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Umpqua Bank Review 2022

Updated November 18, 2022
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At a glance

3.5
Rating: 3.5 stars out of 5
Bankrate Score
Caret Down

CDs

Rating: 3.1 stars out of 5

Checking

Rating: 4.8 stars out of 5

Savings

Rating: 2.7 stars out of 5

MMA

Rating: 1.8 stars out of 5

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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
  • Low Min Deposit
Compare offers
Bank logo
Member FDIC
Savings Account
3.00
%
APY
Rating: 3.5 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Bank logo
Member FDIC
Savings Account
3.00
%
APY
Rating: 3.5 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Bank logo
Member FDIC
Savings Account
3.85
%
APY
Rating: 3.5 stars out of 5
$0
Min. balance for APY
View offer Arrow Right

Overall

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

Pros

  • Checkmark

    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.

  • 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 bank products

2.7
Rating: 2.7 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

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

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

Compare Offer
Bank logo
Member FDIC
Savings Account
3.00
%
APY
Rating: 3.5 stars out of 5
InfoHover for more
$0
Min balance for APY

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.

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.