Pacific NW Federal Credit Union

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.

Savings Account

• $5 minimum balance to open and maintain membership
• No monthly service fees
• Dividends compounded and paid monthly
• Refer to savings rate disclosures for balance requirements and limitations

Click here to view our Youth savings and checking accounts.

Money Market Accounts

A PNWFCU money market account is an easy way to start saving while earning 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 withdrawals and transfers
• Unlimited deposits
• Refer to savings rate disclosures for balance requirements and limitations

Call or email us to open an account.

Oregon First-Time Home Buyer Savings Account

PNWFCU offers a savings account to help first-time home buyers save for a new home. Oregon allows a subtraction for amounts you deposited during the tax year into a designated First-Time Home Buyer Savings Account, along with any earnings on your deposits. Click here to learn more about income and contribution limits. 

How to set up an account
Anyone planning to purchase a home in Oregon or who wants to save on behalf of someone else who is planning to purchase a home in Oregon can set up an account. After you open the account, fill out Form OR-HOME to designate that account as your first-time home buyer account.

Keep Form OR-HOME with your account statements and any tax forms related to the account that you receive. You may need to provide these items later.

How to use an account
You must use money deposited in the account to pay for qualifying costs of buying a single-family home within 10 years of opening the account. You can use the account to save for your own home purchase or for the home purchase of a qualified beneficiary. In addition, the individual purchasing the home can’t have owned or purchased a residence in the three years prior to the date of their planned purchase.

What’s the benefit?
For 2025, account holders may subtract up $6,125 in contributions and earnings, or up to $12,245 for those filing a joint return. Account holders may subtract contributions and earnings for up to 10 years or until an aggregate total of $50,000, or $100,00 for joint filers, is reached. The maximum subtraction amount is also limited by federal adjusted gross income. See the Oregon Department of Revenue’s FAQs here for more information on income limitations.

What are the requirements?
A First Time Home Buyer Savings Account can be opened anytime between January 1, 2019 through December 31, 2026. Money deposited in the First-time Home Buyer Savings Account must be used to buy a single-family home within 10 years of initially opening the account. If funds are not used to purchase a home, a five percent penalty may be imposed, and you will be required to add back to your income any amounts previously deducted. Click here to learn more about penalties.

What can you spend your First-time Home Buyer Savings Account on?
You or your beneficiary must use the funds in the account to pay costs associated with buying a home, such as: 

• Down payment
• Title insurance and other closing costs
• Realtor commissions
• Appraisal and inspection fees
• Loan origination fees 

Important to Know

• This is an Oregon state tax break and does not apply to federal taxes.
• The funds in the account must be used to purchase a home within 10 years of opening a First-time Home Buyer Savings Account.
• If funds are withdrawn within 10 years of opening the account for a reason other than buying a home, you will be required to pay a penalty.
• In addition, if you remove the funds at any time without purchasing a home, you’ll need to claim the amounts you previously subtracted as an addition on your tax return.

Refer to Oregon Department of Revenue – First-Time Home Buyer Savings Account for detailed information about the program, including frequently asked questions and necessary forms. 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.