to put money away for something special or a rainy day. Minimum opening deposit is $100. Minimum average daily balance to avoid a $3 monthly service fee is $200. No monthly fee for account owners under 18 or 50 years and over. Withdrawal limitations apply.*
Allows Oregon residents to save money for a first-time home ownership with benefits of deducting taxable income. A First-Time Home Buyer Savings Account can be opened anytime between January 1, 2019 through December 31, 2026. Money deposited in the account must be used to buy a single-family home within 10 years of opening the account. Minimum to open account is $100. Minimum average daily balance to avoid a $3 monthly service fee is $200. Withdrawal limitations apply.*†
What can you spend your First-Time Home Buyer Savings Account on?
- Loan Origination Fees
- Down Payment
- Closing Costs
- Appraisal Costs
- Realtor Fees
Open a First-Time Home Buyer Savings Account and close your home loan through the bank and get a $250 closing cost credit.**
For more information regarding tax implications and eligible expenses, visit the Oregon Department of Revenues FAQ Page.
Enjoy the benefit of earning interest with premium rates and still have the convenience of check writing. A tiered rate structure allows higher account balances to earn higher interest. The $10 monthly service charge is waived by maintaining the $1,000 minimum average daily balance. Withdrawal limitations apply.*