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Umpqua Bank Review 2024

Updated February 1, 2024
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At a glance

3.8
Rating: 3.8 stars out of 5
Bankrate Score
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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

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 California, Oregon, Idaho, Nevada, Washington.

Highlights

  • ATM Fee Refunds

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.

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

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    Customers ages 18 or under or 55 or older have their monthly service fees waived.

  • Checkmark

    You only need to keep $200 in your Grow Savings account to avoid the account’s monthly service 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
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    National average APY
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Customer experience

Customer support is available by telephone weekdays, Monday through Friday, from 7 a.m. to 6 p.m., PT, and 8 a.m. to 5 p.m. PT Saturday and Sunday. You can also chat online with an Umpqua Bank representative from 8 a.m. to 6 p.m., PT weekdays and 8 a.m. to 5 p.m., PT on weekends.

Umpqua Bank's mobile app gets good 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.

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.