PNWFCU savings and money market accounts

Savings & Money Market

Savings & Money Market Accounts

It’s easy to establish your membership with PNWFCU. Just open and maintain a $5 balance in your savings account. Once you join the credit union, you’re a member for life, as long as you keep your account active – even if you move, change jobs or retire.

  • $5 minimum balance to open and maintain membership
  • No monthly service fees
  • Dividends compounded and paid monthly
  • Up to 6 electronic, online, telephone, overdraft or debit card withdrawals per month
  • Refer to savings rate disclosures for balance requirements and limitations

Open Account

NEW! Oregon First-Time Home Buyer Savings AccountOpened EntryClosed Entry

PNWFCU now offers a savings account to help first-time home buyers save for a new home. This Oregon state tax deduction can be spent on a down payment or other related costs associated with the purchase of your first home.

Who is eligible? Any Oregon resident who hasn’t purchased or owned a single-family home, either individually or jointly, in the three years prior to the date of their planned purchase of a new home in Oregon.

What’s the benefit? As an individual, you may deduct up to $5,000 from your Oregon taxable income for deposits and earnings in a First-Time Home Buyer Savings Account each year, for a maximum of 10 years. For those filing jointly, the deduction can be up to $10,000 per year. You may not subtract more than $50,000 in all tax years.* Please refer to Section 6 of OR HB 4007 for more information on income limitations.

Good to Know:

  • This is an Oregon state tax break and does not apply to federal taxes.
  • If you do not use your savings to buy a single-family home in Oregon within 10 years of opening your account, or you use the money for something else, there may be a five percent penalty fee and you may owe taxes for any previous deductions.

See the Oregon Department of Revenue’s FAQs here. If you are not currently a PNWFCU member and want to know if you are eligible to open an account, click here, call or text 503-256-5858, or email us for help.

* For specific tax advice, please consult with a tax professional.

Money Market AccountsOpened EntryClosed Entry

A PNWFCU money market account is an easy way to start saving while earning higher dividends. Dividends are compounded daily and paid monthly. Features include:

  • $2,000 minimum balance to open
  • No monthly fees
  • No terms or penalties for early withdrawal
  • Unlimited in-person withdrawals or transfers
  • Unlimited deposits
  • Up to 6 electronic, online, telephone, or check withdrawals per month
  • Refer to savings rate disclosures for balance requirements and limitations

Call or email us to open an account. 

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