Umpqua Bank Review 2020

Published May 2020 by Matthew Goldberg

AT A GLANCE
2.6

Bankrate Score

bank-logo

ATM fee refunds

Digital Leader

Low Minimum Deposit

This bank is best if you live in California, Idaho, Nevada, Oregon and Washington and want a new bank provider that supports branches and is known for hosting events, like yoga classes.

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    3.2
  • Savings
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    3.1
  • Checking
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    2.8
  • MMAs
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    1.6
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    Axos Bank

    Member FDIC

    Savings account

    0.61 % APY

    $ 250

    Min. balance for APY

    Capital One

    Member FDIC

    Checking account

    0.10 % APY

    $ 1

    To open

    $ 0

    To avoid fees

    Overall

    2.6

    Bankrate Score

    Umpqua Bank has branches, or "stores" as Umpqua calls them, in California, Idaho, Nevada, Oregon and Washington. It provides customers with the Umpqua Go-To app, which lets them pick a banker and text them questions through the app.

    What we like

    • Offers customers an innovative app that lets you text with a banker of your choosing.

    • Offers customers options with multiple checking accounts, money market accounts and CD terms.

    • Relatively low deposit requirement to open a money market account or savings account.

    What we don't

    • Deposit accounts tend to have APYs that are lower than the national averages.

    • Money market accounts don’t offer free checks.

    • Smaller ATM network.

    CD rates

    3.2

    Bankrate Score

    Umpqua Bank offers 11 terms of CDs. It also offers an 18-month IRA CD.

    The terms range from a one-month CD to a five-year CD. You will need $1,000 to open a CD at Umpqua Bank.

    What we like

    • Offers a range of CD terms.

    • The bank's payout on its seven-month promotional CD pops when compared to the average six-month CD’s APY.

    What we don't

    • You can find a lower minimum balance requirement at other banks.

    • CD penalties may be steep. On a one-year CD, an early withdrawal will cost you three percent of the principal amount you take out in addition to paying a $25 fee.

    Savings accounts

    3.1

    Bankrate Score

    OTHER SAVINGS OFFERS YOU MAY LIKE
    Axos Bank

    Member FDIC

    Savings account

    0.61 % APY

    $ 250

    Min. balance for APY

    The Grow Savings Account is the only savings account offered by Umpqua Bank. (The bank does offer two money market accounts.) You only need $25 to open the Grow Savings Account, and every balance earns the same APY. But you can find higher yields elsewhere.

    With the Grow Savings account, you will pay a $3 monthly service fee unless you: Keep a $200 minimum daily balance in the account or have a primary signer who is 55 or older or 18 or younger, or if you make a monthly transfer from another Umpqua personal deposit account.

    What we like

    • Only $25 is required to earn the top yield.

    • There are several ways to sidestep the account’s monthly $3 maintenance fee.

    What we don't

    • You can find higher yields elsewhere.

    • You can also find accounts that offer a higher payout and don’t require a minimum balance.

    Checking accounts

    2.8

    Bankrate Score

    OTHER CHECKING OFFERS YOU MAY LIKE
    Capital One

    Member FDIC

    Checking account

    0.10 % APY

    $ 1

    To open

    $ 0

    To avoid fees

    You will need to deposit at least $200 to open the Attain Checking Account. With the checking account, you will earn a little bit of interest. However, you can earn higher yields elsewhere. One note: If you open an Attain Checking account, you will also earn a little more interest on any of the bank’s CDs.

    What we like

    • With Embark Checking, you will get reimbursed up to $10 in out-of-network ATM fees per month if you keep an average balance of at least $2,500.

    • With Attain Checking, you can get even more ATM rebates.

    • Even with a basic checking account, you will have access to the Go-To app.

    What we don't

    • If your account doesn’t waive out-of-network ATM fees, or if you’ve exceeded the monthly reimbursement limit, Umpqua Bank charges $2.50 per transaction at non-Umpqua Bank ATMs.

    • You’re not rewarded for having a large balance in your Attain Checking Account. All balance tiers earn the same APY.

    Money market accounts

    1.6

    Bankrate Score

    You only need $100 to open both the Prosper Money Market and the Thrive Money Market account. However, you will want to maintain a certain balance to avoid account fees. The Thrive Money Market account has a $10 monthly fee if you don’t keep a $1,000 minimum daily balance. The Prosper Money Market account has a $15 fee if you don’t have either a $10,000 minimum daily balance in the account or a combined balance of $25,000.

    What we like

    • Only $100 is required to open the money market accounts.

    • The Prosper Money Market account gives you a slightly higher yield if you also have a checking account with the bank.

    What we don't

    • You can find higher yields elsewhere.

    • You will pay a $10 monthly maintenance fee on the Thrive Money Market or a $15 monthly fee on the Prosper Money Market account if you don’t keep enough in those respective accounts.

    • Checks aren’t free for these accounts.

    • On both money market accounts, your first 50 checks deposited are free per monthly statement cycle. But you will have to pay $0.25 for every check deposited after the 50th check in a monthly statement cycle.

    Bank experience

    Umpqua Bank has 289 ATMs in its network. Umpqua Bank has representatives available from 8 a.m. to 6 p.m. Pacific on weekdays and from 8 a.m. to 5 p.m. on Saturday and Sunday.

    When you message an agent on the Umpqua Go-To app, the representatives tend to work typical store hours, according to an Umpqua Bank representative.

    The bank is known for hosting less typical events for a bank, including yoga classes.

    About Umpqua Bank

    Umpqua Bank, a subsidiary of Umpqua Holdings Corp., has its headquarters in Roseburg, Oregon. There are 238 Umpqua Bank locations in California, Idaho, Nevada, Oregon and Washington. Umpqua Bank offers three checking accounts, a savings account, two money market accounts and multiple terms of CDs.

    Matthew Goldberg Twitter Created with Sketch. @MATTATBANKRATE

    Matthew Goldberg Twitter Created with Sketch. @MATTATBANKRATE

    Matthew Goldberg is a consumer banking reporter at Bankrate. Nearly his entire career has either been as a reporter or working in financial services, in banking and insurance. His writing has been featured on MSN, appeared in Sports Illustrated On Campus, The Atlanta Journal-Constitution, The Buffalo News and other publications. He has been honored by both the Illinois Associated Press Editors Association and the Illinois Press Association. Matthew is currently on the Society for Advancing Business Editing and Writing (SABEW) Board of Governors. He has previously served on conference planning committees, the training committee and the finance committee for SABEW, which is the world's largest and oldest organization of business and financial journalists. His reporting career has included working as a staff reporter at two daily newspapers. He earned a bachelor’s degree at Illinois State University and an MBA at William Paterson University.