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Umpqua Bank Review 2023

Updated September 14, 2023
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At a glance

3.4
Rating: 3.4 stars out of 5
Bankrate Score
Caret Down

CDs

Rating: 2.5 stars out of 5

Checking

Rating: 4.6 stars out of 5

Savings

Rating: 2.9 stars out of 5

MMA

Rating: 2.2 stars out of 5

About Bankrate Score

Overview

Umpqua Bank is a solid choice for West Coast residents who seek a regional bank with deposit and loan products, access to branch banking and digital-banking tools.

Highlights

  • ATM Fee Refunds
Compare offers
Info
Bank logo
Member FDIC
Savings Account
4.30
%
APY
APY
Info
As of 12/3/2023
Rating: 4.9 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Promoted offer: It only takes about 5 minutes to open a fee-free account.
Bank logo
Member FDIC
Savings Account
4.30
%
APY
APY
Info
As of 12/3/2023
Rating: 4.4 stars out of 5
$1
Min. balance for APY
View offer Arrow Right
Promoted offer:
Bank logo
Member FDIC
Savings Account
4.65
%
APY
APY
Info
As of 12/3/2023
Rating: 5 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Promoted offer: Plus, no monthly fees and unlimited free external transfers

Overall

Founded in 1953, Umpqua Bank is the largest regional bank in the Pacific Northwest. On March 1, 2023, Umpqua closed a merger to acquire Columbia Bank. Umpqua Bank has more than 300 locations in Oregon, Idaho, Nevada, Washington, California, Arizona, Utah and Colorado.

Pros

  • Checkmark

    The bank offers customers options with multiple checking accounts, money market accounts and CD terms.

  • Checkmark

    There is a relatively low deposit requirement to open a money market account or savings account.

Cons

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

  • Umpqua has a smaller ATM network.

Umpqua Bank banking products

2.9
Rating: 2.9 stars out of 5
Bankrate Score

Umpqua Bank savings overview

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 all balances earn the same APY. But you can find higher yields elsewhere.

With the Grow Savings account, you will pay a $3 monthly service fee unless a $200 minimum daily balance is maintained or the primary account holder is 55 or older or 18 or younger, or if a monthly transfer is made from another Umpqua personal deposit account.

Pros

  • Checkmark

    The deposit required to open Grow Savings is only $25.

  • Checkmark

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

Cons

  • Savings accounts with higher APYs and no minimum balance requirements can be found elsewhere, especially at FDIC-insured online banks.

  • See how rates for this account have changed over time. Interact with the trend lines to view APY by date.

    Umpqua Bank
    APY
    APY
    Info
    National average APY
    How do we get this data?
    Info
Compare Offer
Info
Bank logo
Member FDIC
Savings Account
4.30
%
APY
APY
Info
As of 12/3/2023
Rating: 4.9 stars out of 5
Info
$0
Min balance for APY
View offer Arrow Right
Promoted offer: It only takes about 5 minutes to open a fee-free account.

Bank experience

Customers can expect their personal banker on the Umpqua Go-To app to work regular bank hours, according to an Umpqua Bank representative.

You can telephone the bank from 7 a.m. to 6 p.m. Pacific Time, weekdays, and 8 a.m. to 5 p.m., on weekends..

Umpqua Bank's mobile app gets pretty high ratings in the Apple App and Google Play stores. Umpqua debit and credit cards work with Apple Pay, Google Pay, Samsung Pay, Fitbit Pay and Garmin Pay.

About Umpqua Bank

Umpqua offers checking accounts, a savings account, money market accounts and CDs, as well as business and commercial banking services.

Review methodology

With so many financial institutions to choose from, it can be hard to know who to trust. Bankrate’s ever-growing list of bank and credit union reviews is updated regularly. Our editorial team analyzes and reviews each institution across deposit products such as savings accounts, checking accounts, certificates of deposit (CDs) and money market accounts (MMAs). Banks are rated by important factors such as offered interest rates, fees, minimum balance requirements, access to funds and more.

We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. Read our full review methodology.