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Umpqua Bank Review 2022

Published January 2022 by Libby Wells

AT A GLANCE
3.5

Bankrate Score

bank-logo

ATM fee refunds

Low Minimum Deposit

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.

  • CDs
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    3.1
  • Savings
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    2.7
  • Checking
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    4.8
  • MMAs
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    1.8
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    1.00 % APY

    $ 0

    Min. balance for APY

    Capital One

    Member FDIC

    Savings account

    1.00 % APY

    $ 0

    Min. balance for APY

    Synchrony Bank

    Member FDIC

    CD

    1.90 % APY

    1yr

    Term

    $ 0

    Min. deposit

    Overall

    3.5

    Bankrate Score

    Founded in 1953, Umpqua Bank is the largest regional bank in the Pacific Northwest. It has nearly $30 billion in assets.

    What we like

    • Umpqua Bank offers its innovative Go-To app that lets customers text a banker of their choosing if they have a question or need advice.

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

    • There is a 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.

    • Umpqua has a smaller ATM network.

    CD rates

    3.1

    Bankrate Score

    OTHER CD OFFERS YOU MAY LIKE
    Synchrony Bank

    Member FDIC

    CD

    1.90 % APY

    1yr

    Term

    $ 0

    Min. deposit

    Umpqua Bank offers nine terms of CDs. The minimum opening deposit is $1,000. You can get an additional bonus CD rate when a CD is opened along with the interest-bearing Umpqua Attain Checking account. Customers can get an additional bonus CD rate when a CD is opened along with select Umpqua checking accounts.

    The Umpqua website has scant information about the bank's CD products. Potential customers must contact the bank to get rate information and other details.

    What we like

    • The bank offers a range of CD terms.

    • The opening deposit on CDs is a reasonable $1,000.

    What we don't

    • Lower opening deposit requirements can be found at other banks.

    • CD penalties can be steep. On one-year CDs, early withdrawals cost 3 percent of the principal amount withdrawn, plus a $25 fee.

    • There are no bump-up or no-penalty CDs.

    • Higher yields can be found at other banks.

    Savings accounts

    2.7

    Bankrate Score

    OTHER SAVINGS OFFERS YOU MAY LIKE
    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    1.00 % APY

    $ 0

    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 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.

    What we like

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

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

    What we don't

    • Higher yields can be found elsewhere, especially online banks.

    • Savings accounts with higher APYs and no minimum balance requirements can be found elsewhere.

    Checking accounts

    4.8

    Bankrate Score

    OTHER CHECKING OFFERS YOU MAY LIKE
    Quontic Bank

    Member FDIC

    Checking account

    1.10 % APY

    $ 100

    To open

    $ 0

    To avoid fees

    Umpqua Bank's Embark Checking is a basic account, requiring only $25 to open and levying no monthly service charge if you sign up for paperless statements. If you keep an average balance of $2,500 or more, you get up to $10 in non-Umpqua ATM rebates.

    Umpqua also offers Attain Checking. You will need to deposit at least $200 to open Attain Checking and earn a little bit of interest. However, you can earn higher yields elsewhere. 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

    • Umpqua Bank offers a variety of checking accounts to meet different needs and goals.

    • With Embark Checking, customers get reimbursed up to $10 in out-of-network ATM fees each month when an average balance of at least $2,500 is maintained.

    • Even with the basic Embark Checking account, customers have access to the Go-To app.

    What we don't

    • The bank charges $2.50 per out-of-network ATM transaction, unless you qualify for a waiver.

    • All Attain Checking balance tiers earn the same APY.

    Money market accounts

    1.8

    Bankrate Score

    Umpqua Bank has two money market accounts, the Prosper MMA and Thrive MMA. Only $100 is needed to open either account and both come with an ATM card.
    With the Thrive MMA, which Bankrate focused on for this review, a $1,000 minimum balance is needed to earn interest and to avoid a $10 monthly fee.
    The Prosper MMA has a $15 fee that is waived if you don’t keep a $10,000 minimum daily balance or a combined balance of $25,000 across eligible accounts.

    What we like

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

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

    What we don't

    • Higher yields can be found elsewhere.

    • A $10 monthly maintenance fee applies on the Thrive Money Market if the account balance drops below $1,000.

    • A $15 monthly fee applies on the Prosper Money Market account if the minimum daily balance drops below $10,000.

    Bank experience

    Not all Umpqua Bank branches have reopened since the COVID-19 pandemic. The bank encourages customers who need to go inside a branch to first check with the branch and make an appointment online.

    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 or use the live chat feature on the website from 8 a.m. to 6 p.m. Pacific Time, weekdays, and 8 a.m. to 5 p.m., Saturday and Sunday.

    Umpqua Bank's mobile app gets 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 Bank is based in Roseburg, Oregon, and has 219 locations in Oregon, Idaho, Nevada, Washington and California. In late 2021, Umpqua agreed to be acquired by Columbia Banking System, based in Tacoma, Washington. The deal is expected to close in mid-2022. Umpqua also said it was expanding into Arizona.

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

    Libby Wells Twitter Created with Sketch. @

    Libby Wells Twitter Created with Sketch. @

    Libby Wells is a part-time editor at Bankrate. Previously, she was Bankrate's chief copy editor and a credit card reporter. Libby spent most of her career as a newspaper journalist and has more than 30 years of experience as a writer and editor.